Commerce MCQs and Answers

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

View Answer

Answer: 1 : 2

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

View Answer

Answer: Section-209

84 A company auditor addresses his report to–

A Board of Directors

B Members

C Managing Director

D Company Secretary

View Answer

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

View Answer

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

View Answer

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

View Answer

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

View Answer

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

View Answer

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

View Answer

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

View Answer