Important Questions & Answers on Commerce Optional Paper for APSC(Assam Public Service Commission) Prelims | GkSeries
1
Which of the following is the correct statement in the context of 'Accounting Period Concept?
Answer: The life of the business is divided into appropriate time segment to find out the results of operations
2
Which of the following is not the cause of depreciation?
Answer: Reduction in market price
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3
A and B are partners in a firm sharing profits in the ratio 3: 2 and advanced a loan of f 2,00,000 to the firm in that ratio on 01-04-2014. Accounts are closed on 31st March each year. In the absence of partnership deed, the interest on A}s loan will be
Answer: f 3,600
4
Section 40 of the Indian Partnership Act states about the dissolution
Answer: by agreement
5
At the time of dissolution, trade debtors amounted to f 4,50,000 and provision balance was f 25,000. The amount of trade debtors that shall be transferred to Realisation Account is
Answer: f 4,50,000
7
Purchase price of an asset of f 17,60,000 was paid by issuing shares of f 100 each at a premium of 10%. The number of shares to be issued is
Answer: 16000
9
In the theory of management, who stated the concept of separation of planning and control?
Answer: Frederick W. Taylor
12
Consider the following data : Cost of goods sold—? 2,50,000 Opening inventory—f 40,000 Closing inventory—f 60,000
The inventory-turnover ratio is
Answer: 5 times
13
Primary market and secondary market are the components of
Answer: capital market
14
Return on Investment (ROI) is the relationship between
Answer: net profit and shareholders' fund
