MCQOPTIONS
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MCQOPTIONS
This section includes 657 Mcqs, each offering curated multiple-choice questions to sharpen your Testing Subject knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
The name of the magazine published by …………………is “The Cooperative Journal” |
| A. | kerala state cooperative union |
| B. | national council for cooperative training |
| C. | national council for education |
| D. | national cooperative union of india |
| Answer» E. | |
| 2. |
………………… is a Post Graduate Diploma Course in cooperation of 11 months durationincluding two months practical training. |
| A. | h.d.c |
| B. | j.d.c |
| C. | c |
| D. | c |
| Answer» B. j.d.c | |
| 3. |
H.D.C is a ………………………….in cooperation of 11 months duration including twomonths practical training. |
| A. | under graduate diploma course |
| B. | post graduate diploma course |
| C. | doctorate |
| D. | none of the above |
| Answer» C. doctorate | |
| 4. |
The minimum qualification for education to the ………………..course is a University Degree. |
| A. | h.d.c |
| B. | j.d.c |
| C. | p |
| D. | c |
| Answer» B. j.d.c | |
| 5. |
……………………. is the art of recording all the business transactions in the books of accountand 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 | |
| 6. |
………………… is mainly concerned with the summary and analysis of the record furnishedby Bookkeeping. |
| A. | accountancy |
| B. | auditing |
| C. | cost accounting |
| D. | all of the above |
| Answer» B. auditing | |
| 7. |
Every society shall maintain …………………for recording the proceedings of the generalbody. |
| A. | minutes book |
| B. | note book |
| C. | file |
| D. | record book |
| Answer» B. note book | |
| 8. |
Every society shall maintain …………………for recording the applications for membershipcontaining the name and address of the applicant. |
| A. | minutes book |
| B. | share application register |
| C. | admission register |
| D. | note book |
| Answer» C. admission register | |
| 9. |
Every society shall maintain …………………for recording the applications formembership,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 | |
| 10. |
……………is a Register, showing the name and address of each member, the date ofadmission, 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 | |
| 11. |
Every society shall maintain ……………….. , showing daily receipts and expenditure, and thebalance at the end of each day. |
| A. | day book |
| B. | cash book |
| C. | receipt book |
| D. | general ledger |
| Answer» C. receipt book | |
| 12. |
Every society shall maintain ……………….. , containing all vouchers for contingentexpenditure 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 | |
| 13. |
Every society shall maintain………………..,showing deposits and other borrowings of allkinds. |
| 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 | |
| 14. |
In the case of a society, the working capital of which exceeds twenty thousand rupees, ……………………………..showing receipts and disbursements and the outstanding undervarious 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 | |
| 15. |
In the case of issuing loans, …………………………., showing the number and date ofdisbursement 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 | |
| 16. |
Every society shall maintain ……………….. showing the indebtedness of each member to the society whether on account of loan taken directly by him or on account of loan which he stands as surety. |
| A. | liability register |
| B. | loan ledger |
| C. | ledger of borrowing |
| D. | suspense account register |
| Answer» B. loan ledger | |
| 17. |
In the case of a society with unlimited liability, property statement of members showing theassets 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. | |
| 18. |
Every co-operative society shall maintain accounts and book for the purpose of recordingbusiness 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 | |
| 19. |
Every balance sheet of a co-operative society shall give …………………… view of the stateof 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 | |
| 20. |
A statement which contains a classified summary or list of all closing balances of the GeneralLedger is known as the …………………. |
| A. | profit and loss account |
| B. | balance sheet |
| C. | trial balance |
| D. | receipts and payments |
| Answer» D. receipts and payments | |
| 21. |
Every Co-operative society shall submit to the …………………..annually within April eachyear a copy of each of the statements specified in the act. |
| A. | auditor |
| B. | directors |
| C. | secretary |
| D. | registrar |
| Answer» E. | |
| 22. |
If the totals of two sides of trial balances agree, normally it signifies the ………………. of theaccounts. |
| A. | correctness |
| B. | accuracy |
| C. | arithmetical accuracy |
| D. | true and fair view |
| Answer» D. true and fair view | |
| 23. |
The odd one out in the following is……………………. |
| A. | direct or indirect labour. |
| B. | maintenance of factory, plant, machinery, tools, stores, etc. |
| C. | insurance of factory building, tools, machinery etc. |
| D. | value of closing stock. |
| Answer» E. | |
| 24. |
……………..is not shown in Manufacturing Account. |
| A. | factory lighting, water charges etc. |
| B. | interest paid and due |
| C. | rent, rates and taxes of the factory premises. |
| D. | salaries of the technical staff and officers including works manager, factory superintendent etc. |
| Answer» C. rent, rates and taxes of the factory premises. | |
| 25. |
Cost of goods purchased, Net sale proceeds, Value of closing stock are shownin………………. |
| A. | profit and loss account |
| B. | trading account |
| C. | manufacturing account |
| D. | balance sheet |
| Answer» C. manufacturing account | |
| 26. |
Interest earned, Miscellaneous income, Commission, Profit in non-credit businessareshown on the credit side of ……… |
| A. | profit and loss account |
| B. | trading account |
| C. | manufacturing account |
| D. | balance sheet |
| Answer» B. trading account | |
| 27. |
………………are the expenses paid on account of rent, rates and taxes, insurancepremiums, 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 | |
| 28. |
Expenses incurred but not paid, are called…………. |
| A. | prepaid expenses |
| B. | interest receivable |
| C. | deferred revenue expenditure |
| D. | outstanding expenses |
| Answer» E. | |
| 29. |
When heavy expenditure is incurred and the benefits of which extend to periodsbeyond 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. |
Interest accrued up to the date of balance sheet are known as ……………….. |
| A. | prepaid expenses |
| B. | interest receivable |
| C. | deferred revenue expenditure |
| D. | outstanding expenses |
| Answer» C. deferred revenue expenditure | |
| 31. |
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. | |
| 32. |
Realisable Value of an asset is…………… |
| A. | the estimated amount that the assets would fetch, if sold or disposed off. |
| B. | the amount that is estimated to replace the asset |
| C. | the amount that an asset costs, when purchased or acquired, less the provisions made for depreciation since its acquisition |
| D. | all of the above |
| Answer» B. the amount that is estimated to replace the asset | |
| 33. |
The written down value or going concern value of an asset is………. |
| A. | the estimated amount that the assets would fetch, if sold or disposed off. |
| B. | the amount that is estimated to replace the asset |
| C. | the amount that an asset costs, when purchased or acquired, less the provisions made for depreciation since its acquisition |
| D. | all of the above |
| Answer» D. all of the above | |
| 34. |
The replacement value of an asset is…………… |
| A. | the estimated amount that the assets would fetch, if sold or disposed off. |
| B. | the amount that is estimated to replace the asset |
| C. | the amount that an asset costs, when purchased or acquired, less the provisions made for depreciation since its acquisition |
| D. | all of the above |
| Answer» C. the amount that an asset costs, when purchased or acquired, less the provisions made for depreciation since its acquisition | |
| 35. |
Interest accrued on investment and loans, Stock in trade in case of trading concernsare known as ……………assets. |
| A. | current |
| B. | wasting |
| C. | floating |
| D. | both (a) and (c) |
| Answer» E. | |
| 36. |
……………..assets are those of a fixed nature and are gradually exhausted and usedup 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 | |
| 37. |
……………..will be acquired only by co-operatives which undertake publication ofbooks. |
| A. | copy rights |
| B. | trade marks |
| C. | patents |
| D. | good will |
| Answer» B. trade marks | |
| 38. |
Registered debentures, stocks and shares, Government Securities, Inscribed stocks andBearer bonds and share warrants are……… |
| A. | current assets |
| B. | floating assets |
| C. | investments |
| D. | fixed assets |
| Answer» D. fixed assets | |
| 39. |
Valuation of stock in trade is at ………………………. |
| A. | cost |
| B. | market price |
| C. | cost or market price |
| D. | cost or market price whichever is lower |
| Answer» E. | |
| 40. |
………………arises due to inefficiency, negligence, mischief or bad luck etc. |
| A. | normal loss |
| B. | abnormal loss |
| C. | loss |
| D. | cost |
| Answer» C. loss | |
| 41. |
In manufacturing and processing societies by-products may be valued at their …………………….. |
| A. | current ruling prices |
| B. | cost |
| C. | predetermined prices |
| D. | average price |
| Answer» B. cost | |
| 42. |
……………are certain assets which represent capital expenditure which may not haveresulted 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 | |
| 43. |
In farming societies producing crops with an annual cycle the basis of valuation of byproducts may be ………………… |
| A. | the selling price |
| B. | cost |
| C. | predetermined prices |
| D. | average prices |
| Answer» B. cost | |
| 44. |
The word ‘Auditor’ is derived from the Latin word …………..meaning to hear. |
| A. | audire |
| B. | audio |
| C. | perceive |
| D. | to listen |
| Answer» B. audio | |
| 45. |
The main object of audit today is to ………. |
| A. | find out whether the accounts of a particular concern exhibits a true and fair view of the financial state of affairs. |
| B. | to detect errors, fraud etc |
| C. | both (a) and (b) |
| D. | none of the above |
| Answer» B. to detect errors, fraud etc | |
| 46. |
are lists of audit procedures to be performed by audit staff in order to obtain sufficientappropriate evidence. |
| A. | audit program |
| B. | working papers |
| C. | audit note book |
| D. | both (a) and (b) |
| Answer» B. working papers | |
| 47. |
………………… 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 | |
| 48. |
…………………………. 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 | |
| 49. |
………………………….provides a guide in arranging and distributing the work andin 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 | |
| 50. |
…………….. are those papers which contain essential facts about the accounts so thatthe 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 | |