Commerce online quiz 260

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
What if an e-commerce operator having no physical presence in the taxable territory, does not have a representative in the taxable territory?
A
His will have to discharge his tax liability in foreign currency
B
He will not be liable to tax
C
He has to appoint a person in the taxable territory for the purpose of paying tax on his behalf
D
None of the above
Question 2
American companies prepare their financial statement in Dollars whereas Japanese companies produce financial statement in Yen. This is an example of:
A
Stable monetary unit concept
B
Unit of measurement concept
C
Money value concept
D
Current swap concept
Question 3
What is the validity of the registration certificate?
A
One year
B
Valid till it is cancelled.
C
No validity
D
Five years.
Question 4
Which of the following is called Backbone of auditing?
A
Routine checking
B
Vouching
C
Internal checks
D
Internal control
Question 5
Residual material which results from manufacturing products is called
A
reduced work
B
spoilage
C
rework
D
scrap
Question 6
Who among the following is the head of the expert committee on Streamlining Short-term Co-operative Structure in India?
A
MB Shah Committee
B
P Kotaiah
C
Prakash Bakshi
D
R K Singh
Question 7
What are different types of supplies covered under the scope of Supply under CGST Act 2017?
A
Supplies made with consideration
B
Supplies made without consideration
C
Both of the above
D
None of the above
Question 8
Which will notarmomputer resources?
A
firewall
B
Virus
C
Trojan horse
D
None of the above
Question 9
Which of the following has helped to eliminate the use of stock certificates by placing stock transactions on computers?
A
Demat account
B
Securities Exchange Commission
C
Depository Trust Company
D
Federal Depository Insurance Corporation.
Question 10
Which one of the following is not considered for preparation of cost sheet?
A
Factory cost
B
Goodwill written off
C
Labour cost
D
Selling cost
Question 11
Quotas of all IMF members are reviewed at intervals of
A
Five years
B
Not more than five years
C
Three years
D
Two years
Question 12
Where supply has been made before the date of implementation of GST, no tax shall be Payable:
A
If tax/duty has been paid under the earlier law
B
If goods were exempted under the earlier law
C
If the goods were non-taxable under the earlier law
D
All of the above
Question 13
In process costing, if an abnormal loss arises, the process account is generally.
A
Debited with the scrap value of the abnormal loss units
B
Debited with the full production cost of the abnormal loss units
C
Credited with the scrap value of the abnormal loss units
D
Credited with the full production cost of the abnormal loss units
Question 14
Commercial accounting is based on
A
Single entry book keeping
B
Double entry book keeping
C
Both single and double entry book keeping
D
Cash basis of book keeping
Question 15
What is time of supply of goods liable to tax under reverse charge mechanism?
A
Date of receipt of goods
B
Date on which the payment is made
C
Date immediately following 30 days from the date of issue of invoice by the supplier
D
Earlier of a/b/c
Question 16
Labour cost variance is the difference between standard cost of labour and.....
A
Budgeted cost of labour
B
Estimated cost of labour
C
Actual cost of labour
D
None of these
Question 17
Goodness of fit is used to measure wellness of
A
actual values
B
predicted values
C
residual values
D
indexed values
Question 18
Market segmentation means-
A
Grouping of buyers
B
Grouping of sellers
C
Grouping of middle men
D
Grouping of producers
Question 19
SEBI was given statutory status on.....
A
3011992
B
111992
C
431992
D
441992
Question 20
Goodwill, Copyright and Trademarks should be classified as-
A
Tangible assets
B
Intangible assets
C
Current assets
D
Fictitious assets
There are 20 questions to complete.

Leave a Reply

Your email address will not be published. Required fields are marked *