Commerce online quiz 230

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
The IC curve approach assumes
A
Rationality
B
Consistency
C
Transitivity
D
All of the above
Question 2
Capital is shown under liabilities because of the
A
entity concept,
B
accrual concept,
C
dual aspect concept,
D
going concern concept.
Question 3
HRM is concerned with
A
Worker
B
Industrial relation
C
Field Staff
D
All employees
Question 4
The due date for furnishing the annual return for every financial year by every registered taxable person other than ISD, non-resident tax payer, a person paying tax under section 10, 51 or 52 and a casual taxable person is
A
30th of September following the end of the financial year
B
20th of October following the end of the financial year
C
31st of December following the end of the financial year
D
31st of May following the end of the financial year
Question 5
Carriage inwards refers to the cost of transportation for
A
Purchase of materials
B
Sale of products
C
Returns outward
D
Return of unsold goods
Question 6
Refunds will not be allowed in cases of:-
A
Exports made without payment of tax
B
Exports made on payment of tax
C
Inverted duty structures where tax on inputs are higher than tax on outputs
D
All of the above
Question 7
Only the events that affect the business must be recorded, as per the principle of
A
separate entity
B
accrual
C
materiality
D
none of the above.
Question 8
Flexible budget variance for revenues of company is classified as
A
selling price variance
B
investment variance
C
profit variance
D
primary variance
Question 9
Memorandum Joint Venture account is a
A
Personal account
B
Real account
C
Nominal account
D
None of the above
Question 10
In India private sector entered into the Life Insurance business in the year-
A
1995
B
1998
C
2000
D
2001
Question 11
Each job has a..... prepared for it that bears the job number and which is used to collect all cost data relating to job.
A
Job Time Sheet
B
Job Cost Card
C
Job Ticket
D
Job Account
Question 12
Profit & Loss account is prepared for a period of one year by following
A
Periodicity concept
B
Business entity concept
C
Accrual concept
D
None of the above
Question 13
The statement containing various ledger balances on a particular date is known as.....
A
trial balance
B
balance sheet
C
cash flow statement
D
none of these
Question 14
A..... is a B2B trading network that links a particular seller with its own trading partners.
A
bitstream
B
virtual network
C
web community
D
private trading network
Question 15
In transportation costing a composite unit such as.....is used.
A
passenger mile/km or Ten kilometer
B
per km
C
per passenger
D
per stop
Question 16
As per RBI directives, the limit for not obtaining collateral security in case of advance to micro and small enterprises is Rs.....
A
Rs 1 lac
B
Rs 2 lac
C
Rs 5 lac
D
Rs 10 lac
Question 17
Prime cost is $50000 and direct manufacturing labour is $10000, then direct material cost will be
A
$40, 000
B
$60, 000
C
$52, 000
D
$20, 000
Question 18
Cost Accountancy is the science, art and.of a cost accountant.
A
Practice
B
exercise
C
hard work
D
effort
Question 19
Which of the following is not an essential condition of pure competition?
A
Large number of buyers and sellers
B
Homogeneous product
C
Freedom of entry
D
Absence of transport cost
Question 20
Suppose, one dealer failed to file return in time and the proper officer completed best judgment assessment. If that dealer files the return at a subsequent date, what will be its effect in GST?
A
The best judgment order already passed will be deemed to have been withdrawn, if valid return is filed within 7 days of the receipt of the best judgment assessment order.
B
The best judgment order already passed will be deemed to have been withdrawn, if valid return is filed within 15 days of the receipt of the best judgment assessment order.
C
The best judgment order already passed will be deemed to have been withdrawn, if valid return is filed within 30 days of the receipt of the best judgment assessment order.
D
The best judgment order already passed will be deemed to have been withdrawn, if valid return is filed within 45 days of the receipt of the best judgment assessment order.
There are 20 questions to complete.

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