10000 MCQ /questions on commerce questions answers
An assumption, which states that there must be linear relationship between independent variable and dependent variable is
irrelevant range of linearity
relevant range of linearity
The tax invoice should be issued.....the date of supply of service:
Within 30 days from
Within 1 month from
Within 15 days from
Describe the cost unit applicable to the Bicycle industry:
per part of bicycle
What will happen if the turnover of a registered person opting to pay taxes under composition scheme during the year 2017-18 crosses Rs.50 lakhs?
He can continue under composition scheme till the end of the financial year
He will be liable to pay tax at normal rates of GST on the entire turnover for the financial year 2017-18
He will cease to remain under the composition scheme with immediate effect
He will cease to remain under the composition scheme from the quarter following the quarter in which the aggregate turnover exceeds Rs.50 lacs
Hierarchy has been described as the "scalar process" by
Mooney and Riley
Gullick and Urwick
Whether prosecution can be initiated against the following persons?
Members of Appellate Tribunal, since they did not follow the case law, which was decided by the President, leading to incorrect decision by such members of Appellate Tribunal
Adjudicating Authority for not following the orders of the Commissioner, when such work was delegated to such Adjudicating Authority
Vindictive action taken by a departmental officer, while discharging his function. The action was however in the favour of the revenue
None of the above
A debit in a nominal account denotes an......
If the price of good A increases relative to the price of substitutes B and C, the demand for
B will increase
C will increase
Both B and C will increase
B and C will decrease
Which of the following persons can opt for composition scheme?
Person making any supply of goods which are not leviable to tax under this Act;
Person making any inter-State outward supplies of goods;
Person effecting supply of goods through an e-commerce operator liable to collect tax at source
None of the above
An opportunity cost is.....
the advantage foregone
none of the above.
Tarapore Committee submitted its report on ''Full Convertibility on Rupee'' on-
Both in current as well as in Capital account
Special Drawing Rights (SDR)
In India GST became effective from
1st April, 2017
1st January, 2017
1st July, 2017
1st March, 2017
When can the proper officer issue summons to call upon a person?
To give evidence
Produce a document
Produce any other thing in an enquiry
All of the above
Constant growth rate is 7.2% and an expected rate of return is 12.5% then expected dividend yield will be
What is 'STT'?
Standard Transaction Tax
Securities Transaction tax
Securities Transfer tax
Standard Transfer tax
Reorder point is divided by number of sold units for per unit of time to calculate
relevant carrying cost
relevant ordering cost
purchase order lease time
number of purchase orders
When marginal utility is negative then total utility?
The swap arrangement where principal amounts are not exchanged, but periodical payments will be a
Cross currency interest swap
Interest rate swap.
Whether the registered person will get immunity from interest & late fee leviable if assessment order passed u/s 62(1) is withdrawn?
Taxable person will get immunity only from late fee u/s 47.
No, taxable person will still be liable for interest u/s Section 50 and late fee u/s Section 47. Therefore, no immunity has been provided for the same.
Taxable person will get immunity from late fee u/s 47 as well as interest u/s 50.
Taxable person will get immunity only from interest u/s 50.
What are the supplies on which reverse charge mechanism would apply?
Notified categories of goods or services or both
Inward supply of goods or services or both from an unregistered dealer
Both of the above
None of the above
There are 20 questions to complete.