Competitive Exams: Commerce MCQs (Practice-Test 94 of 99)

  1. Match List I with List II and select the correct answer:

    List-I List-II
    1. Balance of Debenture

    2. Balance of Sinking Fund account

    3. On dissolution of a firm, the

    4. Financial consequences of

    1. Realisation account Redemption Fund

    2. Funds-Flow statement for the replacement of an asset

    3. General Reserve provisions made for doubtful debts appearing in Balance sheet

    4. Asset account business operations

    • A
    • B
    • C
    • D
      • 1
      • 2
      • 3
      • 4
      • 3
      • 4
      • 1
      • 2
      • 1
      • 2
      • 4
      • 3
      • 3
      • 4
      • 2
      • 1
  2. A company. Issue 10, 000 shares of Rs. 10 each at a discount of 10% payable as follows: On application Rs. 2.50 On allotment Rs. 3.00 On first & final call Rs. 3.5 A holder of 100 shares did not pay the final call and his shares were forfeited. Share Capital a/c will be debited by

    1. Rs. 650

    2. Rs. 850

    3. Rs. 1000

    4. Rs. 900

  3. Whenever debentures are cancelled, any profit on cancellation is transferred to

    1. profit and loss account

    2. sinking fund account

    3. capital redemption reserve account

    4. capital reserve account

  4. Given that: Closing Stock Rs. 30, 000 Opening Stock Rs. 20, 000 Sales Rs. 1, 00, 000 Administrative and selling expenses Rs. 20, 000 Purchases Rs. 70, 000 the operating ratio is

    1. 50%

    2. 65%

    3. 75%

    4. 80%

  5. Match List I with List II and select the correct answer:

    List-I List-II
    1. EAIT No. Of equity shares

    2. Debt/equity

    3. FA + long term funds

    4. CA + CL

    1. Liquidity outstanding

    2. Solvency

    3. Capital structure

    4. Overall performance

    • A
    • B
    • C
    • D
      • 4
      • 3
      • 2
      • 1
      • 4
      • 3
      • 1
      • 2
      • 2
      • 3
      • 1
      • 4
      • 2
      • 3
      • 4
      • 1
  6. If the Stock turnover ratio is 4 times and the collection period is 30. Days, the operating cycle would be

    1. 30 days

    2. 60 days

    3. 90 days

    4. 120 days

  7. Given: Fixed assets Rs. 10, 00, 000, Current assets Rs. 6, 00, 000, Total net profit Rs. 2, 60, 000, Current liabilities Rs. 3, 00, 000 Which one of the following will be the correct ROI?

    1. 26%

    2. 25%

    3. 20%

    4. 16.5%

  8. Consider the following income statement: Which one of the following will be the correct Fund from operation?

    1. Rs. 73, 000

    2. Rs. 75, 000

    3. Rs. 83, 000

    4. Rs. 92, 000

  9. Minimum Alternative Tax (MAT) is applicable to the

    1. joint stock company

    2. co-operative society

    3. partnership firm

    4. sole proprietor concern

  10. Non-registration of a partnership does NOT affect

    1. the right of a partner to sue the firm

    2. the right of the firm to sue, third parties

    3. the right of a third party to proceed against the firm or its partners

    4. any of the above

  11. If a minor chooses to continue as a partner on attaining the age of majority, he \\ill be liable to the debts of the firm from the date of his

    1. attaining majority

    2. admission to profits of the firm

    3. choosing to become a partner at a subsequent date

    4. guardian giving the options

  12. The liability of the Karla in a joint Hindu family is

    1. limited to his interest in the joint family

    2. unlimited

    3. limited to the entire property of the family

    4. limited to the private properties of all the members

  13. Which one of the following is NOT an advantage of the incorporation of company?

    1. Perpetual succession

    2. Limited liability of Members

    3. Capital contributions fofll1ing part of the joint stock of the company

    4. Freedom to do any business

  14. Match List I with List II and select the correct answer:

    List-I (Organisation) List-II (Association)
    1. Joint stock company

    2. Co-operative society

    3. Statutory corporation

    4. Partnership

    1. Memorandum of Association (M/A)

    2. Special Act

    3. Mutual contract

    4. Bye-laws

    5. Shareholding

    • A
    • B
    • C
    • D
      • 1
      • 4
      • 3
      • 2
      • 5
      • 2
      • 4
      • 3
      • 1
      • 4
      • 2
      • 3
      • 5
      • 2
      • 3
      • 4
  15. Economic oligarchy, fraudulent practices, bureaucratic management and difficulty in formation are the limitations of a

    1. sole proprietor concern

    2. partnership firm

    3. joint stock company

    4. co-operative society