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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?
1 The life of the business is divided into appropriate time segment to find out the results of operations
2 The business will be carried on for a long period of time.
3 Accounts will be prepared after dissolution of the firm.
4 Accounting policies are followed from time to time without any change.

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?
1 Constant use
2 Expiry of time
3 Reduction in market price
4 Obsolescence

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
1 f 6,000
2 f 3,600
3 f 2,400
4 f 1,200

Answer: f 3,600
4 Section 40 of the Indian Partnership Act states about the dissolution
1 by notice
2 on happening of certain contingencies
3 by agreement
4 compulsorily

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
1 f 25,000
2 f 4,25,000
3 f 4,50,000
4 f 4,75,000

Answer: f 4,50,000
6 Preliminary expense means
1 petty expense
2 asset installation expense
3 expense incurred before incorporation
4 contingent expense

Answer: expense incurred before incorporation
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
1 17600
2 16000
3 22000
4 20000

Answer: 16000
8 Anand Milk Union Ltd. (AMUL) is a
1 public limited company
2 private limited company
3 government undertaking
4 cooperative society

Answer: cooperative society
9 In the theory of management, who stated the concept of separation of planning and control?
1 Henry A. Gantt
2 Frank Gilbreth
3 Henry Fayol
4 Frederick W. Taylor

Answer: Frederick W. Taylor
10 'Management by Results' means
1 attainment of result
2 organizational result
3 results from planning
4 management by objective

Answer: management by objective
11 'Great man theory' is also known as
1 charismatic leadership theory
2 trait theory of leadership
3 P & L model of motivation
4 need theory

Answer: charismatic leadership theory
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
1 5 times
2 10 times
3 4 times
4 9 times

Answer: 5 times
13 Primary market and secondary market are the components of
1 share market only
2 capital market
3 money market
4 call money market only

Answer: capital market
14 Return on Investment (ROI) is the relationship between
1 net profit and loan fund frtSrtfw
2 net profit and shareholders' fund
3 operating profit and equity share capital
4 operating profit and loan fund

Answer: net profit and shareholders' fund
15 Demat Account is opened for the purpose of investment in
1 money market
2 gold market
3 banks
4 securities

Answer: securities
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