Q Commerce Objective test paper BCOM level multiple choice questions Sample Papers Question Papers Solved papers test commerce international

MCQ Commerce Objective test paper BCOM level multiple choice questions
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U.G.C.-NET/JRF/SLET Commerce, Trained Graduate Teachers Test, UPSC, PCS and other Exams

1. Accounting is? (A) An Art (B) A Science  (C) A Profession (D) All of these

2. The Institute of Chartered Accountants of India was established in the year—(A) 1947 (B) 1949 (C) 1951 (D)  1956  Ans.B

3. Accounting Standard Boardissuing Accounting Standards inIndia belongs to-(A) Ministry of Finance  (B) Company Law Board  (C) The Institute of Chartered Accountants of India (D) None of the above  Answer.C

4. Which of the following Accounting Standards relates toaccounting for fixed assets ? (A) AS 3 (B) AS 10 (C) AS 14 (D) AS 16  Answer.B

5, Which of the following statements is true ?(A) Accounting and Book-
keeping are synonymous (B) Book-keeping and Account-ing are complementary to eachother (C) Accounting starts fromwhere Book-keepingends(D) Both (B) and (C)               Answer.D

6. The Generally Accepted Account- ing Principles (GAAP) aim at-(A) Uniformity in accounting
practices  (B) Uniform accounting practices in all enterprises(C) Acceptance of globalisation, liberalisation and privatisation inthe field of accounting(D) All of the above              Answer.D

7. Revenue is realized(A) when sales order is received(B) when goods are sold(C) when cash is received(D) when goods are received by
the purchaser    Answer.B

8. Personal Account relates to-(A) Persons  (B) All artificial and natural
persons  (C) Representative Personal  Accounts   (D) All of the above       Answer.D

9. The cost of erection of an old  machine will be posted in the  credit side of——(A) Cash Account
(B) Machinery Account (C) Repairs and Renewal  Account  (D) None of the above        Answer.A

10. Outstanding Wages is—  (A) Nominal Account      B) Real Account  (C) Personal Account  (D) Current Account     Answer.C

11. Adjustment Entry for rent received in advance would be—(A) Cash A/c ’ Dr,To Rent Received inAdvance A / c(B) Cash A/c Dr.To Rent A/ c   (C) Rent A/c Dr. To Rent Received  Advance A/ c    (D) Advance Rent A / c Dr.  To Rent A / c        Answer.C

12. Accounting treatment of a Capital Expenditure as Revenue  Expenditure creates—  (A) General Reserve  (B) Revenue Reserve  (C) Capital Reserve  (D) Secret Reserve     Answer.D

13, Partnership comes into existence  through—  (A) Introduction  (B) Promotion  (C) Contract   (D) Situation ;   Answer.C

14. Partnership Deed is always?  (A) Written  (B) Oral  (C) Written or Oral   (D) Written and Oral     Answer.C

15. The number of partners in a  partnership firm is-  (A) Uncertain  (B) Unlimited (C) Decided by partners (D) Limited   Answer.D

16. ln the absence of partnership agreement the profit is shared by the partners- (A) equally  (B) on the basis of capital invested
(C) on the basis of decision of the court  (D) on the basis of time spent                                               Answer.A

17. At the time of admission of a new partner the capital brought by him is shared among existing  partners—-•(A) equally
(B) on me basis of capital of the older partners (C) on the basis of sacrifice done (D) untrue statement                Answer.D

18. Because of Retirement / Death of a partner-~

(A) Partnership is dissolved (B) Partnership firm is dissolved  (C) Partnership and partnership  firm both are dissolved (D) None of the above                                               Answer.A

19. The minimum amount called on application for issue of shares is ———– of face value. (A) 5%  (B) 25%  (C) 30%  (D) 40%  Answer.A

20. Shares can be issued-(A) At par       (B) At discount       (C) At premium        (D) All of the above                             Answer.D

21. After re-issue of forfeited shares the balance of forfeited share  account is transferred to—(A) General Reserve   (B) Profit K: Loss A/c (C) Capital Reserve  (D) None of these  Answer.C

22. The debenture holders of a company are company’s-    (A) Owners   (B) Creditors       (C) Customers   (D) All of these ‘  Answer.B

23. Which of the following is not acurrent asset ?  (A) Land and Building  (B) Debtors  (C) Stock  (D) Cash at bank    Answer.A

24. The analysis of published  accounts benefits~  (A) Shareholders  (B) Debenture holders  (C) Employees  (D) All of these   Answer.D

25. The object of cost accounting is- (A) Ascertainment of Cost  (B) Valuation of Stock  (C) Cost Control  (D) All of these   Answer.D

26. Which of the following does not  constitute part of costing ?  (A) Prime cost  (B) Factory cost  (C) Opportunity cost  (D) Office and Administration  cost   Answer.C

27. Direct costs are those which vary  directly with—  (A) Sales  (B) Profit  (C) Production  (D) Time   Answer.C

28. Which of the following is not an indirect expense ?  (A) Factory Overhead (B) Direct Labour  (C) Office Overhead  (D) Advt.  Answer.B

29. Which of the following appears in Cost Accounts and not in Profit and Loss Account ?(A) Raw Materials  (B) Rent of hosue of the owner
of business  (C) Works overhead  (D) Selling and distribution  expenses  Answer.A

30. Tender Price means-  (A) Quotation Price  (B) Probable Sale Price  (C) Price informed to the customer  (D) All of the above  Answer.D

31. The audit of a Joint Stock Public Company is done- (A) compulsorily (B) voluntarily (C) at the direction of Government (D) on demand of shareholders  Answer.A

32. The audit aims at (A) Examination of correctness of books of accounts (B) Examination of truthfulness of books of accounts (C) Examination of the authenticity of books of account (D) All of me above          Answer.D

33. Current audit is also known as—  (A) Internal Audit  (B) Periodic Audit  (C) Continuous Audit  (D) Interim Audit    Answer.C

34. Vouching relates to-  (A) Cash receipts  (B) Cash payments  (C) Credit transactions  (D) All of these  Answer.D

35. The status of the auditor in a  company is that of~  (A) an employee  (B) a trustee  (C) an independent professional  (D) all of these   Answer.C

36. To submit the audit report is—  (A) Right of Auditor  (B) Liability of Auditor  (C) Duty of Auditor  (D) All ot these   Answer.C

37. F. W. Taylor is known as a father of-  (A) Scientific Management  (B) Management by Objectives  (C) Human Relation based Management  (D) Management by Motivation  Answer.A

38. The person who propounded  theory X and theory Y in Management, is—  (A) Abraham Maslow (B) Henry Fayol  (C) Elton Mayo  (D) Douglas McGregor  Answer.D

39, Management Planning process  begins with- (A) Policies (B) Programme  (C) Goals and objectives (D) Procedure  Answer.C

40. Decision-making is  (A) A mental process  (B) An intellectual process  (C) A universal functional process  (D)All of the above  Answer.D

41. Which of the following is a non-  verbal communication ?

(A) Body language (B) Letter (C) Speech (D) Poem  Answer.A

42. Which of the following is not a  part of managerial process ? (A) Planning  (B) Accounting  (C) Coordination  (D) Directing  D) Cash at bank  Answer.B

43. A company secretary has to be— (A) Firm or body corporate  (B) Registered with Securities and Exchange Board of India (SEBI) (C) Person with desired professional degree (D) Part of any Secretarial agency Answer.C

44. Annual General Meeting can be called by—(A) Managing Director (B)Shareholders (C) Board of Directors (D)Company SecretaryAns-D

45. A share certificate is required to be signed by—(A) Company Secretary  (B) Two Directors  (C) Two directors and Company Secretary  (D) All directors and Company Secretary                                      Answer.C

46- have sound knowledge of-  (A) Company Law  (B) Tax Laws  (C) Labour Laws  (D) All of these  Answer.A

47. The duties of Company Secretary s regarding company meetings are restricted upto- (A) Before company meeting (B) During company meeting (C) After company meeting  (D) ln all the above situations  Answer.D

48. Transmission of shares takes  place in the following case-

(A) Sale of shares  (B) Theft of shares  (C) Operation of any law  (D) All of these   Answer.C

49. Statistics is the—  (A) Science of Counting  (B) Science of Averages  (C) Arithmetic of human welfare (D) All of the above  Answer.D

50. The average of the nos. 2, 4, 6, 8, 10, 12, 14 and 16 is— (A) 9  (B) 10.2  (C) 8•6  (D) 11                         Answer.A