JOIN ADRE 2.0 Telegram Group

Commerce Quiz | Commerce MCQs and Answers

Questions
81 BIPA with Sudan comes into effect was the news, it is an agreement for–
A Investment in a country
B Peaceful use of atomic power
C Allowing students to visit each other's nation
D Allowing people to come for medical treatment

Answer: Investment in a country
82 X and Y are partners sharing profits in the ratio of 4 : 3. They admit a new partner Z and new profit sharing ratio is 7 : 4 : 3. The sacrificing ratio between X and Y will be–
A Equal
B 4 : 3
C 2 : 1
D 1 : 2

Answer: 1 : 2
Advertisement
Article and Schedule Quiz Start Test!

DOWNLOAD CURRENT AFFAIRS PDF FROM APP

83 Which of the following Sections of the Companies’ Act 1956 relates to the maintenance of proper books of accounts ?
A Section-211
B Section-217
C Section-209
D Section-205

Answer: Section-209
84 A company auditor addresses his report to–
A Board of Directors
B Members
C Managing Director
D Company Secretary

Answer: Members
85 Cost Audit Report is to be submitted to–
A The Company
B The Central Government with a copy to the Company
C The Central Government
D The Company Secretary

Answer: The Central Government with a copy to the Company
86 Internal check is a part of–
A Internal Audit
B Internal Control
C Annual Audit
D Standard Audit

Answer: Internal Control
87 Given : Cost Rs. 1,00,000 Scrap Value Rs. 10,000 Span of Life 10 years Rate of depreciation 20% p.a. The amount of depreciation for the first year on the basis of diminishing balance method will be–
A Rs. 20,000
B Rs. 18,000
C Rs. 9,000
D Rs. 10,000

Answer: Rs. 18,000
88 Given : Depreciation on the basis of Fixed Instalment Method Rs. 2,000 p.a. Establishment expenses Rs. 5,000 Scrap value Rs. 1,000 Span of life 10 years The cost of assets will be–
A Rs. 20,000
B Rs. 16,000
C Rs. 12,000
D None of these

Answer: Rs. 20,000
89 The meaning of written down value is–
A Original cost – Scrap value
B Book value + Depreciation
C Book value – Depreciation
D None of these

Answer: Book value – Depreciation
90 At the time of dissolution the loss of the business, will be compensated first of all from–
A Capital
B Profits
C Personal resources of the partners
D Donations

Answer: Profits
91 The share of new partner in the profits is 1/5 and his capital is Rs. 20,000. The new profit sharing ratio is 3 : 1 : 1. The share of partners in total capital will be–
A 60,000 : 20,000 : 20,000
B 80,000 : 20,000 : 20,000
C 50,000 : 20,000 : 25,000
D None of the above

Answer: 60,000 : 20,000 : 20,000
92 In Balance Sheet, Audit Accounts are audited–
A Monthly
B Bi-monthly
C Annually or half yearly
D Quarterly

Answer: Annually or half yearly
93 Company Auditor is responsible–
A For directors
B For shareholders
C For public
D For creditors

Answer: For shareholders
94 The Section 80A of the Companies’ Act is related with the redemption of–
A Debentures
B Redeemable preference shares
C Irredeemable preference shares
D None of the above

Answer: Irredeemable preference shares
95 “Auditor is not an insurer.” In which of the following cases, the decision has been given ?
A The Kingston Cotton Mills Co. Ltd. (1986)
B London & General Bank (1895)
C Allen Craig & Co. Ltd. (1934)
D Irish Woollen Co. Ltd.

Answer: London amp; General Bank (1895)
96 Auditor shall be punished with imprisonment for a maximum period of ……… under Section 539 for falsification in the books of accounts.
A 3 years
B 5 years
C 7 years
D 9 years

Answer: 7 years
97 Consider the following– Amortization refers to writing off the value of

(1) tangible assets

(2) intangible assets,/

(3) fictitious assets

Which of the above is/are correct ?
A 1 and 2
B 2 and 3
C 1 only
D 2 only

Answer: 2 only

ADRE 2.0 FULL LENGTH MOCK TEST

Take Mock Tests

Missiles Mock Test Start Test!
SSC MTS Mock Test Start Test
IBPS CLERK MOCK TEST Start Test
SSC MTS 2022 JULY 26 Shift 1 (ENGLISH) Start Test!
SSC GD Previous Year Paper 2021 Nov 17 Shift - I (Hindi) Start Test!
SSC CGL Tier - 1 PYP 2022 April 21 Shift- 1 (ENGLISH) Start Test!
MPSC PAPER I MOCK TEST 1 (ENGLISH) Start Test!
IB Security Assistant Mock test 1 (english) Start Test!
UP POLICE CONSTABLE MOCK TEST 1 Start Test!
DELHI POLICE CONSTABLE MOCK TEST 1 (HINDI) Start Test!
Advertisement