National Level Commerce Quiz

National Level Commerce Quiz

National Level Commerce Quiz Organized By Department of Commerce . In This Quiz Competition Anyone Can Participate. There is no any registration fee. After Quiz Completion Everyone Will Receive A participation Certificate . 

Here You can sell all the questions and answers which are asked in this quiz competition

1. Decentralisation– 

Increases the importance of supervisors

Decreases the importance of supervisors

Increases the importance of subordinates

Decreases the importance of subordinates

2. Which is correct ? *

Capital = Assets + Liabilities

Liabilities = Capital - Assets

Capital = Net Assets

None of the above

3. Principle of ‘Unity of Command’ means– *

Unity of directions

To receive orders from one officer only

A fixed place for every person

Proper delegation to subordinates

4. Financial Accounting Deals with : 

Determination of cost

Determination of Profit

Dertermination of Prices

All of the above

5. Financial statements are : 

Estimates facts

Anticipated facts

Recorded Facts

Estimates facts & Anticipated facts

6. The long term assets that have no physical existence but, possess a value is known as, 

Current assets

Fixed assets

Intangible assets

Investments

7. State whether the following are true *

liquidty ratios measure long term solveny of a concern

Inventory is a part of liquid assets

Rule of thumb for acid test ratio is 1:1

The amount of gross assets is equal to net capital employed

8. Articles of Association of a company can be altered by– *

An ordinary resolution

A resolution with a special notice

A special resolution

None of the above

9. Which of the following is the latest buzzword among bankers *

Social banking

Mass banking

Financial inclusion

None of the above

10. Financial Accounts provide a summery of : *

Assets

Liabilities

Accounts

None of the above

11. State whether the following statement are false : *

Cash flow statement is based upon accrual basis of accounting.

Cash flow statement is useful for short - term financial analysis.

Cash flows resulting from sale of asset are classified as cash flowsfrom investing activities.

Cash equivalents are short term,highly liquid investments that are converttible into cash.

12. A and B are sharing profits in the ratio of 2:1. They admit C into the firm 1/4th share in profits for which he brings Rs. 12,000 as his share of capital. Therefore, the adjusts capital of B will be– *

Rs. 48,000

Rs. 12,000

Rs. 16,000

Rs. 24,000

13. Theory ‘X’ and Theory ‘Y’ of Motivation was propounded by *

Herzberg

McGregor

Maslow

Elton Mayo

14. Suppliers personal a/c are seen in the, 

Sales Ledger

Nominal ledger

Purchases Ledger

General Ledger

15. Unfavorable balance means ? 

Credit balance in the cash book

Credit balance in the Bank statement

Debit balance in the cash book

Debit balance in the petty cash book

16. which of the following will result into application of funds? 

Issue of share capital

payment of dividend

payment of creditors

sale of plant

17. Which one of the following statements is correct ? When creditors' velocity or creditors' turnover is higher as compared to debtors' velocity, it would *

improve liquidity

reduce liquidity

improve financial position

have no effect on liquidity

18. Capital expenditure is incurred. *

To improve the efficiency of the asset

To maintain the efficiency of the asset

To restore the efficiency of the asset

To check the efficiency of the asset

19. Partnership may come into existence by *

The operation of law

An express or implied agreement only

An express agreement only

Inheritance of property

20. State which of the following is a non current liability? *

Bank balance

Outstanding salaries

Martgage loan

Non of the above

21. Retained earnings statement depicts : *

Appropriation profits

Estimates of profits

Estimates of cost

Estimates of assers

22. In a Private Company there are restrictions regarding– *

Transfer of shares

Issue of prospectus

Number of members

All of the above

23. The balance appearing in the books of a company at the end of year were CRR A/c Rs. 50,000, Security Premium Rs. 5,000, Revaluation Reserve Rs. 20,000, P & L A/c (Dr) Rs. 10,000. Maximum amount available for distribution of Bonus Share will be– *

Rs. 50,000

Rs. 55,000

Rs. 45,000

Rs. 57,000

24. At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is.

Transferred to Depreciation Account

Transferred to the Asset Account

Transferred to Profit and Loss Account

Simply deducted from the asset in the Balance Sheet

25. In case of a company, Buy Back is related to– 

Shares

Prospectus

Debentures

Cheques

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