Commerce online quiz 237

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
The following steps should be adopted by an auditor for verification of land:
  1. To examine that the land has been shown in the Balance Sheet at its original cost.
  2. To ensure that the cost of land also includes the
A
1, 4, 2, 3
B
3, 2, 4, 1
C
1, 2, 4, 3
D
3, 4, 2, 1
Question 2
Purchase journal is a job division of
A
Journal
B
Ledger
C
Balance sheet
D
None of these
Question 3
When can a registered person avail credit on inputs?
A
on receipt of goods
B
on receipt of documents
C
Both
D
None of the above
Question 4
In the case of an inferior good, the income effect
A
Partially offsets the substitution effect
B
Is equal to the substitution effect
C
Reinforces the substitution effect
D
More than offsets the substitution effect
Question 5
Productivity of land can be raised by
A
Extensive cultivation
B
Intensive cultivation
C
Better marketing
D
a' and 'b' both
Question 6
Public deposits obtained by a company means.....
A
deposits received from government
B
deposits received from public at large
C
deposits received from stockiest and agent as advance
D
deposit received from share holders
Question 7
Total of the discount column on the receipt side of the cash book is..... to Discount A/c.
A
debited
B
credited
C
deducted
D
none of these
Question 8
Small residual terms and positive slope of line indicate
A
badness proportions
B
goodness proportion
C
inversely proportion
D
directly proportion
Question 9
The allotment of whole item of cost to cost centre or cost units is called.....
A
cost allocation
B
cost apportionment
C
cost absorption
D
cost disbursement
Question 10
Certificates of Deposits can be issued for a minimum period of.....
A
1 year
B
6 months
C
3 months
D
45 days
Question 11
The Tax applicable to interstate supplies will be:
A
SGST Only
B
CGST Only
C
IGST Only
D
CGST + IGST
Question 12
An annual estimated costs of assets uses up every year are included
A
depreciation and amortization
B
net sales
C
net profit
D
net income
Question 13
The permissible order of cross utilisation of IGST credit over the tax liabilities
A
SGST, CGST and IGST
B
IGST, CGST and SGST
C
CGST, IGST and SGST
D
CGST, SGST and IGST
Question 14
The provisional assessment sought by a taxable person can be used by:
A
The taxable person who has sought the provisional assessment.
B
The friends and relatives of the taxable person who has sought the provisional assessment.
C
The holding/subsidiary company of the taxable person who has sought the provisional assessment.
D
None of the above.
Question 15
Supply curve is
A
Vertical in long run
B
Flatter in ling run
C
Same in long and short run
D
Horizontal in both short and long run
Question 16
When actual loss is than the estimated loss, the difference between the two is considered to be abnormal loss.
A
More
B
less
C
both a & b)
D
none of these
Question 17
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 18
Portfolios lying on the upper right portion of the efficient frontier are likely to be chosen by.....
A
aggressive investors
B
conservative investors
C
risk-averse investors
D
defensive investors
Question 19
Secret reserve may result by
A
Creating genera reserve
B
Overvaluation of stocks
C
Providing excessive depreciation
D
Undervaluation of liabilities
Question 20
The provider of AMC service outside India has entered into an agreement for an aircraft company PQR located in India AMC. The service provider provides repair service to the aircraft when it was in India. The place of service in this case is
A
Outside India
B
India, since the aircraft is in India when the service is provided
C
Outside India, since the aircraft is in India when the service is provided
D
None of the above
There are 20 questions to complete.

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