MCQOPTIONS
Saved Bookmarks
MCQOPTIONS
This section includes 79 Mcqs, each offering curated multiple-choice questions to sharpen your Bachelor of Commerce (B Com) knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
The accounting standards Board (India) was formed by the Institute of Chartered Accountants of India in April--------------- |
| A. | 1977 |
| B. | 1978 |
| C. | 2001 |
| D. | 2009 |
| Answer» B. 1978 | |
| 2. |
Accounting Standards are beneficial not only to the business enterprises but also to the .. as well. |
| A. | accountants & auditor |
| B. | Customers |
| C. | Family and Country |
| D. | Traders |
| Answer» B. Customers | |
| 3. |
The important objective of Accounting standards is to the ..diverse accounting policies and practices at present in use in India. |
| A. | harmonies |
| B. | incomplete |
| C. | complex |
| D. | compact |
| Answer» B. incomplete | |
| 4. |
AS 15 deals with the accounting for retirement benefits in the financial statements of -------------- |
| A. | employers |
| B. | employees |
| C. | top manager |
| D. | none of these |
| Answer» B. employees | |
| 5. |
Investment made by government as equity in the ownership of an enterprise is known as ------------ |
| A. | participation |
| B. | interested |
| C. | refundable |
| D. | not interested |
| Answer» B. interested | |
| 6. |
Govt. grants become -----------because of non fulfillment of the conditions attached to that grant. |
| A. | Refundable |
| B. | non refundable |
| C. | overdraft |
| D. | income |
| Answer» B. non refundable | |
| 7. |
If stock is for 110----------------- 44000 100-------------------? |
| A. | . 40000 |
| B. | 50000 |
| C. | 55000 |
| D. | 45000 |
| Answer» B. 50000 | |
| 8. |
A is generally a physical part of the business established under the same roof. |
| A. | Surplus. |
| B. | Depreciation |
| C. | Department |
| D. | Surplus |
| Answer» D. Surplus | |
| 9. |
Revised AS 15 Employees benefits is applicable in respect of accounting periods commencing on or after 1st April ---------- |
| A. | 2006 |
| B. | 1978 |
| C. | 2001 |
| D. | 2009 |
| Answer» B. 1978 | |
| 10. |
.reporting helps uses of financial statements to better assess the risk and t returns of the enterprise. |
| A. | segment |
| B. | Account |
| C. | statement |
| D. | management |
| Answer» B. Account | |
| 11. |
AS-17 segment reporting applies to those companies which have an annual turnover of Rs .crores or more. |
| A. | 50 |
| B. | 80 |
| C. | 21 |
| D. | 20 |
| Answer» B. 80 | |
| 12. |
Earning per share is very important financial ratio is computed for assessing the state of --------------price of shares. |
| A. | Market |
| B. | area |
| C. | shops |
| D. | none of these |
| Answer» B. area | |
| 13. |
As per AS 7 Research and Development cost is to be excluded from contract cost . |
| A. | true |
| B. | false |
| C. | may be false |
| D. | neither a nor b |
| Answer» B. false | |
| 14. |
As per AS 15 accumulated compensated absences can be carried forward if the current period entitlement is not used in full. |
| A. | true |
| B. | false |
| C. | may be false |
| D. | may be true |
| Answer» B. false | |
| 15. |
When the concept of ratio is defined in respect to the item shown in the financial statements, it is termed as |
| A. | Accounting ratio |
| B. | Financial ratio |
| C. | costing ratio |
| D. | none of the above |
| Answer» C. costing ratio | |
| 16. |
Financial Statement Analysis can be used for assessment of past performance only. |
| A. | false |
| B. | true |
| C. | either true or false |
| D. | only true |
| Answer» B. true | |
| 17. |
Which ratio measures the number of times the receivables are rotated in a year in terms of sales? |
| A. | stock turnover ratio. |
| B. | debtors turnover ratio. |
| C. | creditors velocity ratio. |
| D. | working capital turnover ratio. |
| Answer» C. creditors velocity ratio. | |
| 18. |
If value of Insurance Policy is 21000, Stock on date of Fire is 24000 and Loss of stock is 20000 then Amount of Claim for stock will be |
| A. | . 17500 |
| B. | 18000 |
| C. | 19000 |
| D. | 25000 |
| Answer» B. 18000 | |
| 19. |
If value of stock on date of fire is 420000, salvage is 1500000 then stock destroyed by fire will |
| A. | 250000 |
| B. | 255000 |
| C. | 253000 |
| D. | 251000 |
| Answer» B. 255000 | |
| 20. |
The normal and abnormal stock of goods doesn t appear in branch account as the closing stock is at the .figure. |
| A. | Adjusted |
| B. | profit. |
| C. | balance. |
| D. | loss |
| Answer» B. profit. | |
| 21. |
If value of Insurance Policy is 31500, Stock on date of Fire is 36000 and Loss of stock is 27000 then Amount of Claim for stock will be |
| A. | .23625 |
| B. | 24625 |
| C. | 25625 |
| D. | 23525 |
| Answer» B. 24625 | |
| 22. |
If value of Insurance Policy is 63000, Stock on date of Fire is 72000 and Loss of stock is 54000 then Amount of Claim for stock will be |
| A. | 47250 |
| B. | 48250 |
| C. | 26000 |
| D. | 25000 |
| Answer» B. 48250 | |
| 23. |
If value of stock on date of fire is 429000, salvage is 1570000 then stock destroyed by fire will |
| A. | 271500 |
| B. | 270000 |
| C. | 275000 |
| D. | none of the above |
| Answer» B. 270000 | |
| 24. |
.method of branch accounting is usually adopted when the branch is of the small size. |
| A. | Treading. |
| B. | Balance sheet |
| C. | memorandum |
| D. | debtors |
| Answer» E. | |
| 25. |
All items of stock in Trading and Profit and loss Account are to be converted into cost price if these are given at an _ |
| A. | Profit ratio. |
| B. | market price |
| C. | Balance. |
| D. | Invoice price |
| Answer» E. | |
| 26. |
The removal of loading from the items of branch stock is adjusted through branch ..Account |
| A. | adjustment |
| B. | debtor. |
| C. | Stock |
| D. | profit and loss |
| Answer» B. debtor. | |
| 27. |
The method of Branch Accounting varies with the nature and the status of branch. |
| A. | true |
| B. | false |
| C. | neither true nor false |
| D. | none of the above |
| Answer» B. false | |
| 28. |
In Branch Accounting the balance on stock reserved Account at the end of the period is shown in the balance sheet by the way of deduction from |
| A. | opening stock. |
| B. | reserved stock. |
| C. | closing stock. |
| D. | profit or loss |
| Answer» D. profit or loss | |
| 29. |
A memorandum trading account is to be prepared to ascertained the value of stock on the date of fire. |
| A. | true |
| B. | false |
| C. | may be true |
| D. | may be false |
| Answer» B. false | |
| 30. |
The value of stock on the date of fire can be ascertained more precisely by preparation of a Account |
| A. | Trading A/c |
| B. | memorandum transaction A/c |
| C. | Balance sheet |
| D. | P & L A/c |
| Answer» C. Balance sheet | |
| 31. |
The computation of loss by fire is very simple taken when a -------------- asset is destroyed |
| A. | current |
| B. | long-term |
| C. | fire |
| D. | intangible |
| Answer» B. long-term | |
| 32. |
A co-operative Society may createout of its net profit for payment of bonus to person who are not its members. |
| A. | bonus equalization fund |
| B. | Reserve fund |
| C. | Education Fund |
| D. | Loans and advances |
| Answer» B. Reserve fund | |
| 33. |
Dividend received on shares is comes to the . side of profit and loss account. |
| A. | Income |
| B. | Profit |
| C. | Interest |
| D. | loss |
| Answer» B. Profit | |
| 34. |
Goods sent by the head office at the end of the year but not received by Branch before the year ended is known as |
| A. | goods in transit |
| B. | loss by fire |
| C. | shortage. |
| D. | loss |
| Answer» B. loss by fire | |
| 35. |
system of book keeping is the only scientific method to record farming transaction. |
| A. | Single entry |
| B. | Double entry |
| C. | Balance sheet |
| D. | Adjustment A/c |
| Answer» C. Balance sheet | |
| 36. |
Transactions involving receipt in ..are recorded on receipt side of cash book. |
| A. | Cash |
| B. | Profit |
| C. | Interest |
| D. | loss |
| Answer» B. Profit | |
| 37. |
ratio indicates the relationship of gross profit to net sales in terms of percentage. |
| A. | Gross profit |
| B. | Net profit |
| C. | debtors turnover |
| D. | capital employed |
| Answer» B. Net profit | |
| 38. |
Rule number 61 of the Maharashtra Co-operative Society Rule 1961- the society has to prepare final statement within .days. |
| A. | 45 |
| B. | 48 |
| C. | 21 |
| D. | 2 yrs |
| Answer» B. 48 | |
| 39. |
Sub-standard assets is one which has been classified as non performing asset for a period not exceeding three years. |
| A. | true |
| B. | false |
| C. | may be true |
| D. | only true |
| Answer» C. may be true | |
| 40. |
.asset is one which has been classified as non-performing asset for period not exceeding than .years |
| A. | Fixed 13 |
| B. | Fluctuating 11 |
| C. | Intangible 1 |
| D. | Substandard 2 |
| Answer» B. Fluctuating 11 | |
| 41. |
A society which as proclaimed as its objective the .of economic interest of its member |
| A. | Promotion |
| B. | Demotion |
| C. | Recession |
| D. | none of these |
| Answer» B. Demotion | |
| 42. |
An assets become non-performing when it ceases to generate income for a Bank. |
| A. | True |
| B. | False |
| C. | May be false |
| D. | May be true |
| Answer» B. False | |
| 43. |
Managing committee of every Society shall prepare annual statement of accounts within days. |
| A. | 42 |
| B. | 45 |
| C. | 2 yrs. |
| D. | 48 |
| Answer» B. 45 | |
| 44. |
The branches which are totally dependent on head office are also termed as Agency Branches. |
| A. | True |
| B. | False |
| C. | may be false |
| D. | may be a |
| Answer» B. False | |
| 45. |
A ..system of departmental account is more convenient where the number of department are very small |
| A. | Mutual. |
| B. | Branch. |
| C. | Debtor s. |
| D. | Profit and loss |
| Answer» B. Branch. | |
| 46. |
Acceptance, Endorsements and other obligations are a contingent liability of bank. |
| A. | True |
| B. | False |
| C. | May be false |
| D. | May be true |
| Answer» C. May be false | |
| 47. |
Transfer of money from one place to another i.e. mail transfer is an item to be excluded from bills payable. |
| A. | True |
| B. | False |
| C. | May be false |
| D. | May be true |
| Answer» C. May be false | |
| 48. |
Dependent branch doesn t keep any book of account as their entire Accounting work is performed by the head office. |
| A. | true |
| B. | may be false |
| C. | neither true nor false |
| D. | may be true |
| Answer» B. may be false | |
| 49. |
A parent co. should account for the investment in subsidiaries in accordance with AS -13 |
| A. | true |
| B. | false |
| C. | May be true |
| D. | only b |
| Answer» B. false | |
| 50. |
The main function of a banking company are to accept deposits of money from the public and to lend or invest these deposits. |
| A. | true |
| B. | false |
| C. | only true |
| D. | ma be false |
| Answer» B. false | |