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.
| 51. |
Societies the overdues of which exceed 40% and which are moribund are to be classified as .. |
| A. | a |
| B. | b |
| C. | c |
| D. | d |
| Answer» E. | |
| 52. |
. is a detailed plan of the auditing work to be performed, specifying the item in the financial statements and allocating tentative time required. |
| A. | audit programme |
| B. | working papers |
| C. | audit note book |
| D. | both (a) and (b) |
| Answer» B. working papers | |
| 53. |
is a written record of queries made, replies furnished there against, correspondence entered into, observations made at the time of checking etc. |
| A. | audit note book |
| B. | working papers |
| C. | audit program |
| D. | both (a) and (b) |
| Answer» B. working papers | |
| 54. |
are certain assets which represent capital expenditure which may not have resulted in identifiable profit earning assets and which still remain to be written off. |
| A. | fixed assets |
| B. | intangible assets |
| C. | fictitious assets |
| D. | floating assets |
| Answer» D. floating assets | |
| 55. |
The Society which requires no help from official and non-official staff for its working (excepting annual audit) comes under .. |
| A. | b class |
| B. | a class |
| C. | c class |
| D. | d class |
| Answer» C. c class | |
| 56. |
Every Co-operative society shall submit to the ..annually within April each year a copy of each of the statements specified in the act. |
| A. | auditor |
| B. | directors |
| C. | secretary |
| D. | registrar |
| Answer» E. | |
| 57. |
In the case of issuing loans, ., showing the number and date of disbursement of each loan issued to members the amount of loan, the purpose for which it is granted and the date or dates of repayment, distinguishing principal and interest |
| A. | loan ledger |
| B. | ledger of borrowing |
| C. | register of monthly receipts and disbursement |
| D. | suspense account register |
| Answer» B. ledger of borrowing | |
| 58. |
Every society shall maintain .. , showing daily receipts and expenditure, and the balance at the end of each day. |
| A. | day book |
| B. | cash book |
| C. | receipt book |
| D. | general ledger |
| Answer» C. receipt book | |
| 59. |
The ..will elect the managerial units of the cooperative and the control committee 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 | |
| 60. |
Every society shall maintain ..,showing deposits and other borrowings of all kinds. |
| A. | general ledger |
| B. | ledger of borrowing |
| C. | register of monthly receipts and disbursement |
| D. | none of the above |
| Answer» C. register of monthly receipts and disbursement | |
| 61. |
is a Register, showing the name and address of each member, the date of admission, the shares taken by him and the amount of share capital, if any refunded to him together with the date of each such payment and refund. |
| A. | nomination register |
| B. | share application register |
| C. | admission register |
| D. | minutes book |
| Answer» D. minutes book | |
| 62. |
In . Central Banks, the arrears under principal may exceed 20% but should not exceed 40% of the demand. There may be interest overdues but it should not exceed 10% of the demand. |
| A. | b class |
| B. | a class |
| C. | c class |
| D. | d class |
| Answer» B. a class | |
| 63. |
In the ..consultation and decision-making about daily activities takes place between members and management. |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» C. operational meetings | |
| 64. |
are lists of audit procedures to be performed by audit staff in order to obtain sufficient appropriate evidence. |
| A. | audit program |
| B. | working papers |
| C. | audit note book |
| D. | both (a) and (b) |
| Answer» B. working papers | |
| 65. |
Every society shall maintain .. , containing all vouchers for contingent expenditure incurred by the society, numbered serially and filed chronologically |
| A. | voucher file |
| B. | day book |
| C. | cash book |
| D. | receipt book |
| Answer» B. day book | |
| 66. |
Where it is possible written notice must be sent to all members at their official addresses at least prior to annual and extraordinary general meetings |
| A. | one month |
| B. | two months |
| C. | three months |
| D. | one week |
| Answer» B. two months | |
| 67. |
A quorum for a meeting should be one person more than .of all members of the cooperative. |
| A. | 10% |
| B. | 30% |
| C. | 50% |
| D. | 60% |
| Answer» D. 60% | |
| 68. |
Every balance sheet of a co-operative society shall give view of the state of affairs of the society as at the end of the Co-operative year. |
| A. | a true and fair |
| B. | actual |
| C. | fair |
| D. | overall |
| Answer» B. actual | |
| 69. |
are the expenses paid on account of rent, rates and taxes, insurance premiums, subscriptions membership fee etc. for periods that extent beyond the date of the balance sheet. |
| A. | prepaid expenses |
| B. | interest receivable |
| C. | deferred revenue expenditure |
| D. | outstanding expenses |
| Answer» B. interest receivable | |
| 70. |
The .will fix the authorized maximum amount of debts that the cooperative society may contract with any credit supply organization. |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» B. board of directors meeting | |
| 71. |
is mainly concerned with the summary and analysis of the record furnished by Bookkeeping. |
| A. | accountancy |
| B. | auditing |
| C. | cost accounting |
| D. | all of the above |
| Answer» B. auditing | |
| 72. |
If there is no quorum the meeting will be postponed to no earlier than . hour later, and no more than one month later. |
| A. | one |
| B. | two |
| C. | three |
| D. | four |
| Answer» B. two | |
| 73. |
..will be acquired only by co-operatives which undertake publication of books. |
| A. | copy rights |
| B. | trade marks |
| C. | patents |
| D. | good will |
| Answer» B. trade marks | |
| 74. |
The would also include evaluating the organizational structure used to take decisions by the managers. |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» C. operational meetings | |
| 75. |
Arrange the following in proper order. 1. Step 4 Select the best alternative. 2. Identifying/clarifying the decision to be made. 3. Step 6 Evaluating the decision 4. Step 3 Gathering/processing information and Analyze the alternatives 5. Step 5 Making/implementing the decision 6. 2 Identifying possible decision options. |
| A. | 6,2,4,1,5,3 |
| B. | 4,2,6,1,5,3 |
| C. | 1,2,3,4,5,6 |
| D. | 2,6,4,1,5,3 |
| Answer» E. | |
| 76. |
The key function of ..is for the board to hold those in charge of making decisions on behalf of the cooperative society accountable for the outcomes of those decisions. |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» C. operational meetings | |
| 77. |
In the the board makes or changes policies as required, or recommends a policy to the membership if only the membership has the authority in a particular area. |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» C. operational meetings | |
| 78. |
In the .the Board members discuss long-term goals and strategy and ensure that a good planning process is in place to guide the cooperative society in the coming year(s). |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» C. operational meetings | |
| 79. |
In who participates, will vary from co-operative to co-operative depending upon the organizational structures that have been approved by the membership and/or the board of directors. |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» C. operational meetings | |
| 80. |
In the .,decisions thereof require a special majority of all the members present at the meeting. |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | extraordinary general meeting |
| Answer» E. | |
| 81. |
. is the art of recording all the business transactions in the books of account and is mainly related to books of original entry as well as the ledger. |
| A. | bookkeeping |
| B. | accountancy |
| C. | auditing |
| D. | all of the above |
| Answer» B. accountancy | |
| 82. |
In the the manager(s) reports to the board, which in turn provides direction to the manager(s). |
| A. | annual general meeting |
| B. | board of directors meeting |
| C. | operational meetings |
| D. | all meetings |
| Answer» C. operational meetings | |
| 83. |
While evaluating the alternative decisions, a Manager has to check whether it can be done? That is the . |
| A. | feasibility |
| B. | effectiveness |
| C. | consequences |
| D. | all the above |
| Answer» B. effectiveness | |
| 84. |
While evaluating the alternative decisions, a Manager has to check how well does it resolve the problem? That is the . |
| A. | feasibility |
| B. | effectiveness |
| C. | consequences |
| D. | all the above |
| Answer» C. consequences | |