Commerce online quiz 317

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
Power to use official seal of a company outside India is to be authorized by:
A
Articles of Association
B
Memorandum of Association
C
Both Memorandum and Articles of Association
D
Central Government
Question 2
An opportunity cost does not involve
A
Cash outlays
B
direct cost
C
indirect cost
D
none of the above
Question 3
What is the rate of interest to be payable in case of delay in sanctioning the refund claimed
A
Not exceeding 6%
B
Not exceeding 8%
C
Not exceeding 10%
D
Not exceeding 12%
Question 4
Dividend can be paid generally out of-
A
share premium account
B
capital redemption reserve account
C
current year's profits
D
All of these
Question 5
Assertion (A). Marketing occupies an important position in the organisation. Reason (R). Marketing is the function of business concerned with creation of a consumer.
A
Assertion (A) and Reason (R) both are true.
B
Assertion (A) is true but Reason (R) is not true
C
Assertion (A) is not true but Reason (R) is true
D
Assertion (A) and Reason (R) both are untrue.
Question 6
In case of discontinuance of HUF business, the liability would arise till the date of
A
Discontinuance
B
Court verdict
C
As mutually agreed upon by the HUF members
D
Determination of liability by the Department.
Question 7
Co-operative Banks in India are registered under
  1. Banking laws (Co-operative Societies) Act. 1956
  2. Banking Regulations Act, 1949
  3. Companies Act, 1956
Select the correct answer using the following
A
only 1
B
1 and 2
C
2 and 3
D
1, 2 and 3
Question 8
Centers such as revenue, cost, investment and profit all are known as
A
marketing center
B
financial center
C
responsibility center
D
planning center
Question 9
X Ltd. has current ratio of 2 1 and quick ratio of 1: 1. If the current liabilities are Rs. 80, 000 then the value of stock would be?
A
Rs. 1, 60, 000
B
Rs. 1, 20, 000
C
Rs. 40, 000
D
Rs. 80, 000
Question 10
In which costing system future costs are considered and expressed in present day value by applying discount rate?
A
Life Cycle Costing
B
ABC (Activity Based Costing
C
Absorption Costing
D
Standard Costing
Question 11
A promissory note does not require
A
Noting
B
Discontinuing
C
Acceptance
D
Charging
Question 12
In the short run, when the output of a firm increases, its average fixed cost
A
Increases
B
Decreases
C
Remains constant
D
First declines and then rises
Question 13
RBI has asked banks to make a plan to provide banking services to all villages having a population upto 2000. This direction issued by the RBI will fall in which of the following categories?
A
Plan for Financial Inclusion
B
Efforts to meet the targets of Priority Sector Lending
C
Extension of Relief Packages to the Formers
D
Plan for opening more rural branches
Question 14
Which bank's Blood Donation Drive set a Guinness World Record as the organizer of the ''Largest Blood Donation in a single day'' in the world?
A
Axis Bank
B
SBI
C
HDFC
D
Canara Bank
Question 15
Liability of partners in respect of the firms debts is.....
A
limited up to the amount of his capital in the business
B
Unlimited
C
limited up to the amount of guarantee given by the partner
D
limited up the amount of his capital and loan to the firm if any
Question 16
Process of assigning indirect costs to any specific cost object is known as
A
economic cost
B
cost tracing
C
cost allocation
D
non-economic costs
Question 17
When will Section 52 apply? Or when should the e-commerce operator be liable to collect tax at source?
A
E-commerce operator shall collect tax at source in respect of all supplies made through it.
B
E-commerce operator should collect tax at source only if the supplier of the goods and is registered
C
E-commerce operator shall collect tax at source on the net taxable value of supplies made through it by other supplier where the consideration with respect to such supply is to be collected by the E-commerce operator.
D
E-commerce operator shall collect tax at source only if the net value of taxable supplies exceeds the prescribed threshold limit.
Question 18
.....is the excess of overheads absorbed over the actual amount of overheads incurred.
A
Over absorption of overheads
B
under absorption of overheads
C
overheads absorption
D
none of these.
Question 19
An asset which was acquired for Rs. 5, 00, 000 was earlier used for scientific research. After the research was completed, the machinery was brought into the business of the assessee. The actual cost of the asset for the purpose of inclusion in the block o
A
Rs. 5, 00, 000
B
Nil
C
Market value of the asset on the date it was brought into business
D
None of the above
Question 20
An opportunity cost is..
A
the advantage foregone
B
the cost
C
the income
D
none of the above.
There are 20 questions to complete.

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