NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Commerce MCQs (Practice_Test 40 of 99)
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- Match List I with List II and select the correct answer using the codes given below the lists
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 40 of 99) List-I (Relevant materials for a Company meeting) List-II (Meaning) - Agenda
- Quorum
- Adjournment
- Proxy
- Minimum number of members required to be present
- Entitlement to. Vote
- Matters to be taken up for decision
- A meeting in progress postponed to some other date
- Minimum number of directors
- Entitlement to participate
- A
- B
- C
- D
- 1
- 6
- 4
- 2
- 3
- 5
- 1
- 2
- 3
- 1
- 4
- 2
- 2
- 1
- 4
- 6
- Consider the following events
- Demand for poll
- Chairman՚s declaration of result of voting by show of hands
- Appointment of scrutinizers at poll
- Declaration of the result of the poll
- The correct sequence of these events is
- 1,3, 4,2
- 1,4, 3,2
- 2,3, 1,4
- 2,1, 3,4
- An estimate of the assets and liabilities of a firm as on a given date is called
- Balance Sheet
- Statement of Affairs
- Statement of Capital
- Income Statement
- A provision is a
- General Reserve
- Specific Reserve
- Capital Reserve
- Contingency Reserve
- A person starts a business with a Capital of ₹ 45,000. He purchases goods on credit worth ₹ 5,000. These transactions can be expressed in an Accounting Equation as
- ₹ 5,000 ₹ 50,000- ₹ 45,000
- ₹ 50,000 = ₹ 50,000 + 0
- ₹ 50,000 = ₹ 45,000 + ₹ 5,000
- ₹ 45,000 = ₹ 50,000- ₹ 5,000
- Match List I with List II and select the correct answer using the codes given below the lists:
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 40 of 99) List-I (Accounting concept) List-II (Principle involved) - Consistency
- Comparability
- Conservatism
- Disclosure
- Losses-are anticipated and accounted for in advance but profits are not accounted for until realized
- All the relevant financial information should be summarized and presented in the accounting statements
- Accounting procedures in an entity should be followed uniformly from period to period
- Accounting statements of different periods of an entity and those of different entities of a period should be based on the same accounting principles, and procedures
- Personal judgment of accountants should not influence accounting measurements
- A
- B
- C
- D
- 4
- 3
- 5
- 2
- 3
- 4
- 1
- 2
- 4
- 3
- 1
- 5
- 3
- 4
- 2
- 5
- Which one of the following should be considered venue expenditure?
- ₹ 1,000 paid for the erection of a new plant
- Cost of ₹ 10,000 incurred in increasing the sitting accommodation of a hotel
- Damages paid on account of breach of a contract to supply certain goods
- Repairs to machinery purchased secondhand
- The written down value of a plant is ₹ 6,000 (the original value being ₹ 10,000) . It is sold for ₹ 12,000 during the current financial year. Which one of the following is true in this regard?
- Capital Profit = ₹ 6,000
- Revenue Profit = ₹ 6,000
- Capital Profit = ₹ 2,000 and Revenue Profit = ₹ 4,000
- Capital Profit = ₹ 12,000
- Match List I (Item of expenditure/receipt) with List II (Nature of expenditure/receipt) and select the correct answer using the codes given below the lists:
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 40 of 99) List-I List-II - Carriage charges on a new machine purchased for factory
- Legal expenses incurred in defending a case of violation of a provision of Factories Act
- Grant-in-aid received from the Government for the construction of a building
- Amount received for a part of the office building sub-let
- Revenue Receipt
- Revenue Expenditure
- Deferred Revenue Expenditure
- Capital Expenditure
- Capital Receipt
- A
- B
- C
- D
- 2
- 3
- 1
- 5
- 4
- 2
- 5
- 1
- 3
- 4
- 1
- 5
- 4
- 3
- 1
- 5
- Advance received from customers is
- an item of current liability
- an item of non-current asset
- an item of contingent liability
- an item of non-cash cost
- While preparing the Annual Financial Statements, the balance of Prepaid Rent Account should be treated as the balance of a
- Personal Account
- Nominal Account
- Real Account
- Deferred Expenditure Account
- Consider the following statements: Whale preparing Annual Financial Statements, the balance of Bills Receivable Account can be treated as
- an Accrued Income
- an item of assets
- a ‘Personal Account’ balance Of these statements
- Following of these are correct
- 2 and 3 are correct
- 1 and 3 are correct
- 1 and 2 are correct
- none is correct
- Final Accounts of a manufacturing company generally include the following types of documents
- Balance Sheet
- Manufacturing Account
- Profit and Loss Account
- Trading Account
- Profit and Loss Appropriation Account
- The correct sequence in which these documents are prepared
- 1, 4,3, 2,5
- 2, 4,3, 5,1
- 1, 2,4, 3,5
- 2, 4,5, 3,1
- Match List I with List II and select the using the codes given below the lists:
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 40 of 99) List-I List-II - Operating Income
- Capital Employed
- Inventory Turnover
- Gross Cash Flow
- Cost of goods sold to average stock
- Profits before depreciation, interest and taxes
- Net Fixed Asset Investment and Net Working Capital
- Total Funds invested
- Profit before interest and taxes only
- A
- B
- C
- D
- 2
- 3
- 1
- 4
- 4
- 2
- 3
- 1
- 3
- 4
- 1
- 2
- 4
- 3
- 1
- 2
- A and B are partners sharing profits and losses in the ratio of 2: 5. They admit C on the condition that he will bring goodwill in cash which is distributed between A and B. C՚s share in future profits or losses is to be one-fourth. The new profit sharing ratio of A, B and C will be
- 6: 15: 7
- 15: 6: 7
- 7: 6: 15
- 6: 7: 15