McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
| 1. |
A society which as proclaimed as its objective the………….of economic interest of its member |
| A. | Promotion |
| B. | Demotion |
| C. | Recession |
| D. | none of these |
| Answer» A. Promotion | |
| 2. |
Maharashtra co-operative Society Act…….. |
| A. | 1960 |
| B. | 1949 |
| C. | 1986 |
| D. | 1932 |
| Answer» A. 1960 | |
| 3. |
The word………..Is working together for common purpose. |
| A. | Co-operation |
| B. | co-education |
| C. | Interest |
| D. | enactment |
| Answer» A. Co-operation | |
| 4. |
The Maharashtra co-operative Society Rules Act ………. |
| A. | 1960 |
| B. | 1961 |
| C. | 1932 |
| D. | 1962 |
| Answer» B. 1961 | |
| 5. |
All sums of…………….received and expended by the Society and the matters in respect of which receipts and expenditure take place. |
| A. | Money |
| B. | Profit |
| C. | Interest |
| D. | Income |
| Answer» A. Money | |
| 6. |
Managing committee of every Society shall prepare annual statement of accounts within…………… days. |
| A. | 42 |
| B. | 45 |
| C. | 2 yrs. |
| D. | 48 |
| Answer» A. 42 | |
| 7. |
Transactions involving receipt in……………..are recorded on receipt side of cash book. |
| A. | Cash |
| B. | Profit |
| C. | Interest |
| D. | loss |
| Answer» A. Cash | |
| 8. |
Rule number 61 of the Maharashtra Co-operative Society Rule 1961- the society has to prepare final statement within……….days. |
| A. | 45 |
| B. | 48 |
| C. | 21 |
| D. | 2 yrs |
| Answer» A. 45 | |
| 9. |
Interest paid and payable comes to the……………side of the profit and loss account. |
| A. | Expenditure |
| B. | Receipt |
| C. | Interest |
| D. | income |
| Answer» A. Expenditure | |
| 10. |
Dividend received on shares is comes to the……………. side of profit and loss account. |
| A. | Income |
| B. | Profit |
| C. | Interest |
| D. | loss |
| Answer» A. Income | |
| 11. |
The investment on hand at the end of the period are valued at cost price or market whichever is ………… |
| A. | Less |
| B. | included |
| C. | Addd |
| D. | excluded |
| Answer» A. Less | |
| 12. |
…………….is mentioned in the balance sheet as foot note. |
| A. | Contingent liability |
| B. | preliminary expenses |
| C. | debtors |
| D. | closing stock |
| Answer» A. Contingent liability | |
| 13. |
…………….fund is for the purpose of construction of building for the business of the Society. |
| A. | building fund |
| B. | Reserve fund |
| C. | Education Fund |
| D. | Loans and advances |
| Answer» A. building fund | |
| 14. |
The………………Fund cannot be utilized for payment of dividend as bonus. |
| A. | building fund |
| B. | Reserve fund |
| C. | Education Fund |
| D. | Loans and advances |
| Answer» B. Reserve fund | |
| 15. |
A co-operative Society may createout of its net profit for payment of bonus to person who are not its members. |
| A. | bonus equalization fund |
| B. | Reserve fund |
| C. | Education Fund |
| D. | Loans and advances |
| Answer» A. bonus equalization fund | |
| 16. |
Reserve for doubtful debts is stands for ………… |
| A. | RDD |
| B. | Reserve fund |
| C. | Bad debts |
| D. | Loans and advances |
| Answer» A. RDD | |
| 17. |
…………….are not formed for earning profit. |
| A. | co-operative society |
| B. | Public Company |
| C. | HUF |
| D. | Private Company |
| Answer» A. co-operative society | |
| 18. |
Deposits from Society and individuals should be shown separately to the …….. side of balance sheet. |
| A. | Liabilities |
| B. | Current Assets |
| C. | Education Fund |
| D. | Fixed Assets |
| Answer» A. Liabilities | |
| 19. |
The primary objective in the formation of Co-operative credit Society is ……… |
| A. | promoting of saving |
| B. | To Maintain Stock Register |
| C. | A and C only |
| D. | to get maximum profit |
| Answer» A. promoting of saving | |
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