Commerce online quiz 331

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
Given that fixed assets are at Rs. 600, 000 current assets Rs. 400, 000 share capital Rs. 500, 000, fixed liabilities Rs. 2, 50, 000, Current liabilities Rs. 2, 50, 000, the solvency ratio will be
A
20%
B
30%
C
40%
D
50%
Question 2
Some organizations have escalator clause in their labour agreements. What does this clause provide for?
A
Automatic increase in wage/salary depending on seniority
B
Wage increase depending on output per day by the worker
C
Automatic increase in wage/salary depending upon increase in price index
D
Automatic increase in wage/salary depending on increase in profits of the firm
Question 3
A company calculates the prices of jobs by adding overheads to the prime cost and adding 30% to total costs as a profit margin. Job number Y256 was sold for Rs1690 and incurred overheads of Rs 694. What was the prime cost of the job?
A
Rs 489
B
Rs 606
C
Rs 996
D
Rs 1300
Question 4
When factory overhead control account has an ending debit balance, factory overhead was.....
A
Over applied
B
under applied
C
Both (A) and (B)
D
none of these
Question 5
For coverage under Priority Sector, how much maximum amount can be granted as educational loan for education in India and education abroad?
A
Rs 10 lakh, Rs 20 lakh
B
Rs 10 lakh, Rs 10 lakh
C
Rs 4 lakh, Rs 10 lakh
D
Rs 7.5 lakh, Rs 15 lakh
Question 6
That portion of the state capital which can be called up only on the winding up of the company is the:
A
Authorized capital
B
Issued capital
C
Subscribed capital
D
Reserve capital
Question 7
Net income equal to Revenues minus
A
Gains
B
Depreciation
C
Expenses
D
Capital expenditure
Question 8
Select the incorrect statements regarding 'equity linked schemes (ELSS)'
  1. They are offered by mutual fund companies, but unlike the mutual funds, they do not have a lock-in period.
  2. They fall under 'low risk'
A
Only I
B
Only II
C
Both I and II
D
Neither I and II
Question 9
Method, which uses specific information on products as weights to allocate bundled revenues for each product in bundle is classified as
A
step down allocation method
B
stand-alone revenue allocation method
C
incremental revenue allocation method
D
revenue mix allocation method
Question 10
Favourable balance of cash book implies
A
Credit balance of cash book
B
Debit balance of cash book
C
Bank overdraft
D
Adjusted balance of cash book
Question 11
Which of the following is a liability?
A
Cash
B
Equipment
C
Debtors
D
Creditors
Question 12
.....wage incurred for the current period are shown as a liability in the balance sheet unless it is paid.
A
accrued
B
outstanding
C
nominal
D
current
Question 13
Which of the following foxed assets is not depreciated in the ordinary circumstances?
A
Plant & Machinery
B
Building account
C
Land
D
Equipment's
Question 14
Total Labour cost variance =
A
Standard cost of labour-actual cost of labour
B
Standard rate(standard time for actual output-actual time worked)
C
Standard rate (standard time for actual output-actual time paid for)
D
Actual time taken (standard rate-actual rate)
Question 15
What will be the volume of fine in lieu of confiscation of the goods?
A
Rs.10/-Thousand
B
Equal Amount of tax
C
Either a) or b) whichever is higher
D
Fine not exceeding the market price of the goods
Question 16
On 19th July 1969, 14 banks were nationalized, these banks had deposits of more than
A
Rs 25 crore
B
Rs 50 crore
C
Rs 85 crore
D
Rs 100 crore
Question 17
Control of management of the company mainly vests in.....
A
equity shareholders
B
preference shareholders
C
debenture holders
D
share holders
Question 18
Cost of capital is the..... rate of return expected by the investor.
A
minimum
B
maximum
C
expected
D
marginal
Question 19
Which type of classification is based on numerical order?
A
Alphabetical classification
B
Alphanumeric classification
C
Numerical classification
D
Geographical classification
Question 20
According to which method of pricing issues is close to current economic values?
A
Last In First Out
B
First In First Out
C
Highest In First Out
D
weighted average price
There are 20 questions to complete.

Leave a Reply

Your email address will not be published. Required fields are marked *