Commerce online quiz 48

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
.....is the consolidated summary of the various functional budgets.
A
Master Budget
B
Sales budget
C
Performance budget
D
Cash Budget
Question 2
An..... is an amount which is incurred in return for some benefit and the benefit is enjoyed immediately
A
income
B
loss
C
revenue
D
expense
Question 3
Mr. James a citizen of US arrived in India for the first time of 1st July, 2010 and left for Nepal on 15th Dec. 2010. He arrived to India again on 1st January, 2011 and stayed till the end of the financial year 2010-11. His residental status for the asse
A
Resident (Ordinarily resident)
B
Not ordinarily resident
C
Non-resident
D
None of the above
Question 4
Maximum number of monthly installments permissible under section 80 is:
A
36
B
12
C
48
D
24
Question 5
What is the time limit for issue of order in pursuance of the direction of the Appellate Authority or Appellate Tribunal or a Court, from the date of communication of the said direction?
A
30 months
B
18 months
C
2 years
D
5 years
Question 6
Transferring entries from journal to ;edger account is commonly known as
A
Recording
B
Transferring
C
Posting
D
Entry making
Question 7
RBI on 1st April 2014, adopted which index as the key measure of Inflation on the basis of recommendations of Urjit R Patel Committee report on Revising and Strengthening the Monetary Policy Framework?
A
Consumer Price Index
B
Rooming Price Index
C
Manufacturing Price Index
D
Wholesale Price Index
Question 8
Hybrid costing system, which is applied to batches of similar products, but are not identical is classified as
A
incremental costing system
B
split off costing system
C
inventoriable costing system
D
operation costing system
Question 9
Value generally promises to pay at maturity date and a firm borrows is considered as bonds
A
bond value
B
per value
C
state value
D
par value
Question 10
Statements:
  1. Fringe benefits, nowadays are a significant component of 'compensation'.
  2. Under piece rate plan employees are paid at a stipulated rate per hour of work done by them.
A
Both (i) and (ii) are correct
B
Both (i) and (ii) are incorrect.
C
(i) is incorrect and (ii) is correct.
D
(i) is correct and (ii) is incorrect.
Question 11
Contra-entries are passed only when
A
Double column cash book is prepared
B
Three column cash book is prepared
C
Simple cash book is prepared
D
None of the above
Question 12
In capital budgeting, two projects who have cost of capital as 12% is classified as
A
hurdle rate
B
capital rate
C
return rate
D
budgeting rate
Question 13
Petty cash fund is supposed to be replenished
A
Every year
B
Every half year
C
Every year
D
At the end of every accounting period
Question 14
The company's average cost of capital is.....
A
the average cost of equity shares and debentures
B
the average cost of equity preference shares
C
the average cost of shares and all sources of long-term funds
D
the average cost of short term funds
Question 15
An Index is-
A
A filing system
B
A photostat procedure
C
The procedure to collect data
D
An important help in filing
Question 16
If the registered person furnishes a valid return within.....of the service of the assessment order u/s 62 (1), the said assessment order shall be deemed to have been withdrawn.
A
30 days
B
60 days
C
1 month
D
2 months.
Question 17
Open-market operations of Reserve Bank of India refer to?
A
Trading in securities
B
Auctioning
C
Transaction in gold
D
All of these
Question 18
The discretionary threshold limit of the Tribunal to not to admit any appeal will be:
A
5/-Lakh or Less
B
3/-Lakh or Less
C
1/-Lakh or Less
D
No Such Discretionary Threshold Limit
Question 19
In regression equation, an evaluation criteria considers significance of
A
independent variable
B
dependent variable
C
significance plotting
D
insignificance plotting
Question 20
Cost pool category, which have similar cause and effect relationship, with each cost driver uses as an allocation base is classified as
A
heterogeneous price pool
B
homogenous cost pool
C
heterogeneous cost pool
D
homogenous price pool
There are 20 questions to complete.

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