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MCQOPTIONS
This section includes 200950 Mcqs, each offering curated multiple-choice questions to sharpen your General Knowledge knowledge and support exam preparation. Choose a topic below to get started.
| 6401. |
When the property on goods isntransferred from seller to buyer at once. Thisncontract is called. |
| A. | Sale |
| B. | utureSale |
| C. | Agreement to Sell |
| D. | All of the above |
| Answer» B. utureSale | |
| 6402. |
Reserve price is considered awarded in |
| A. | Sale by sample |
| B. | Sale by description |
| C. | Sale by auction |
| D. | All of the above |
| Answer» D. All of the above | |
| 6403. |
‘X’, a coolie taken thenluggage of ‘Y’. X took the luggage upto the taxi, Yndidn’t stop X to take the luggage. In this case Ynis to pay the amount. |
| A. | bound |
| B. | not bound |
| C. | Free |
| D. | None of these |
| Answer» B. not bound | |
| 6404. |
A sold a gold chain to ‘B’ on sale or return basis and ‘B’ sold the same to ‘C’on sale or return basis ‘C’ lost the chain. Who should born thennloss? |
| A. | A |
| B. | B |
| C. | C |
| D. | None of these |
| Answer» C. C | |
| 6405. |
Only those agreement which are contracts |
| A. | Contain a promise |
| B. | Are not legally enforceable |
| C. | Are legally enforceable |
| D. | Are not valid |
| Answer» D. Are not valid | |
| 6406. |
Doctrine of caveat emptorndoes not apply when |
| A. | goods are purchased by sample |
| B. | good sare purchasedby description |
| C. | goods are purchased by sample as well asdescription. |
| D. | All of the above |
| Answer» B. good sare purchasedby description | |
| 6407. |
. A student agreed, undernpressure, to gift his entire property to hisneducational guru. Such agreement can be set asideonntheground of: |
| A. | Undue influence |
| B. | Fraud |
| C. | Mistake |
| D. | Misrepresentation |
| Answer» B. Fraud | |
| 6408. |
For admitting the partner innpartnership, consent should be given by |
| A. | one or more partners |
| B. | majority of partners |
| C. | All thepartners |
| D. | None of these |
| Answer» D. None of these | |
| 6409. |
Non fulfillment of obligationnby offeree preceeding to acceptance. Thenofferis |
| A. | Revoked |
| B. | Lapsed |
| C. | Communicated |
| D. | Completed |
| Answer» C. Communicated | |
| 6410. |
‘R’ supplies goldto ‘S’, anJeweler shop owner, to make an ornament. ‘S’ncharged Rs. 500. The contract is |
| A. | Agreement to sell |
| B. | Hire Purchase |
| C. | Contract of labour |
| D. | Future Sale |
| Answer» D. Future Sale | |
| 6411. |
The Europen Union made decision in May 2013 to impose a continent wide ban on the pesticide namely neonicotinoids to help which species of insects? |
| A. | Ants |
| B. | Butter Flies |
| C. | Honey Bees |
| D. | Earth worm |
| Answer» D. Earth worm | |
| 6412. |
In case of a breach of contract, remedies available to aggrieved party are |
| A. | Suit for damages |
| B. | suit forrecession |
| C. | suit for specific performance |
| D. | All of the above |
| Answer» E. | |
| 6413. |
Change in the constitution ofnthe firm takes place in thefollowing casesnexcept in |
| A. | change inprofit sharing ratio |
| B. | Admissionof a partner |
| C. | Retirement of a partner |
| D. | Insolvencyof a partner |
| Answer» B. Admissionof a partner | |
| 6414. |
Passing of propertynconstitutes most important element in deciding legalrightsnand liabilities lies with |
| A. | seller |
| B. | buyer |
| C. | both |
| D. | None |
| Answer» D. None | |
| 6415. |
In order to sustain a actionnfor deceit, there must be a proofof |
| A. | misrepresentation |
| B. | coercion |
| C. | Undue influence |
| D. | Fraud |
| Answer» E. | |
| 6416. |
Holiday packages advertised by touring operators is |
| A. | Crossoffer |
| B. | Counter offer |
| C. | Invitation to offer |
| D. | All of theabove |
| Answer» D. All of theabove | |
| 6417. |
In case of partnership,nunless otherwise agreed, in the event ofnlosses the loss of the firm has to be born by allnthe partners in ratio. |
| A. | equal |
| B. | profit sharing |
| C. | capital |
| D. | by draw of lots |
| Answer» C. capital | |
| 6418. |
Which of the following is notntrue in case of minor? |
| A. | Rule of estoppel |
| B. | Ratification of terms on attaining majority |
| C. | Contract with minor is valid |
| D. | All of the above |
| Answer» E. | |
| 6419. |
ABC are partners. A takes anhouse on rental basis for the firm purposenand failed to pay the rent.House owner can recovernrent from |
| A. | A only |
| B. | Bu0026COnly |
| C. | A u0026 C Only |
| D. | All partners |
| Answer» E. | |
| 6420. |
A key of warehouse, where thengoods are placed, is given to Buyer is type of delivery. |
| A. | constructive |
| B. | symbolic |
| C. | actual |
| D. | conditional |
| Answer» C. actual | |
| 6421. |
Match fixing between a playernand broker is |
| A. | Valid |
| B. | Void |
| C. | Illegal |
| D. | Unenforceable |
| Answer» C. Illegal | |
| 6422. |
Auction sale will bencompleted by |
| A. | delivery of goods |
| B. | price paid to goods |
| C. | fallof hammer |
| D. | None of these |
| Answer» D. None of these | |
| 6423. |
Every partner is an agent ofnfirm as well as of the firm |
| A. | debtor |
| B. | principal |
| C. | creditor |
| D. | employee |
| Answer» C. creditor | |
| 6424. |
If a person promises to marrynbut refuses to do so, then damages has to benpaid |
| A. | Special |
| B. | exemplary |
| C. | nominal |
| D. | none of these |
| Answer» C. nominal | |
| 6425. |
If A paid price to car, butnhesaid to deliver the car in future.It is ancontract |
| A. | executory |
| B. | executed |
| C. | future |
| D. | completed |
| Answer» B. executed | |
| 6426. |
Agreements are created by situation. |
| A. | law |
| B. | written |
| C. | void |
| D. | implied |
| Answer» E. | |
| 6427. |
legal obligations means anduty enforceable by: |
| A. | law |
| B. | society |
| C. | custom |
| D. | court |
| Answer» B. society | |
| 6428. |
An asset was purchased for Rs. 10,00,000, with a down payment of Rs.2,00,000 and acceptance of a bill payable for Rs.8,00,000.nnWhat would be the effect onntotal assets and nntotal liabilities inthebalancensheet? |
| A. | Assets increased by Rs.8,00,000 andliabilities decrease by Rs. 8,00,000 |
| B. | Assets decreased by Rs.8,00,000 andliabilities increased by Rs. 8,00,000 |
| C. | Assets increased by Rs. 10,00,000 andliabilities increased by Rs. 8,00,000 |
| D. | Assets increased by Rs. 8,00,000 andliabilities increased by Rs. 8,00,000 |
| Answer» E. | |
| 6429. |
Which of the following is notnthe main objective of accounting? |
| A. | Systematic recording of transactions |
| B. | Ascertainment of profit orloss |
| C. | Ascertainment of a financial position |
| D. | Solving tax disputes with tax authorities |
| Answer» E. | |
| 6430. |
Profit / Loss is calculatednat thestage of |
| A. | Recording |
| B. | Classifying |
| C. | Interpretation |
| D. | Summarising |
| Answer» E. | |
| 6431. |
X threats to kill y’s son ifny does not sell his house to him. Y enters into annagreement to sell the house. Such an agreement will bentreated as an agreement entered into under. |
| A. | fraud |
| B. | undue influence |
| C. | coercion |
| D. | misrepresentation |
| Answer» D. misrepresentation | |
| 6432. |
Historical cost conceptnrequires the valuation of an asset at |
| A. | Original cost |
| B. | Replacementvalue |
| C. | Net realisable value |
| D. | Market value |
| Answer» B. Replacementvalue | |
| 6433. |
The comparison of financialnstatements of one year with that of anothernyear is possible only when concept is followed |
| A. | Going concern |
| B. | Accrual |
| C. | Consistency |
| D. | Materiality |
| Answer» D. Materiality | |
| 6434. |
. If debentures are issued atna discount of 20%, the discount on issue ofndebentures is shown as: |
| A. | Current asset |
| B. | Interest asset |
| C. | Current liabilities |
| D. | Miscellaneous expenses |
| Answer» E. | |
| 6435. |
Mr. A sends goods to B fornRs. 1,50,000 onsale or return basis for which nonconfirmation was yet received. Whatis thenamount to be added to the closing stock, if thengoods weresent at profit of 33 1 % on cost Rs.? 3 |
| A. | 1,12,500 |
| B. | 1,37,500 |
| C. | 1,50,000 |
| D. | 1,28,000 |
| Answer» B. 1,37,500 | |
| 6436. |
For every debit there will benan equal credit according to concept |
| A. | Matching |
| B. | Cost |
| C. | Money Measurement |
| D. | Dual aspect |
| Answer» E. | |
| 6437. |
A trader calculated hisprofitnat Rs. 38,750 on 31-03-2012. It is |
| A. | A transaction |
| B. | An event |
| C. | Transaction aswellas event |
| D. | Neither transaction norevent |
| Answer» C. Transaction aswellas event | |
| 6438. |
A company issued 10,000 equity shares of Rs. 10 each at a premium of 20% for the redemption of 15,000 preference shares of Rs.nn10 each. If the company hasnsufficient profits, nnthe amount to be transferrednto Capital nnRedemption ReserveA/c will be |
| A. | Rs.50,000 |
| B. | Rs. 1,00,000 |
| C. | Rs.1,50,000 |
| D. | Rs. 30,000 |
| Answer» B. Rs. 1,00,000 | |
| 6439. |
X Ltd. issued shares of Rs.20 each at discount of 10%. Mr. Ram, a holder of 100 shares could not pay the final call of Rs.5 per share and hisnnshares were forfeited. Ifnthese shares are nnreissued, what is the maximumnamount of nndiscount to be allowed onnre-issue? |
| A. | Rs.8 |
| B. | Rs.2 |
| C. | Rs.15 |
| D. | Rs.13 |
| Answer» D. Rs.13 | |
| 6440. |
If debentures of Rs.4,70,000 are issued in consideration of net assets of Rs. 5,00,000, the balance of Rs. 30,000 will be credited to |
| A. | P u0026 L A/c |
| B. | Goodwill A/c |
| C. | General reserve A/c |
| D. | Capital Reserve A/c |
| Answer» E. | |
| 6441. |
The power of forfeiture ofnshares is exercised by: |
| A. | Promoters |
| B. | Directors as perthe provisions of Articles of Association |
| C. | The Government |
| D. | Shareholders |
| Answer» C. The Government | |
| 6442. |
Z Ltd. purchased an asset from D Ltd. for Rs.4,00,000 by issuing the debentures of Rs.100 each at discount of 20%.What is the amount to be credited to DebenturesA/c? |
| A. | Rs.4,00,000 |
| B. | Rs.4,50,000 |
| C. | Rs.5,00,000 |
| D. | Rs.5,75,000 |
| Answer» D. Rs.5,75,000 | |
| 6443. |
Which of thefollowingnstatements is true? |
| A. | Fully paid preference shares can only beredeemed |
| B. | A company can issue irredeemablepreference shares |
| C. | A company cannot redeem preferenceshares at premium |
| D. | Preference shares can be redeemed after20years from thedate of theirissue |
| Answer» B. A company can issue irredeemablepreference shares | |
| 6444. |
When shares are forfeitednShare Capital A/c is debited by |
| A. | Nominal value of shares |
| B. | Paidup value of shares |
| C. | Calledup value of shares |
| D. | Forfeited amount |
| Answer» D. Forfeited amount | |
| 6445. |
Which of thefollowingnstatements is false? |
| A. | Issued capital can never be more thanauthorized capital |
| B. | In case of under subscription, issued capitalwill be less than thesubscribed capital |
| C. | Uncalled capital may be converted intoreserve capital |
| D. | Paid up capital is equal to called up capital less calls in arrears |
| Answer» C. Uncalled capital may be converted intoreserve capital | |
| 6446. |
When shares are issued to thenpromoters for their services A/cis debited |
| A. | Preliminary Expenses |
| B. | Promoters |
| C. | Goodwill |
| D. | Share Capital |
| Answer» D. Share Capital | |
| 6447. |
When debentures are issued asncollateral security |
| A. | No interest ispaid on debentures |
| B. | Interest is paid on face value |
| C. | Interest is paid on issueprice |
| D. | Interest paid on market price |
| Answer» B. Interest is paid on face value | |
| 6448. |
When the debentures arenissued at discount and are redeemable at premium,nwhich of the following accounts is debitednat the time of issue? |
| A. | Debentures A/c |
| B. | Premiumon redemption of debenturesA/c |
| C. | Loss on issue of debenturesA/c |
| D. | CapitalreserveA/c |
| Answer» D. CapitalreserveA/c | |
| 6449. |
Calledup capital Rs. 4,00,000 Calls in advance Rs. 25,000 Calls in arrears Rs. 40,000 Paidup capital ? |
| A. | Rs.3,60,000 |
| B. | Rs.3,85,000 |
| C. | Rs.4,15,000 |
| D. | Rs.4,25,000 |
| Answer» B. Rs.3,85,000 | |
| 6450. |
Average capital employed Rs.5,00,000Normalrate ofreturn 10% Goodwillat 5 years purchase of super profit Rs. 98,000Calculate theaverage profit |
| A. | Rs.69,600 |
| B. | Rs.1,48,000 |
| C. | Rs.4,40,000 |
| D. | Rs.48,000 |
| Answer» B. Rs.1,48,000 | |