Commerce online quiz 204

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
The most suitable method of filing for a transactional corporation is-
A
Numerical
B
Alphabetical-Numerical
C
Numerical-Territorial
D
Territorial
Question 2
'The age of Discontinuity' (1969) has been authored by
A
John Drydon
B
Cyril Debydeen
C
Peter F. Drucker
D
None of these
Question 3
The sheet of record which contains all monetary transaction between an country and the rest of the world is called-
A
Balane of trade
B
Balance of Payment
C
Balance sheet
D
Export-Import Data
Question 4
A credit balance in cash book indicates
A
Bank balance
B
Cash at bank
C
Bank overdraft
D
Bank underdraft
Question 5
Expenses need to be recorded in the period in which the associated revenues are recognised. This is to be ensured as per which one of the following accounting principles?
A
Revenue recognition
B
Cost benefit
C
Matching
D
Periodicity
Question 6
The Unadjusted Cenvat Credit under earlier law will be transferred and credited to:
A
IGST ITC
B
CGST ITC
C
SGST ITC
D
Any of the Above
Question 7
Who is the Chairman of the Planning Commission?
A
Prime Minister
B
President
C
Governor of Reserve Bank of India
D
Finance Secretary
Question 8
Dividend paid by an Indian company is
A
Taxable in India in the hands of the recipient
B
Exempt in the hands of recipient
C
Taxable in the hands of the company and exempt in the hands of the recipient
D
None of the above
Question 9
Total indirect cost in pool by an actual quantity of cost allocation base is used to calculate
A
actual manufacturing overhead rate
B
manufacturing overhead costs
C
overhead rate
D
direct rate
Question 10
As the value of x increases, if value of y decreases, then coefficient of correlation will be
A
Positive
B
Negative
C
Zero
D
None of the above
Question 11
How can the principal move goods to the job-worker?
A
Job-work challan
B
Tax invoice
C
Delivery challan containing the details as specified in the Tax invoice, credit and debit note rules.
D
Option (a) or (b)
Question 12
Fancy packing is an example of.expenses.
A
Selling
B
Distribution
C
administration
D
factory
Question 13
There was decrease in tax rate from 24% to 20% w.e.f. 1.6.2018. Which of the following rate is applicable when invoice was issued after change in rate of tax in June 2017 but payment received and goods supplied in April 2017
A
20% as it is lower of the two
B
24% as it is higher of the two Time and Value of Supply
C
24% as two of the three factors occurred prior to rate change
D
20% as one of the factors occurred after rate change
Question 14
The Reserve Bank of India (RBI) acts as a bankers' bank. This would imply which of the following?
  1. Other bank retains their deposits with the RBI.
  2. The RBI lends funds to the commercial banks in times of need.
    A
    2 and 3 only
    B
    1 and 2 only
    C
    1 and 3 only
    D
    1, 2 and 3
Question 15
Any modification / deletion done by the recipient to the details contained in Form GSTR 2 shall be communicated to the supplier in
A
Form GSTR 1A
B
Form GSTR 3A
C
Form GSTR 6A
D
Form GSTR 2A
Question 16
According to International Fisher Effect
A
Forward Premium for a currency indicates its depreciation in future.
B
Forward Premium for a currency indicates its appreciation in future.
C
Forward Rates and spot rates are not linked
D
Forward Rates are based on expected future spot rates.
Question 17
Refund shall not be paid to the applicant if the amount of refund is less than
A
Rs 1000
B
Rs 5000
C
Rs 7000
D
Rs 10000
Question 18
An unfavourable material usage arises because of:
A
Price increase in raw materials
B
Price decrease in raw mateials
C
Less than anticipated normal wastage in the manufacturing process
D
More than anticipated normal wastage in the manufacturing process
Question 19
Any input tax paid on purchase of goods or services by an assessee for employees is eligible?
A
No
B
Yes
C
Yes, on the services notified which are obligatory for an employer to provide to its employees under any law for the time being in force
D
Not applicable
Question 20
The mean marks of 100 students were found to be 40. Later on it was discovered that a score of 53 was misread as 83. The correct mean will be?
A
39.5
B
39.7
C
39.8
D
39.9
There are 20 questions to complete.

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