Commerce online quiz 288

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit is Permissible?
A
Yes
B
No
C
Input tax credit is eligible if depreciation on tax component is not availed
D
None of the above
Question 2
Which of the following items is considered as a revenue expenditure?
A
Expenditure by way of maintenance that has increased productivity
B
Repair of a gearbox in a car that has enhanced its operational life.
C
Complete overhaul of a machine, spending around 20% of its value.
D
Changing a small component of a machine to maintain its operating efficiency.
Question 3
From income statement we find out
A
gross profit
B
financial position of business
C
net profit
D
all of the above.
Question 4
If Input credit claimed by recipient is more than the output tax declared by the supplier or if the supplier has not declared the outward supply, then
A
The excess amount claimed as input is added to the output tax liability of the recipient
B
The discrepancy is communicated to both the supplier and receiver
C
The excess amount claimed as input is added to the output tax liability of the supplier
D
The supplier is given an opportunity of being heard
Question 5
Who is dormant partner?
A
One who takes no active part in business
B
A working partner
C
Partner for profits
D
Minor partner
Question 6
Primary packing is an item of
A
Selling overheads
B
prime cost
C
distribution overheads
D
factory overheads
Question 7
Accounting treatment of a Capital Expenditure as Revenue Expenditure creates-
A
General Reserve
B
Revenue Reserve
C
Capital Reserve
D
Secret Reserve
Question 8
Which of the following appears in the profit and loss appropriation account?
A
Interest on debentures
B
Dividend
C
Provision for taxation
D
Provision for bad debts
Question 9
The sum of value of work certified and uncertified appearing in the Contract Account is called.....
A
Work done.
B
Work in Process
C
Work Completed
D
Work in Progress
Question 10
Which of the following short term securities is inappropriate for an individual, desiring funds for financial emergencies?
A
treasury bills
B
certificates of deposit
C
financial futures
D
savings accounts
Question 11
Who among the following is the head of the three member committee of jurists, constituted to give recommendations on amending laws to provide speedier justice and enhanced punishment in sexual assault cases?
A
Leila Seth
B
J.S. Verma
C
Gopal Subramaniam
D
S.P. Barucha
Question 12
Which of the following is/are fixed asset(s)?
A
Closing inventory
B
Fixed deposit in a bank
C
Patents
D
Prepaid expenses
Question 13
If flexible budget amount is $62000 and an actual result is $35000, then flexible budget amount would be
A
$27, 000
B
$37, 000
C
$97, 000
D
$87, 000
Question 14
Which one of the following shall not be treated as supply?
A
Rental
B
Lease
C
Actionable claim
D
License
Question 15
Unless and until notified, IGST shall not be levied on the inter-State supply of which of the following:
A
Industrial alcohol
B
Works contract
C
Petroleum
D
None of the above
Question 16
Shop Inspection as part of a Registration in GST will be:
A
A Pre-Condition for giving approval for a Registration Application
B
Shop Inspection after the issuance of the GSTIN in all cases
C
Only at the business place of those dealers which comes under the Risk Parameters of the concerned GST Officials or Risk Profile given by GSTN Common Portal
D
No Shop Inspection at all
Question 17
The term Capitalization is used in relation to.....
A
Sole-proprietorship
B
Partnership
C
Joint stock companies
D
Co-operative societies
Question 18
One of the book selection principles states that ''the best reading for the largest number at the........Cost.''
A
Maximum
B
Medium
C
Least
D
Zero
Question 19
Residual value of an asset is
A
The amount realized on the sale of an asset
B
The price paid on the purchase of the asset
C
Reduced value of the asset every year
D
one of the above
Question 20
Which of the following Co-operative Banks is considered as the first Co-operative Bank in India?
A
Greater Bombay Co-operative Bank Ltd
B
Abhyudaya Co-operative Bank Ltd
C
Ahmedabad Mercanile Co-operative Bank Ltd
D
Anyonya Co-operative Bank
There are 20 questions to complete.

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