Commerce online quiz 295

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
The main objective of controlling is to-
A
Punish the guilty person
B
Ensure that performance is as per planning
C
Maintain discipline
D
Fix responsibility of subordinates
Question 2
Suppose one dealer who was not liable to get registered in the earlier law or a manufacturer of the exempted goods became taxable under GST.How the tax element involved in his raw material stock or semi-finished goods or finished goods on the appointed d
A
Refunded under earlier laws
B
Allowed as ITC in GST
C
Refunded under GST law
D
No ITC Credit
Question 3
Which method of costing is best suited for interior decoration.
A
Contract accounting
B
Operating costing
C
Process costing
D
Job costing
Question 4
Economic life of an enterprise is split into the periodic interval as per..... concept
A
Matching
B
Money measurement
C
Periodicity
D
Accrual
Question 5
Which is the first bank to introduce ATM in India in the year 1987?
A
SBI
B
Bank of Baroda
C
HSBC
D
NABARD
Question 6
Which one of the following is an example of a company incorporated by a Special Act of Parliament?
A
Life insurance Corporation of India
B
Indian Oil Corporation
C
State Trading Corporation of India
D
Bharat Heavy Electricals Limited
Question 7
Which of the following is a commonly used base to create the provision for doubtful debts?
A
Total purchases
B
Total credit sales
C
Total current assets
D
Total current liabilities
Question 8
The annual return shall be filed by the registered taxable person (other than dealers paying tax under section 10) in form
A
GSTR 7
B
GSTR 9
C
GSTR 9A
D
GSTR 10
Question 9
The concept of present value is based on the
A
Principle of compound
B
Principle of discounting
C
Both (A) and (B)
D
None of the above.
Question 10
Can principal take input tax credit on the inputs and/or capital goods sent directly to jobworker?
A
Yes
B
No
C
Yes subject to section 143
D
ITC on capital goods sent directly to job-worker's premise is not eligible unless the same is received in the premises of the principal
Question 11
Under applied or over applied factory overhead should be
A
Carried forward to next year
B
shown as an extraordinary item
C
written off
D
apportioned among cost of goods sold and applicable to inventory
Question 12
Economic problems arise because
A
Wants are unlimited
B
Resources are scarce
C
Scare resources have alternative uses
D
All of the above
Question 13
Activity Ratio =
A
Number of actual working days in a period x 100 Number of working days in the budget period
B
Actual hours worked x 100 Budgeted hours
C
Standard hours for actual production x 100 Actual hours worked
D
Standard hours for actual production x 100 Budgeted standard hours
Question 14
The value of SDR is
A
equivalent to one US dollar
B
based on basket of five currencies
C
average of the value of US dollar and Euro
D
based on value of gold
Question 15
In GST, the departmental audit should be sanctioned only on the basis of:
A
Risk Profile of the dealer
B
Application of the Proper Officer
C
Based on Random Selection
D
Any of the Above
Question 16
Which of the following asset is not subject to depreciation
A
Plant & Machinery
B
Land
C
Loose tools
D
Furniture
Question 17
In activity based costing method implementation, an output unit level costs are classified as
A
indirect costs
B
direct cost
C
labour cost
D
raw material cost
Question 18
In which of the following sections of a balance sheet are "Inventories" listed?
A
Current assets
B
Property, plant and equipment, at cost
C
Current liabilities
Question 19
Recovery of amount payable by a defaulter can be made from,
A
Customer
B
Bank
C
Post Office
D
All of the above
Question 20
General office expenses are charged to which of the following head?
A
Administrative expenses
B
Marketing expenses
C
Selling expenses
D
Financial expenses
There are 20 questions to complete.

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