Commerce online quiz 203

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
What is a set of conditions used to measure how well a product or system functions?
A
Flexibility
B
Performance
C
Capacity planning
D
Benchmark
Question 2
Wages paid on the repairs of old furniture account
A
furniture account
B
Cash account
C
Wages account
D
owner's account.
Question 3
The primary function of an office is.....
A
making, using and preserving records
B
remuneration personnel
C
carrying out the management policies
D
safeguarding of authority means
Question 4
All partners have limited liability in
A
unlimited liability partnership
B
limited liability partnership
C
controlled partnership
D
uncontrolled partnership
Question 5
Costing system, which omits some of journal entries in accounting system is known as
A
in-time costing
B
trigger costing
C
back flush costing
D
lead time costing
Question 6
If an advance ruling is obtained by suppression of material facts, all the existing provisions of the GST will be applicable to the appellant as if there were no advance ruling excluding the period from?
A
Date of Advance Ruling to the date of declaring the same as void
B
Date of filing application for Advance Ruling to the date of declaring the same as void
C
The date of hearing the applicant and to the date of declaring the same as void
D
None of the above
Question 7
The summarized balance sheet of Rakesh udyog Limited shows the balances of previous and current year of provision for taxation Rs 50, 000 and Rs 65, 000. If taxed paid during the current year amounted to Rs 70, 000 then amount charge from Profit and Loss Ac
A
Rs 55, 000
B
Rs 85, 000
C
Rs 45, 000
D
Rs 1, 85, 000
Question 8
Total return is equal to.....
A
capital gain and yield
B
yield and interest
C
capital gain
D
yield
Question 9
In GST, the order of discharging of Tax and Other Liability will be:
A
Previous Tax Period, Current tax Period and Additional Demand
B
Current Tax Period, Previous tax Period and Additional Demand
C
Additional Demand, Current tax Period and Previous Tax Period
D
Any Order at the Discretion of the Proper Officer/Tax Payer
Question 10
Given: Opening inventory Rs. 3, 500. Closing inventory: Rs. 1, 500. Cost of goods sold: Rs. 22, 000. What is the amount of purchase?
A
Rs. 20, 000
B
Rs. 24, 000
C
Rs. 27, 000
D
Rs. 17, 000
Question 11
NABARD (National Bank for Agriculture and Rural Development) established JLG to extract the productive capability from rural population. JLG stands for?
A
Junior Link Group
B
Join Life Group
C
Joint Line Group
D
Joint Liability Group
Question 12
A firm decides to exit the industry when
A
AC starts rising
B
MC starts rising
C
Price is less than LAC
D
TC starts rising
Question 13
In a perfectly competitive market
A
Firm is the price giver and industry the price taker
B
Firm is the price taker and industry the price giver
C
Both are price takers
D
None of the above
Question 14
PAN issued under the Income Tax Act is mandatory for grant of registration.
A
It is one of the document listed.
B
Yes, but non-resident taxable person may be granted registration on the basis of any other document.
C
No, for persons who are required to deduct tax at source u/s 51 shall have TAN in lieu of PAN.
D
Both (b) and (c)
Question 15
SKS Micro-finance Ltd, the only listed micro lender in the country founded by.....
A
Sudipa Sen
B
M. B. N. Rao
C
Kunal Ghosh
D
Vikram Akula
Question 16
When 1000 units are 60% complete in a process, it is equivalent to..... completed units.
A
60
B
600
C
6000
D
1000
Question 17
Which statement of the following false for IMF? A. It is not an agency of UNO B. It can grant loan to any country of the world C. It can grant loan to State Government of a country. D. It offers only conditional loans.
A
b, c, d are true
B
a, c, d are true
C
b, c, d are true
D
a, c, d are true
Question 18
A necessity is defined as a good having
A
A positive income elasticity of demand
B
A negative income elasticity of demand
C
An income elasticity of demand between zero and 1
D
An income elasticity of more than 1
Question 19
Where the application for grant of registration has been approved, a certificate of registration in.....shall be made available to the applicant on the.....
A
FORM GST REG-06, Common Portal
B
FORM GST CER-06, Common Portal
C
FORM GST CER-06, Jurisdictional office
D
FORM GST REG-10, Company portal
Question 20
..... is the official minimum rate at which the Central Bank of a country is prepared to rediscount approved bills held by the commercial banks
A
Repo rate
B
Bank rate
C
Prime lending rate
D
Reverse repo rate
There are 20 questions to complete.

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