A basic commerce quiz 75

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1. BY
SUBBU PULLELA
THE WORLD OF
ACCOUNTING

2. WELCOME TO QUIZ OF COMMERCE

4. 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

5. Goodwill is…
A.A Floating Assets
QUESTION NO. : 2
ANSWER: OPTION D
B.A Wasting Assets
D.A Intangible Assets
C. A Fictitious Assets

6. 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

7. 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

8. 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

9. 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

10. World Consumers day is observed on…?
D.April 25
th
QUESTION NO. : 7
ANSWER: OPTION A
B.March 25
th
A.March 15
th
C. April 15
th

11. World Students’ Day Observed on____
A.August 15
th
QUESTION NO. : 8
ANSWER: OPTION C
B.August 25
th
C.October 15
th D. October 25
th
Abdul Kalam's birthday observed as World Students‘ Day

12. Internal auditreport is submitted to–
A.Government
QUESTION NO. : 9
ANSWER: OPTION D
B.Shareholders
D.Board of Directors
C. Creditors

13. Which of the following is the most important function of
a manager…?
A.Communication
QUESTION NO. : 10
ANSWER: OPTION B
D.Decision-Making
B.Direction
C. Supervising

14. Which of the following is used to find Mode...
A.3 MeanX2 Median
QUESTION NO. : 11
ANSWER: OPTION D
B.3Median X5Mean
D.3 MedianX2 Mean
C. 3 MeanX4 Median

15. 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

16. 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 : 2
C.4 : 3 : 2 : 1
D. None of the baove

17. 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

18. Audit is compulsory for…
A.Sole trader
QUESTION NO. :15
ANSWER: OPTION C
B.Partnership Firm
C.Joint Stock Company
D. All the above

19. 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

20. 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

21. 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

22. When_________,weknowthatthefirmsareearning
justnormalprofits.
B.MC = MR
QUESTION NO. : 19
ANSWER: OPTION A
D.AR = MR
A.AC = AR
C. MC = AC

23. 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

24. 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

25. Indian Partnership Act was passed in the year–
A.1956
QUESTION NO. :22
ANSWER: OPTION C
B.1936
C.1932
D. 1930

26. As a general rule, an agreement made without
consideration is __________
D.Unlawful
QUESTION NO. : 23
ANSWER: OPTION A
B.Voidable
A.Void
C. valid

27. 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

28. In which of the following situations the partnership will
be dissolved?
A.On the mistake of partner
QUESTION NO. : 25
ANSWER: OPTION D
B.ontheeveofpartner'sillness
D.On the eve of partner’s death
C. When firm running in losses

29. ESTABLISHMENT EXPENSESOF 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

30. Memorandum of Association contains–
A.Objective Clause
QUESTION NO. : 27
ANSWER: OPTION D
B.Name Clause
D.All the above
C. Capital Clause

31. 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

32. 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

33. A company auditor is responsible for…
A.Directors
QUESTION NO. : 30
ANSWER: OPTION B
D.Creditors
B.Shareholders
C. Public

34. 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

35. Which of the following fields A. NageshwaraRao(ANR)is
associated with?
A.Sports
QUESTION NO. : 32
ANSWER: OPTION D
B.Literature
D.Motion Pictures
C. Politics

36. 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

37. Findthetaxwhichisdirecttaxamongthefollowing:
B.Exciseduty
QUESTION NO. : 34
ANSWER: OPTION A
D.Service tax
A.Personal income tax
C. Sales tax

38. 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

39. 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

40. _________istheapexbankforagriculturecredit
B.SIDBI
QUESTION NO. : 37
ANSWER: OPTION A
D.RBI
A.NABARD
C. ICICI

41. The MEDIAN OF of 11, 14, 17, 12, 18, 15, 16, 13is...
A.14
QUESTION NO. : 38
ANSWER: OPTION C
B.15
C.14.5 D. 0
(N/2) = 8/2 = 4
th
Term
(N/2 + 1 )= 4+1 =5
th
Term
Median = (4
th
Term +5
th
Term) /2
= (14 + 15) / 2= 29/ 2= 14.5

42. 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

43. Contraentriesarepassedonlywhen
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

44. On 16.6.15 Xdraws a bill on Yfor ₹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

45. 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

46. Afirmisthenameof:
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.

47. 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
(₹)
500-999999-149991500-19992000-2499
NO OF
PERSONS
15 28 36 7
What is the percentage of persons earning more than
₹1500?

48. ₹ ₹
Opening Stock20,000 Carriage Outward3,000
Closing Stock18,000 Office Rent 5,000
Purchases 85,800 Sales 1,40,700
Carriage Inward2,300
Then Gross Profit...
A.₹ 50,000
QUESTION NO. : 45
ANSWER: OPTION D
B.₹ 47,600
D.₹ 50,600C. ₹ 42,600`

49. Consignment account is
A.Real account
QUESTION NO. : 46
ANSWER: OPTION C
B.Personal account
C.Nominal account
D. None of these

50. Whatisthemedianforthefollowingobservations?
5,8,6,9,11,4.
B.8
QUESTION NO. : 47
ANSWER: OPTION A
D.9
A.7
C. 6

51. 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.27and25
D. None of these

52. 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

53. AsperIncomeTaxAct,1961,Sec.16(iii)_____.
B.Entertainment Allowance
QUESTION NO. : 50
ANSWER: OPTION A
D.Dearness Allowance
A.Professional Tax
C. Provident Fund

54. The total number of Characters/Digits in PANNumber?
A.9
QUESTION NO. : 51
ANSWER: OPTION B
D.12B.10 C. 11

55. ‘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

56. NABARDisa—————— .
B.Board
QUESTION NO. : 53
ANSWER: OPTION A
D.Department
A.Bank
C. Exchange programme for consumer good

57. Non-Registrationofapartnershipfirm__________.
A.IsaCriminaloffence
QUESTIONNO.:54
ANSWER:OPTIONC
B.Rendersthepartnershipillegal
C.Isnotcompulsorybutdesirable
D.Iscompulsorytoactivatethepartnership

58. Profits for the previous four years as follows:
2000 -₹40,000 2001 -₹50,000
2002 -₹60,000 2003 -₹50,000
Thevalueofgoodwillonthebasisofthreeyears’
purchaseofaverageprofitsbasedonthelastfouryears
willbe.
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

59. “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

60. Discounting of bill by the drawer is done with___.
A.Creditor
QUESTION NO. : 57
ANSWER: OPTION D
B.Drawee
D.Banker
C. Notary Public

61. ReserveBankofIndiaisIndia’s:
B.Biggest commercial bank
QUESTION NO. : 58
ANSWER: OPTION A
D.All of the above
A.Central bank
C. Biggest cooperative bank

62. Theshareofnewpartnerintheprofitsis1/5andhis
capitalis₹20,000.Thenewprofitsharingratiois3:1:1.
Theshareofpartnersintotalcapitalwillbe–
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

63. 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

64. Theweightof8studentsexpressedinkg.are40,35,
50,45,46,39,41,42.Findmedianweight?
A.40.5
QUESTIONNO.:61
ANSWER:OPTIONC
B.41
C.41.5 D.42

65. 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

66. WhoisregulatoryauthorityfortelecominIndia?
B.BSNL
QUESTION NO. : 63
ANSWER: OPTION C
D.MTNL
C.TRAI
A. SEBI

67. 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

68. Cash book is a form of…
A.Trial Balance
QUESTION NO. : 65
ANSWER: OPTION B
D.All of the above
B.Ledger
C. Journal

69. Theactionofgoodsbeingphysicallydeliveredtothe
buyerisknownas:
B.Constructive Delivery
QUESTION NO. : 66
ANSWER: OPTION A
D.All of the above
A.Actual Delivery
C. Symbolic Delivery

70. 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

71. VikasandCo.accountisa…
B.Real account
QUESTION NO. : 68
ANSWER: OPTION A
D.None of the above
A.Personal account
C. Nominal account

72. Prepaid salaries are showing…?
A.Credit balance
QUESTION NO. : 69
ANSWER: OPTION B
D.None of the above
B.Debit balance
C. Negative balance

73. Creditbalanceinthecashbookmeans________
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)

74. 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

75. 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)

76. CapitalintroducedinthebeginningbyShyamRs.
3,00,000;furthercapitalintroducedduringtheyearRs.
2,00,000;DrawingRs.1,500permonthandclosing
capitalisRs.4,50,000.Theamountofprofitorlossfor
theyearis:
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

77. Who was known as Iron man of India?
A.GovindBallabhPant
QUESTION NO. : 74
ANSWER: OPTION D
B.Jawaharlal Nehru
D.Sardar Vallabhbhai PatelC. Subhash Chandra Bose

78. 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