a basic commerce quiz 75

BYSUBBU PULLELA

THE WORLD OF ACCOUNTING

WELCOME TO QUIZ OF COMMERCE

Which one of the following accounting equations is correct ?A. ASSETS = OWNER’S EQUITY

QUESTION NO. : 1

ANSWER : OPTION C

B. Assets = Liabilities + Owner’s Equity

C. ASSETS = LIABILITIES - OWNER’S EQUITY

D. Assets + Liabilities = Owner’s Equity

Goodwill is…

A. A Floating Assets

QUESTION NO. : 2

ANSWER : OPTION D

B. A Wasting Assets

D. A Intangible Assets

C. A Fictitious Assets

FEMA Stands for…

D. Future Exchange Management Act

QUESTION NO. : 3

ANSWER : OPTION A

B. Funds Exchange Management Act

A. Foreign Exchange Management Act

C. Finance Enhancement Management Act

ACCORDING TO OWNERSHIP, GOVERNMENT COMPANY MEANS ……… SHARE

QUESTION NO. : 4

A. Whose paid-up share capital’s 48%, shares are owned by Government

ANSWER : OPTION D

B. Whose paid-up share capital’s 49%, shares are owned by Government

D. Whose paid-up share capital’s 51%, shares are owned by Government

C. Whose paid-up share capital’s 50%, shares are owned by Government

Whose signature is there on 500 note ?₹

D. RBI Governor

QUESTION NO. : 5

ANSWER : OPTION D

A. Central Finance Minister

C. Prime Minister

B. Supreme Court Judge

Items to be presented in Balance Sheet…

A. Personal Accounts and Nominal Accounts

QUESTION NO. : 6

ANSWER : OPTION C

B. Real Accounts and Nominal Accounts

C. Personal Accounts and Real Accounts

D. Personal Accounts, Real Accounts and Nominal Accounts

World Consumers day is observed on…?

D. April 25th

QUESTION NO. : 7

ANSWER : OPTION A

B. March 25th

A. March 15th

C. April 15th

World Students’ Day Observed on____

A. August 15th

QUESTION NO. : 8

ANSWER : OPTION C

B. August 25th

C. October 15th D. October 25th

Abdul Kalam's birthday observed as World Students‘ Day

Internal audit report is submitted to–

A. Government

QUESTION NO. : 9

ANSWER : OPTION D

B. Shareholders

D. Board of Directors

C. Creditors

Which of the following is the most important function of a manager…?

A. Communication

QUESTION NO. : 10

ANSWER : OPTION B

D. Decision-Making

B. DirectionC. Supervising

Which of the following is used to find Mode...

A. 3 Mean X 2 Median

QUESTION NO. : 11

ANSWER : OPTION D

B. 3 Median X 5 Mean

D. 3 Median X 2 Mean

C. 3 Mean X 4 Median

To appoint new auditor in place of retiring auditor, which section of Companies’ Act, 1956 is applicable ?

A. Sec.223

QUESTION NO. : 12

ANSWER : OPTION B

D. Sec.226

B. Sec.224

C. Sec.225

A, B and C are partners sharing profits and losses in the ratio of 4 : 3 : 2. D is admitted for 1/10 share. The new ratio will be–

A. 5 : 4 : 3 : 2

QUESTION NO. :13

ANSWER : OPTION C

B. 4 : 4 : 3 : 2C. 4 : 3 : 2 : 1

D. None of the baove

What is the full form of NEFT?

A. Net Electronic Fund Transfer

QUESTION NO. : 14

ANSWER : OPTION B

D. Net Electronic Functional Transfer

B. National Electronic Fund Transfer

C. National Electronic Functional Transfer

Audit is compulsory for…

A. Sole trader

QUESTION NO. :15

ANSWER : OPTION C

B. Partnership Firm

C. Joint Stock Company

D. All the above

According to the Going Concern the life of a business is ____.

D. Certain Period

QUESTION NO. : 16

ANSWER : OPTION A

B. Short time

A. Long time

C. Very Short time

The minimum number of members required for registration of a cooperative society are–

D. Twenty

QUESTION NO. : 17

ANSWER : OPTION C

B. Seven

C. Ten

A. Two

The first Director of the Public Ltd. Company appointed by…?

B. Government

QUESTION NO. : 18

ANSWER : OPTION A

D. Company Law Board

A. Promoters

C. Shareholders

When _________, we know that the firms are earning just normal profits.

B. MC = MR

QUESTION NO. : 19

ANSWER : OPTION A

D. AR = MR

A. AC = AR

C. MC = AC

Which statement is not true in respect of Balance Sheet?

A. It is an account

QUESTION NO. : 20

ANSWER : OPTION D

B. It is prepared every month

D. All the above

C. It is prepared to check the mathematical accuracy

The agreement of partnership must be…

A. In words

QUESTION NO. :21

ANSWER : OPTION C

B. In written

C. In words or In written

D. Written on a stamp paper

Indian Partnership Act was passed in the year–

A. 1956

QUESTION NO. :22

ANSWER : OPTION C

B. 1936

C. 1932

D. 1930

As a general rule, an agreement made without consideration is __________

D. Unlawful

QUESTION NO. : 23

ANSWER : OPTION A

B. Voidable

A. Void

C. valid

Who is the Governor of Reserve Bank of India?

C. Dr. RAGHURAM RAJAN

QUESTION NO. : 24

ANSWER : OPTION C

A. Dr. Y. V. REDDY

B. Dr. DUVVURI SUBBARAO

D. Dr. C. RANGARAJAN

In which of the following situations the partnership will be dissolved?

A. On the mistake of partner

QUESTION NO. : 25

ANSWER : OPTION D

B. on the eve of partner's illness

D. On the eve of partner’s death

C. When firm running in losses

ESTABLISHMENT EXPENSES OF A NEW MACHINE WILL BE DEBITED TO–

A. Expenses Account

QUESTION NO. : 26

ANSWER : OPTION C

B. Profit and Loss Account

C. Machinery Account

D. None of the above

Memorandum of Association contains–

A. Objective Clause

QUESTION NO. : 27

ANSWER : OPTION D

B. Name Clause

D. All the above

C. Capital Clause

Any casual vacancy in the office of a statutory auditor caused by the resignation of the auditor shall be filled by the company–

A. At the Board Meeting

QUESTION NO. : 28

ANSWER : OPTION B

D. At the Statutory Meeting

B. At the Annual General Meeting

C. By means of a circular resolution

New profit sharing ratio is calculated at the time of–

A. Admission of a new partner

QUESTION NO. : 29

ANSWER : OPTION D

B. Retirement of a partner

D. All the above

C. Death of a partner

A company auditor is responsible for…

A. Directors

QUESTION NO. : 30

ANSWER : OPTION B

D. Creditors

B. Shareholders

C. Public

Find the odd one out:

A. State Bank of India

QUESTION NO. : 31

ANSWER : OPTION B

D. Bank of India

B. Reserve Bank of India

C. Bank of Baroda

Which of the following fields A. Nageshwara Rao (ANR)is associated with?

A. Sports

QUESTION NO. : 32

ANSWER : OPTION D

B. Literature

D. Motion Pictures

C. Politics

What is India’s rank in world population?

A. First

QUESTION NO. : 33

ANSWER : OPTION B

C. ThirdB. Second D. Fourth

1,210,193,422

Find the tax which is direct tax among the following:

B. Excise duty

QUESTION NO. : 34

ANSWER : OPTION A

D. Service tax

A. Personal income tax

C. Sales tax

Under ______ market condition, firms make normal profits in the long run

A. Monopoly

QUESTION NO. : 35

ANSWER : OPTION C

B. Oligopoly

C. Perfect Competition

D. None of the above

In a public limited company, the minimum number of directors are–

A. 2

QUESTION NO. : 36

ANSWER : OPTION B

D. None of the above

B. 3

C. 5

_________ is the apex bank for agriculture credit

B. SIDBI

QUESTION NO. : 37

ANSWER : OPTION A

D. RBI

A. NABARD

C. ICICI

The MEDIAN OF of 11, 14, 17, 12, 18, 15, 16, 13 is...

A. 14

QUESTION NO. : 38

ANSWER : OPTION C

B. 15

C. 14.5 D. 0

(N/2) = 8/2 = 4th Term(N/2 + 1 ) = 4+1 =5th TermMedian = (4th Term +5th Term) / 2

= (14 + 15) / 2 = 29 / 2 = 14.5

Which of the following pairs of goods is an example of substitutes?

A. Tea and Sugar

QUESTION NO. : 39

ANSWER : OPTION D

B. Pen and Ink

D. Tea and Coffee

C. Shirt and Trouser

Contra entries are passed only when

B. Double column cash book is prepared

QUESTION NO. : 40

ANSWER : OPTION A

D. Three-column and Double column cash book is prepared

A. Three-column cash book is prepared

C. Simple cash book is prepared

On 16.6.15 X draws a bill on Y for ₹ 25,000 for 30 days. 19th July 2015 is a public holiday, due date of the bill will be: A. 19th July 2015

QUESTION NO. : 41

ANSWER : OPTION C

B. 16th July 2015

C. 18th July 2015 D. 17th July 2015

The law of contract in India is contained in:

A. Indian Contract Act, 1862

QUESTION NO. : 42

ANSWER : OPTION B

D. Indian Contract Act, 1972

B. Indian Contract Act, 1872

C. Indian Contract Act, 1962

A firm is the name of:

B. The Partners

QUESTION NO. : 43

ANSWER : OPTION A

D. The business under which the firm carries on business

A. The collective name under which it carries on business.

C. The minors in the firm.

The following data relate to the incomes of 86 persons :

A. 40

QUESTION NO. : 44

ANSWER : OPTION C

B. 45 C. 50 D. 55

INCOME (₹)

500-999 999-14999 1500-1999 2000-2499

NO OF PERSONS

15 28 36 7

What is the percentage of persons earning more than ₹ 1500?

₹ ₹Opening Stock 20,000 Carriage Outward 3,000Closing Stock 18,000 Office Rent 5,000Purchases 85,800 Sales 1,40,700Carriage Inward 2,300

Then Gross Profit...

A. ₹ 50,000

QUESTION NO. : 45

ANSWER : OPTION D

B. ₹ 47,600

D. ₹ 50,600C. ₹ 42,600`

Consignment account is

A. Real account

QUESTION NO. : 46

ANSWER : OPTION C

B. Personal account

C. Nominal account D. None of these

What is the median for the following observations? 5, 8, 6, 9, 11, 4.

B. 8

QUESTION NO. : 47

ANSWER : OPTION A

D. 9

A. 7

C. 6

The sum of two numbers is 52 and their difference is 2. The numbers are

A. 17 and 15

QUESTION NO. : 48

ANSWER : OPTION C

B. 12 and 10

C. 27 and 25 D. None of these

The green revolution is also known as:

A. Rice revolution

QUESTION NO. : 49

ANSWER : OPTION B

D. Forest revolution

B. Wheat revolution

C. Maize revolution

As per Income Tax Act, 1961, Sec.16(iii)_____ .

B. Entertainment Allowance

QUESTION NO. : 50

ANSWER : OPTION A

D. Dearness Allowance

A. Professional Tax

C. Provident Fund

The total number of Characters/Digits in PAN Number?

A. 9

QUESTION NO. : 51

ANSWER : OPTION B

D. 12B. 10 C. 11

‘Seller’ means a person who_______

A. Sells goods

QUESTION NO. : 52

ANSWER : OPTION C

B. Agrees to sell goods

D. Has sold goods

C. Sells or agrees to sell goods

NABARD is a ——————.

B. Board

QUESTION NO. : 53

ANSWER : OPTION A

D. Department

A. Bank

C. Exchange programme for consumer good

Non - Registration of a partnership firm__________.

A. Is a Criminal offence

QUESTION NO. : 54

ANSWER : OPTION C

B. Renders the partnership illegal

C. Is not compulsory but desirable

D. Is compulsory to activate the partnership

Profits for the previous four years as follows:2000 - ₹ 40,000 2001 - ₹ 50,000 2002 - ₹ 60,000 2003 - ₹ 50,000

The value of goodwill on the basis of three years’purchase of average profits based on the last four yearswill be.

A. ₹ 1,00,000

QUESTION NO. : 55

ANSWER : OPTION B

D. ₹ 2,00,000

B. ₹ 1,50,000

C. ₹ 1,75,000

3 * [40000+50000+60000+50000]/4

“Inventories should be out of godown in the sequence in which they arrive” is based on:

A. Weighted Average Method

QUESTION NO. : 56

ANSWER : OPTION D

B. HIFO

D. FIFO

C. LIFO

Discounting of bill by the drawer is done with___.

A. Creditor

QUESTION NO. : 57

ANSWER : OPTION D

B. Drawee

D. Banker

C. Notary Public

Reserve Bank of India is India’s:

B. Biggest commercial bank

QUESTION NO. : 58

ANSWER : OPTION A

D. All of the above

A. Central bank

C. Biggest cooperative bank

The share of new partner in the profits is 1/5 and his capital is ₹ 20,000. The new profit sharing ratio is 3 : 1 : 1. The share of partners in total capital will be–

B. ₹ 80,000 : ₹ 20,000 : ₹ 20,000

QUESTION NO. : 59

ANSWER : OPTION A

D. None of the above

A. ₹ 60,000 : ₹ 20,000 : ₹ 20,000

C. ₹ 50,000 : ₹ 20,000 : ₹ 25,000

BPO stands for ________.

A. Bharat Petro Organisation

QUESTION NO. : 60

ANSWER : OPTION B

D. Business Partners Organisation

B. Business Process Outsourcing

C. Big Portfolio Outsourcing

The weight of 8 students expressed in kg. are 40, 35, 50, 45, 46, 39, 41, 42. Find median weight?

A. 40.5

QUESTION NO. : 61

ANSWER : OPTION C

B. 41

C. 41.5 D. 42

Carriage inwards is debited to

A. Balance Sheet

QUESTION NO. : 62

ANSWER : OPTION B

D. Profit and Loss appropriation account

B. Trading account

C. Profit and Loss account

Who is regulatory authority for telecom in India?

B. BSNL

QUESTION NO. : 63

ANSWER : OPTION C

D. MTNL

C. TRAI

A. SEBI

A minimum quantity of stock always held as precaution against out of stock situation is called __________

A. Zero Stock

QUESTION NO. : 64

ANSWER : OPTION D

B. Risk Stock

D. Base Stock

C. Negative Stock

Cash book is a form of…

A. Trial Balance

QUESTION NO. : 65

ANSWER : OPTION B

D. All of the above

B. Ledger

C. Journal

The action of goods being physically delivered to the buyer is known as:

B. Constructive Delivery

QUESTION NO. : 66

ANSWER : OPTION A

D. All of the above

A. Actual Delivery

C. Symbolic Delivery

Which of the following accounting Standard talks about Cash Flow Statement____?

A. AS-2

QUESTION NO. : 67

ANSWER : OPTION B

D. AS-7

B. AS-3

C. AS-6

Vikas and Co. account is a…

B. Real account

QUESTION NO. : 68

ANSWER : OPTION A

D. None of the above

A. Personal account

C. Nominal account

Prepaid salaries are showing…?

A. Credit balance

QUESTION NO. : 69

ANSWER : OPTION B

D. None of the above

B. Debit balance

C. Negative balance

Credit balance in the cash book means ________

B. Favourable balance as per passbook

QUESTION NO. : 70

ANSWER : OPTION A

D. None of the above

A. Overdraft as per passbook

C. Both (a) and (b)

Trial balance is a statement which shows the _______ or the ________of all the accounts

A. Balances, Totals

QUESTION NO. : 71

ANSWER : OPTION D

B. Opening balances, Closing balances.

D. Debit balance, Credit balance

C. Posted balances, Total of balances

When money is withdrawn from the bank, the bank ________ the account of the customer.

A. Credits

QUESTION NO. : 72

ANSWER : OPTION B

D. None of the above

B. Debits

C. Either (a) or (b)

Capital introduced in the beginning by Shyam Rs. 3,00,000; further capital introduced during the year Rs. 2,00,000; Drawing Rs. 1,500 per month and closing capital is Rs. 4,50,000. The amount of profit or loss for the year is:

B. Loss of Rs. 50,000

QUESTION NO. : 73

ANSWER : OPTION A

D. Information is insufficient for any comment

A. Loss of Rs. 32,000

C. Profit of Rs. 32,000

Who was known as Iron man of India?

A. Govind Ballabh Pant

QUESTION NO. : 74

ANSWER : OPTION D

B. Jawaharlal Nehru

D. Sardar Vallabhbhai PatelC. Subhash Chandra Bose

What is the expanded form of CRR?

A. Cash Realisation Ratio

QUESTION NO. : 75

ANSWER : OPTION C

B. Cheque Realisation Ratio

C. Cash Reserve Ratio

D. Cheque Reserve Ratio