MCQOPTIONS
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MCQOPTIONS
This section includes 84 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. |
A . institution is a voluntary association of independent economic units, organized, capitalized and run by, and for its members, providing and/or marketing goods and services on cost-to-cost basis to their members. |
| A. | cooperative |
| B. | private |
| C. | public |
| D. | all of these |
| Answer» B. private | |
| 2. |
In the words of , cooperation is, a form of organisation wherein persons voluntarily associate together as human beings on a basis of equality for the promotion of economic interest of themselves |
| A. | h. calvert |
| B. | herrick |
| C. | horrace plunkett |
| D. | robert owen |
| Answer» B. herrick | |
| 3. |
is, a form of organisation wherein persons voluntarily associate together as human beings on a basis of equality for the promotion of economic interest of themselves . |
| A. | cooperation |
| B. | joint stock companies |
| C. | cartels |
| D. | trusts |
| Answer» B. joint stock companies | |
| 4. |
A has been defined as an economic and social organisation of the working people, serving not only interest of the members, but also social progress, which promotes safeguards and realizes the interests and aspirations of the working people . |
| A. | cooperative organisation |
| B. | private organisation |
| C. | public organisation |
| D. | all of these |
| Answer» B. private organisation | |
| 5. |
According to .Herrick, it is the act of poor persons voluntarily united for utilizing reciprocally their own forces, resources or both, under their mutual management to their common profit or loss . |
| A. | herrick |
| B. | horrace plunkett |
| C. | robert owen |
| D. | h. calvert |
| Answer» B. horrace plunkett | |
| 6. |
A .society is a union of weak and needy individuals who have equal rights and has one vote irrespective of the number of shares held by him. |
| A. | cooperative |
| B. | charitable |
| C. | both a & b |
| D. | none of these |
| Answer» B. charitable | |
| 7. |
..helps a manager shape the future of the organization rather than being caught in an endless trap of reacting only to current crises or problems. |
| A. | planning |
| B. | organizing |
| C. | directing/motivating |
| D. | controlling |
| Answer» B. organizing | |
| 8. |
is concerned with determining the specific activities needed to accomplish the planned objectives and goals. |
| A. | planning |
| B. | organizing |
| C. | directing/motivating |
| D. | controlling |
| Answer» C. directing/motivating | |
| 9. |
..is concerned with assigning the activities to specific positions and people; and providing means for coordinating the efforts of individuals and groups. |
| A. | planning |
| B. | organizing |
| C. | directing/motivating |
| D. | controlling |
| Answer» C. directing/motivating | |
| 10. |
Organizing is a bridge connecting the planned objectives to specific projects for accomplishing these objectives. |
| A. | planning |
| B. | organizing |
| C. | directing/motivating |
| D. | controlling |
| Answer» C. directing/motivating | |
| 11. |
In , management monitors the progress of plannedactivities. If progress is lagging, necessary adjustments are made. |
| A. | planning |
| B. | organizing |
| C. | directing/motivating |
| D. | controlling |
| Answer» E. | |
| 12. |
In the .the board of directors reports to membership, reviewing the past business year and the year s financial statements. |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» B. board of directors meeting | |
| 13. |
...........is concerned with grouping the activities into a logical pattern, framework, or structure. |
| A. | planning |
| B. | organizing |
| C. | directing/motivating |
| D. | controlling |
| Answer» C. directing/motivating | |
| 14. |
In the the Business plan and budgets for the coming year are presented for discussion and approval. |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» B. board of directors meeting | |
| 15. |
A statement which contains a classified summary or list of all closing balances of the General Ledger is known as the . |
| A. | profit and loss account |
| B. | balance sheet |
| C. | trial balance |
| D. | receipts and payments |
| Answer» D. receipts and payments | |
| 16. |
Every co-operative society shall maintain accounts and book for the purpose of recording business transactions by it and close them every year on |
| A. | 31st december, by the 31st january |
| B. | 31st march, by the 30th april. |
| C. | 30th june, by the 31st july |
| D. | 30th september, by 31st october |
| Answer» C. 30th june, by the 31st july | |
| 17. |
A .. is documentary evidence in support of a transaction in the Books of account |
| A. | bill |
| B. | voucher |
| C. | file |
| D. | ledger |
| Answer» C. file | |
| 18. |
The act of establishing the accuracy and authenticity of entries in the account books is called |
| A. | checking |
| B. | vouching |
| C. | balancing |
| Answer» C. balancing | |
| 19. |
Every society shall maintain for recording the applications for membership,the number of shares applied for and in case of refusal, the date of communication of the decision refusing admission to the applicant. |
| A. | minutes book |
| B. | share application register |
| C. | admission register |
| D. | note book |
| Answer» C. admission register | |
| 20. |
Every society shall maintain for recording the applications for membership containing the name and address of the applicant. |
| A. | minutes book |
| B. | share application register |
| C. | admission register |
| D. | note book |
| Answer» C. admission register | |
| 21. |
Every society shall maintain for recording the proceedings of the general body. |
| A. | minutes book |
| B. | note book |
| C. | file |
| D. | record book |
| Answer» B. note book | |
| 22. |
..was a combination of three erstwhile cooperative institutes namely Cochin Cooperative Institute of 1930, North Malabar Cooperative Union of 1932 and Travancore Cooperative Institute of 1947. |
| A. | kerala state cooperative union |
| B. | national council for cooperative training |
| C. | national council for education |
| D. | national cooperative union of india |
| Answer» B. national council for cooperative training | |
| 23. |
Anational level cooperative union The .was organized in 1949 by amalgamating the All India Cooperative Institutes Association of 1928 and Indian Provincial Banks Association of 1949. |
| A. | national council for cooperative training |
| B. | national council for education |
| C. | national cooperative union of india |
| D. | the nationalcentre for cooperative education |
| Answer» D. the nationalcentre for cooperative education | |
| 24. |
..has a 3 tier system of cooperative training consisting of, VAMNICOM at the apex level, Institute of Cooperative Management (ICM)/co-operative training colleges at the middle level and subordinate training centres or Junior Training Centres at lower level. |
| A. | national council for cooperative training |
| B. | national council for education |
| C. | national cooperative union of india |
| D. | the national centre for cooperative education |
| Answer» B. national council for education | |
| 25. |
If the totals of two sides of trial balances agree, normally it signifies the . of the accounts. |
| A. | correctness |
| B. | accuracy |
| C. | arithmetical accuracy |
| D. | true and fair view |
| Answer» D. true and fair view | |
| 26. |
was established as per the recommendations of Swaminathan Committee of 1973 on 1st July 1976 with its headquarters in New Delhi. |
| A. | national council for cooperative training |
| B. | national council for education, |
| C. | university grants commission (ugc), |
| D. | agricultural universities |
| Answer» B. national council for education, | |
| 27. |
In the case of non trading societies such as Co-operative Education Societies, hospital, societies and similar other types of societies, which do not undertake trading activities, it is common to term the Profit and Loss Account as .. |
| A. | revenue account |
| B. | income and expenditure account |
| C. | profit statement |
| D. | both (a) and (b) |
| Answer» E. | |
| 28. |
Interest earned, Miscellaneous income, Commission, Profit in non-credit businessare shown on the credit side of |
| A. | profit and loss account |
| B. | trading account |
| C. | manufacturing account |
| D. | balance sheet |
| Answer» B. trading account | |
| 29. |
When heavy expenditure is incurred and the benefits of which extend to periods beyond the date of the balance sheet, such expenditure should be equitably spread over the period during which the benefits of such expenditure would be available and are known as . |
| A. | prepaid expenses |
| B. | interest receivable |
| C. | deferred revenue expenditure |
| D. | outstanding expenses |
| Answer» D. outstanding expenses | |
| 30. |
is a Post Graduate Diploma Course in cooperation of 11 months duration including two months practical training. |
| A. | h.d.c |
| B. | j.d.c |
| C. | c |
| D. | c |
| Answer» B. j.d.c | |
| 31. |
H.D.C is a .in cooperation of 11 months duration including two months practical training. |
| A. | under graduate diploma course |
| B. | post graduate diploma course |
| C. | doctorate |
| D. | none of the above |
| Answer» C. doctorate | |
| 32. |
The name of the magazine published by Kerala State Cooperative Union is . |
| A. | the cooperative journal |
| B. | the cooperator |
| C. | the indian cooperative review . |
| D. | all the above. |
| Answer» B. the cooperator | |
| 33. |
The ..is in overall charge of planning and coordination in the entire training programme on cooperation in the country. |
| A. | ncce |
| B. | nce |
| C. | ncct |
| D. | icm |
| Answer» D. icm | |
| 34. |
In .. Central Banks, the arrears under principal should not exceed 20% of demand and arrears under interest should not exceed 5% of the demand. |
| A. | b class |
| B. | a class |
| C. | c class |
| D. | d class |
| Answer» C. c class | |
| 35. |
.. are those papers which contain essential facts about the accounts so that the auditors may not have again to go over the accounts. |
| A. | working papers |
| B. | audit note book |
| C. | audit programme |
| D. | both (a) and (b) |
| Answer» B. audit note book | |
| 36. |
.provides a guide in arranging and distributing the work and in checking against the possibility of omissions. |
| A. | audit programme |
| B. | working papers |
| C. | audit note book |
| D. | both (a) and (b) |
| Answer» B. working papers | |
| 37. |
In 1956 a centre was started in New Delhi as a subsidiary to NCUI for providing education and training to the trainers or teachers of cooperation known as . |
| A. | national council for cooperative training |
| B. | national council for education |
| C. | national cooperative union of india |
| D. | the national centre for cooperative education |
| Answer» E. | |
| 38. |
..assets are those of a fixed nature and are gradually exhausted and used up in the course of working, such as a mine or quarry. |
| A. | current |
| B. | wasting |
| C. | floating |
| D. | both (a) and (c) |
| Answer» C. floating | |
| 39. |
The .will approve the financial, social, and development plans for the following year. |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» B. board of directors meeting | |
| 40. |
Cost of goods purchased, Net sale proceeds, Value of closing stock are shown in . |
| A. | profit and loss account |
| B. | trading account |
| C. | manufacturing account |
| D. | balance sheet |
| Answer» C. manufacturing account | |
| 41. |
In ..Central Banks, the overdues under principal exceed 60% of the demand and under interest exceed 15% of the demand. |
| A. | b class |
| B. | a class |
| C. | c class |
| D. | d class |
| Answer» E. | |
| 42. |
This Committee is considered as the first committee which recommended for a planned programme as a systematic approach on co-operative education and training. |
| A. | sir malcom darling |
| B. | sir frederick nicolson |
| C. | edward maclagan |
| D. | swaminathan committee |
| Answer» B. sir frederick nicolson | |
| 43. |
Interest accrued on investment and loans, Stock in trade in case of trading concerns are known as assets. |
| A. | current |
| B. | wasting |
| C. | floating |
| D. | both (a) and (c) |
| Answer» E. | |
| 44. |
An Society does not want any supervision from the Union or Central Banks. |
| A. | b class |
| B. | a class |
| C. | c class |
| D. | d class |
| Answer» C. c class | |
| 45. |
In the case of a society with unlimited liability, property statement of members showing the assets and liabilities of each individual member on the date of his admission with full details of the property including the survey number of the lands, is kept in .. |
| A. | liability register |
| B. | loan ledger |
| C. | suspense account register |
| D. | register of declaration |
| Answer» E. | |
| 46. |
is publishing two monthly magazines by name The Cooperator and The Indian Cooperative Review . |
| A. | national council for cooperative training |
| B. | national council for education |
| C. | national cooperative union of india |
| D. | the national centre for cooperative education |
| Answer» D. the national centre for cooperative education | |
| 47. |
In the case of a society, the working capital of which exceeds twenty thousand rupees, ..showing receipts and disbursements and the outstanding under various heads from day to dayis maintained. |
| A. | general ledger |
| B. | ledger of borrowing |
| C. | register of monthly receipts and disbursement |
| D. | none of the above |
| Answer» B. ledger of borrowing | |
| 48. |
Registered debentures, stocks and shares, Government Securities, Inscribed stocks and Bearer bonds and share warrants are |
| A. | current assets |
| B. | floating assets |
| C. | investments |
| D. | fixed assets |
| Answer» D. fixed assets | |
| 49. |
A committee on cooperative education and training was formed in 1935 under the Chairmanship |
| A. | sir malcom darling |
| B. | sir frederick nicolson |
| C. | edward maclagan |
| D. | swaminathan committee |
| Answer» B. sir frederick nicolson | |
| 50. |
In farming societies producing crops with an annual cycle the basis of valuation of by products may be |
| A. | the selling price |
| B. | cost |
| C. | predetermined prices |
| D. | average prices |
| Answer» B. cost | |