10000 MCQ /questions on commerce questions answers
Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit is Permissible?
Input tax credit is eligible if depreciation on tax component is not availed
None of the above
Which of the following items is considered as a revenue expenditure?
Expenditure by way of maintenance that has increased productivity
Repair of a gearbox in a car that has enhanced its operational life.
Complete overhaul of a machine, spending around 20% of its value.
Changing a small component of a machine to maintain its operating efficiency.
From income statement we find out
financial position of business
all of the above.
If Input credit claimed by recipient is more than the output tax declared by the supplier or if the supplier has not declared the outward supply, then
The excess amount claimed as input is added to the output tax liability of the recipient
The discrepancy is communicated to both the supplier and receiver
The excess amount claimed as input is added to the output tax liability of the supplier
The supplier is given an opportunity of being heard
Who is dormant partner?
One who takes no active part in business
A working partner
Partner for profits
Primary packing is an item of
Accounting treatment of a Capital Expenditure as Revenue Expenditure creates-
Which of the following appears in the profit and loss appropriation account?
Interest on debentures
Provision for taxation
Provision for bad debts
The sum of value of work certified and uncertified appearing in the Contract Account is called.....
Work in Process
Work in Progress
Which of the following short term securities is inappropriate for an individual, desiring funds for financial emergencies?
certificates of deposit
Who among the following is the head of the three member committee of jurists, constituted to give recommendations on amending laws to provide speedier justice and enhanced punishment in sexual assault cases?
Which of the following is/are fixed asset(s)?
Fixed deposit in a bank
If flexible budget amount is $62000 and an actual result is $35000, then flexible budget amount would be
Which one of the following shall not be treated as supply?
Unless and until notified, IGST shall not be levied on the inter-State supply of which of the following:
None of the above
Shop Inspection as part of a Registration in GST will be:
A Pre-Condition for giving approval for a Registration Application
Shop Inspection after the issuance of the GSTIN in all cases
Only at the business place of those dealers which comes under the Risk Parameters of the concerned GST Officials or Risk Profile given by GSTN Common Portal
No Shop Inspection at all
The term Capitalization is used in relation to.....
Joint stock companies
One of the book selection principles states that ''the best reading for the largest number at the........Cost.''
Residual value of an asset is
The amount realized on the sale of an asset
The price paid on the purchase of the asset
Reduced value of the asset every year
one of the above
Which of the following Co-operative Banks is considered as the first Co-operative Bank in India?
Greater Bombay Co-operative Bank Ltd
Abhyudaya Co-operative Bank Ltd
Ahmedabad Mercanile Co-operative Bank Ltd
Anyonya Co-operative Bank
There are 20 questions to complete.