10000 MCQ /questions on commerce questions answers
The main objective of controlling is to-
Punish the guilty person
Ensure that performance is as per planning
Fix responsibility of subordinates
Suppose one dealer who was not liable to get registered in the earlier law or a manufacturer of the exempted goods became taxable under GST.How the tax element involved in his raw material stock or semi-finished goods or finished goods on the appointed d
Refunded under earlier laws
Allowed as ITC in GST
Refunded under GST law
No ITC Credit
Which method of costing is best suited for interior decoration.
Economic life of an enterprise is split into the periodic interval as per..... concept
Which is the first bank to introduce ATM in India in the year 1987?
Bank of Baroda
Which one of the following is an example of a company incorporated by a Special Act of Parliament?
Life insurance Corporation of India
Indian Oil Corporation
State Trading Corporation of India
Bharat Heavy Electricals Limited
Which of the following is a commonly used base to create the provision for doubtful debts?
Total credit sales
Total current assets
Total current liabilities
The annual return shall be filed by the registered taxable person (other than dealers paying tax under section 10) in form
The concept of present value is based on the
Principle of compound
Principle of discounting
Both (A) and (B)
None of the above.
Can principal take input tax credit on the inputs and/or capital goods sent directly to jobworker?
Yes subject to section 143
ITC on capital goods sent directly to job-worker's premise is not eligible unless the same is received in the premises of the principal
Under applied or over applied factory overhead should be
Carried forward to next year
shown as an extraordinary item
apportioned among cost of goods sold and applicable to inventory
Economic problems arise because
Wants are unlimited
Resources are scarce
Scare resources have alternative uses
All of the above
Activity Ratio =
Number of actual working days in a period x 100 Number of working days in the budget period
Actual hours worked x 100 Budgeted hours
Standard hours for actual production x 100 Actual hours worked
Standard hours for actual production x 100 Budgeted standard hours
The value of SDR is
equivalent to one US dollar
based on basket of five currencies
average of the value of US dollar and Euro
based on value of gold
In GST, the departmental audit should be sanctioned only on the basis of:
Risk Profile of the dealer
Application of the Proper Officer
Based on Random Selection
Any of the Above
Which of the following asset is not subject to depreciation
Plant & Machinery
In activity based costing method implementation, an output unit level costs are classified as
raw material cost
In which of the following sections of a balance sheet are "Inventories" listed?
Property, plant and equipment, at cost
Recovery of amount payable by a defaulter can be made from,
All of the above
General office expenses are charged to which of the following head?
There are 20 questions to complete.