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1. Match List-I (Items of Expenditure and Receipt) with List-Il (Nature of Expenditure and
Receipt) and select the correct answer using the codes given below the lists
ABCD
(a) 4 2 1 3
(b) 3 2 1 4
(c) 4 1 2 3
(d) 3 1 2 4
Ans. (c)
2. The cash price of a machine is Rs. 1, 20,000 and its hire purchase price is
Rs. 1, 50,000 to be paid in five equal yearly installments. If a company purchases the machine
on hire purchase basis, the amount of capital expenditure will be:
Ans. (a)
3. Match List-I ( !c" with List-II (! !
c") and select the correct answer using the codes given below the lists
another place
ABCD
(a) 1 3 4 2
(b) 1 3 2 4
(c) 3 1 4 2
(d) 3 1 2 4
Ans. (d)
(d) Royalty paid in installments for the purchase of rights to manufacture and sell patient
medicines
Ans. (b)
5. Which of the following methods is/are followed for the purpose of µpiecemeal distribution¶ in
the case of dissolution of a partnership firm?
(a) 3 alone
(b) 1 and 3
(c) 2 and 3
(d) 1 and 2
Ans. (d)
1. Secured creditors
2. Unsecured creditors
4. Partners who contributed capia1s in excess as compared to the profit sharing ratio
The correct sequence in which payments are to be made to these parties in the event of the
dissolution of a partnership firm is:
(a) 2, 1, 3, 4
(b) 1, 2, 4, 3
(c) 1 2, 3, 4
(d) 2, 1, 4, 3
Ans. (c)
7. Match List-I ( #! $") with List-II (%! &$&$"$$ #
! '!) and select the correct answer wing the codes given below the lists:
B. No interest shall be allowed 2. Net loss of the firm for an accounting year
D. Must be shared equally by all the 4. Loan given by a partner to the firm
ABCD
(a) 1 3 2 4
(b) 4 3 2 1
(c) 3 2 4 1
(d) 4 3 1 2
Ans. (
The amounts to be debited and credited respectively to the income and Expenditure Account
would be:
Ans. (c)
9. A cricket club has 50 members and each member pays Rs. 20 as monthly subscription 5
members paid advance subscription for the financial year, 1994²95 and 10 members failed to
pay subscription for the year 1993²94. The amount to be credited as subscription to Income
and Expenditure Account would be:
Ans. (a)
The amount to be charged to income and expenditure A/c as sports goods consumed will be-:
Ans. (b)
11. A trader maintains his books of accounts on Single Entry basis. His books of accounts show
that his total purchases during the year were Rs. 90,000 of which he returned goods worth Rs.
10,000. His credit sales were Rs. 50,000 and cash sales were Rs. 80,000. Of the total sales
goods returned were Rs. 80,000. Closing stock is Rs. 12,000. He sells his goods at cost plus 33
1/3 %. His opening stock is:
Ans. (d)
12. A firm which keeps its books of accounts on Single Entry System has opening balance and
closing balance of Bills Receivable as R. 9,000 and Rs. 11,000 respectively. Bills collected
during the financial period amount to Rs. 20,000. Bills Receivable Received during the financial
4eriod amount to:
Ans. (a)
13. Which preparing accounts from incomplete records, the amount of credit sales is determined
by:
(c) ascertaining the balance in trading account other than closing stock
Ans. (b)
14. A business entity has an opening balance of Rs. 5,000 as provision for bad and doubtful
debts. Total sales
amounts to Rs. 6, 00,000 and out of which Rs. 1, 00,000 worth of sales is for cash.
Ans. (b)
15. Match List-I () with List-II ((!)!'!"$) and select the correct answer
using the codes given below the Lists:
*
ABCD
(a) 3 2 1 4
(b) 3 2 4 1
(c) 2 3 4 1
(d) 2 3 1 4
Ans. (c)
16. Match List-I () With List-II ((!+) and select the correct answer using the codes
given below the Lists:
**
ABCD
(a) 3 4 1 2
(b) 4 3 1 2
(c) 3 4 2 1
(d) 4 3 2 1
Ans. (d)
Ans. (b)
Ans. (b)
19. After the redemption of debentures, the balance of Debenture Sinking Fund is transferred to:
Ans. (b)
Ans. (c)
Ans. (d)
22. A company wishes to redeem its preference shares amounting to Rs. 1, 00,000 at a
premium of 5% and for this purpose issue 5,000 equity shares of Rs. 10 each at a premium of
5%. The company also has a balance of Rs. 1, 00,000 as General Reserves and Rs. 50,000 in
P/L A/c. The amount to be transferred to Capital Redemption Reserve Account for the purpose
of redemption is:
(a) Rs. 47,500
Ans. (b)
(c) without any provision for it in the Articles of Association of the company
Ans. (d)
Assets
Rs. 10 each
The company decided to capitalize the necessary part of the General Reserve by issuing:
1. a bonus share per share on the partly paid up shares in order to make them fully paid and 2.
fully paid bonus shares at a premium of 5% per share amongst the existing shareholders to be
distributed in the ratio of one share for every five shares held.
account is:
(a) Rs. 14,700
Ans. (a)
Ans. (c)
(c) Preference share with voting rights when dividends are not paid
Ans. (a)
27. A private limited company earned a net profit of Rs. 2,00,000 after tax during a certain
financial period. Provision for Rs. 20,000 capital employed during the same period is Rs.
10,00,000. Return on capital employed is:
(a) 10%
(b) 20%
(c) 38%
(d) 42%
Ans. (b)
28. If profit is one-fourth of selling price, the share of profit to cost will be:
(a) 1/3
(b) 1/4
(c) 1/5
(d) 1/6
Ans. (a)
29. Match List-I with List-II and select the correct answer using the codes given below the lists:
ABCD
(a) 2 3 4 1
(b) 1 2 4 3
(c) 4 3 1 2
(d) 1 3 2 4
Ans. (a)
30. Match List-I (,-"#!'.) with List-II (c!,") and select the
correct answer using the codes given below the lists:
ABCD
(a) 2 1 4 3
(b) 3 4 1 2
(c) 3 1 4 2
(d) 2 4 1 3
Ans. (b)
Ans. (b)
32. Match List-I with List-II and select the correct answer using the codes given below the lists:
**
ABCD
(a) 4 1 3 2
(b) 2 4 1 3
(c) 2 3 1 4
(d) 4 1 2 3
Ans. (d)
33. Match List-I with List-II and select the correct answer using the codes below:
**
ABCD
(a) 1 4 3 2
(b) 4 1 3 2
(c) 1 4 2 3
(d) 4 1 2 3
Ans. (c)
34. Which one of the following ratios is most important for judging the long term solvency of
firm?
Ans. (a)
and that the-closing stock is Rs. 2,000 less than the opening stock, the stock turnover ratio is:
(a) 5 times
(b) 7 times
(c) 8 times
(d) 10 times
Ans. (c)
Ans. (b)
37. The dividend declared by a Ltd. Co. is Rs. 2 per share of face value of Rs. 10 and the
average market value is Rs. 25/-. The yield is:
(a) 5%
(b) 8%
(c) 10%
(d) 12.5%
Ans. (b)
38. After taking into consideration the non-cash charges of Rs. 30,000 the operating loss of a
company is Rs. 20,000. The fund generated from operations is:
Ans. (d)
39. If balance sheets on two different. dates show machinery account at Rs. 1,85,600 and Rs.
1,73,800 respectively and the machinery had depreciated by Rs. 30,000 and one piece of
machinery of book value of Rs. 5,000 had been sold in the beginning of the year for Rs. 3,100
then the application of fund is:
Ans. (d)
Ans. (a)
Ans. (c)
Ans. (d)
(c) record of important points and enquiries which are auditor has to refer to his client
(d) record of mistakes and errors detected during the course of audit of accounts books
Ans. (d)
In order to plan and prepare his audit programme, an auditor must obtain information relating to:
Of these statements:
Ans. (c)
45. When the auditor examines and tests the client¶s accounting and other control systems to
see whether or not they constitute a reliable base for the preparation of accounts, then it is
known as:
Ans. (d)
46. By observing, testing and assessing, an auditor examines the system of:
Ans. (b)
47. Which one of the following statements regarding the Internal check system is correct?
Its purpose is to
Ans. (a)
(a) statute
(c) agreement
(d) convention
Ans. (c)
Ans. (d)
50. According to Sec. 224 of the Companies Act, 1956, a company auditor may be appointed by
any of the three appointing authorities. The correct sequence of the order in which they can
exercise their power to appoint a company auditor in the life of a company other than a
government company is:
Ans. (d)
Free Commerce Financial Quiz mcq Questions For Indian Exams Like UPSC PSC
UPSC exams
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4 10 /
4 20
4 30
4 40
2. The basic aim of Securities and Exchange Board of India (SEBI) is to?
4 Develop an effective and efficient monitoring and control system for the Indian Capital
Market /
4 To help Bombay Stock Exchange only
4 To help National Stock Exchange of India Ltd. only
4 To help OTC Exchange of India only
Question was not answered
3. The minimum paid-up share capital for a public company shall be?
4 Rs. 1 lakh
4 Rs. 2 lakhs
4 Rs. 3 lakhs
4 Rs. 5 lakhs /
4 Certificate of Incorporation
4 Minimum Subscription
4 Certificate of Commencement of Business /
4 Permission of the Controller of Capital Issue
5. Under Section 275 of the Companies¶ Act, 1956 a person can become director in public
company of not more than?
4 5 companies
4 10 companies
4 15 companies /
4 20 companies
7. The capital issues of public limited companies are subject to guidelines issued by?
9. In a public company the minimum number for having a Quorum in a meeting is?
4 2
4 3
4 5 /
4 7
10. In a public company the minimum number for having a Quorum in a meeting is?
4 2
4 3
4 5 /
4 7
11."A body of persons elected or appointed to meet on an organised basis for the discussion
and dealing of matters brought before it.´ It is called?
4 Functional organisation
4 Formal organisation
4 Committee organization /
4 Informal organisation
12. An annual general meeting may be called after giving shorter notice instead of 21 clear
days, if consent is accorded by?
4 Shareholders
4 Promoters /
4 Govermnent
4 Directors
14. Appointment of full time Company Secretary is compulsory in all those companies, whose
paid- up share capital is?
15. A meeting of the shareholders held only once during the life time of the company is known
?
16. For calling the Extraordinary General Meeting a clear notice of .............days must be given
to all the members.
4 7
4 15
4 21 /
4 30
17. Appointment of a person who is a Director, as a Secretary in the Company would require
approval of the company by ??
4 Special Resolution /
4 Ordinary Resolution
4 Resolution by circulation
4 None of the above
4 Calcutta
4 Delhi
4 Bombay /
4 Madras
Question was not answered
4 ISRD
4 ADS
4 WTO /
4 DIMF