Commerce Quiz | Commerce MCQs and Answers

Questions
81 BIPA with Sudan comes into effect was the news, it is an agreement for–
A Investment in a country
B Peaceful use of atomic power
C Allowing students to visit each other's nation
D Allowing people to come for medical treatment

Answer: Investment in a country
82 X and Y are partners sharing profits in the ratio of 4 : 3. They admit a new partner Z and new profit sharing ratio is 7 : 4 : 3. The sacrificing ratio between X and Y will be–
A Equal
B 4 : 3
C 2 : 1
D 1 : 2

Answer: 1 : 2
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83 Which of the following Sections of the Companies’ Act 1956 relates to the maintenance of proper books of accounts ?
A Section-211
B Section-217
C Section-209
D Section-205

Answer: Section-209
84 A company auditor addresses his report to–
A Board of Directors
B Members
C Managing Director
D Company Secretary

Answer: Members
85 Cost Audit Report is to be submitted to–
A The Company
B The Central Government with a copy to the Company
C The Central Government
D The Company Secretary

Answer: The Central Government with a copy to the Company
86 Internal check is a part of–
A Internal Audit
B Internal Control
C Annual Audit
D Standard Audit

Answer: Internal Control
87 Given : Cost Rs. 1,00,000 Scrap Value Rs. 10,000 Span of Life 10 years Rate of depreciation 20% p.a. The amount of depreciation for the first year on the basis of diminishing balance method will be–
A Rs. 20,000
B Rs. 18,000
C Rs. 9,000
D Rs. 10,000

Answer: Rs. 18,000
88 Given : Depreciation on the basis of Fixed Instalment Method Rs. 2,000 p.a. Establishment expenses Rs. 5,000 Scrap value Rs. 1,000 Span of life 10 years The cost of assets will be–
A Rs. 20,000
B Rs. 16,000
C Rs. 12,000
D None of these

Answer: Rs. 20,000
89 The meaning of written down value is–
A Original cost – Scrap value
B Book value + Depreciation
C Book value – Depreciation
D None of these

Answer: Book value – Depreciation
90 At the time of dissolution the loss of the business, will be compensated first of all from–
A Capital
B Profits
C Personal resources of the partners
D Donations

Answer: Profits
91 The share of new partner in the profits is 1/5 and his capital is Rs. 20,000. The new profit sharing ratio is 3 : 1 : 1. The share of partners in total capital will be–
A 60,000 : 20,000 : 20,000
B 80,000 : 20,000 : 20,000
C 50,000 : 20,000 : 25,000
D None of the above

Answer: 60,000 : 20,000 : 20,000
92 In Balance Sheet, Audit Accounts are audited–
A Monthly
B Bi-monthly
C Annually or half yearly
D Quarterly

Answer: Annually or half yearly
93 Company Auditor is responsible–
A For directors
B For shareholders
C For public
D For creditors

Answer: For shareholders
94 The Section 80A of the Companies’ Act is related with the redemption of–
A Debentures
B Redeemable preference shares
C Irredeemable preference shares
D None of the above

Answer: Irredeemable preference shares
95 “Auditor is not an insurer.” In which of the following cases, the decision has been given ?
A The Kingston Cotton Mills Co. Ltd. (1986)
B London & General Bank (1895)
C Allen Craig & Co. Ltd. (1934)
D Irish Woollen Co. Ltd.

Answer: London amp; General Bank (1895)
96 Auditor shall be punished with imprisonment for a maximum period of ……… under Section 539 for falsification in the books of accounts.
A 3 years
B 5 years
C 7 years
D 9 years

Answer: 7 years
97 Consider the following– Amortization refers to writing off the value of

(1) tangible assets

(2) intangible assets,/

(3) fictitious assets

Which of the above is/are correct ?
A 1 and 2
B 2 and 3
C 1 only
D 2 only

Answer: 2 only
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