McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
| 101. |
…………….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 | |
| 102. |
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 | |
| 103. |
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 | |
| 104. |
Reserve for doubtful debts is stands for ………… |
| A. | RDD |
| B. | Reserve fund |
| C. | Bad debts |
| D. | Loans and advances |
| Answer» A. RDD | |
| 105. |
…………….are not formed for earning profit. |
| A. | co-operative society |
| B. | Public Company |
| C. | HUF |
| D. | Private Company |
| Answer» A. co-operative society | |
| 106. |
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 | |
| 107. |
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 | |
| 108. |
…………..is the source of Government to increase their revenue. |
| A. | Tax |
| B. | Profit |
| C. | memorandum |
| D. | Expenses |
| E. | 8th July 2019 |
| Answer» A. Tax | |
| 109. |
GST stands for…………. |
| A. | Goods and service tax. |
| B. | Government Service tax |
| C. | God down Surcharge |
| D. | B and C |
| E. | 8th July 2019 |
| Answer» A. Goods and service tax. | |
| 110. |
……………is the motive given to the parliament and legislation of every state |
| A. | . one nation one tax |
| B. | Live and let live |
| C. | Health is Wealth |
| D. | learn and earn |
| E. | 8th July 2019 |
| Answer» A. . one nation one tax | |
| 111. |
…………….collected by central government on an Intra state sale. |
| A. | CGST |
| B. | SGST |
| C. | IGST |
| D. | GST |
| E. | 8th July 2019 |
| Answer» A. CGST | |
| 112. |
………….Collected by the State Government on an Intra state sale. |
| A. | CGST |
| B. | SGST |
| C. | IGST |
| D. | GST |
| E. | 8th July 2019 |
| Answer» A. CGST | |
| 113. |
………….Collected by the Central Maharashtra for Inter state sale. |
| A. | CGST |
| B. | SGST |
| C. | IGST |
| D. | GST |
| E. | 8th July 2019 |
| Answer» A. CGST | |
| 114. |
……….and will share revenue equally between the central and State. |
| A. | CGST & SGST |
| B. | SGST &IGST |
| C. | IGST & CGST |
| D. | GST & IGST |
| E. | 8th July 2019 |
| Answer» A. CGST & SGST | |
| 115. |
on…………………..the GST law came into the force. |
| A. | 1st July 2017 |
| B. | 2nd June 2018 |
| C. | 1st June 2017 |
| D. | 18th July 2019 |
| E. | 8th July 2019 |
| Answer» A. 1st July 2017 | |
| 116. |
…………..is an Indirect Tax which has replaced many indirect taxes in India. |
| A. | GST |
| B. | Income Tax |
| C. | IGST |
| D. | Service Tax |
| E. | 8th July 2019 |
| Answer» A. GST | |
| 117. |
The online version of collecting tax was introduced in the year………… |
| A. | 2004 |
| B. | 2006 |
| C. | 2005 |
| D. | 2015 |
| E. | 8th July 2019 |
| Answer» A. 2004 | |
| 118. |
………….method of branch accounting is usually adopted when the branch is of the small size. |
| A. | Treading. |
| B. | Balance sheet |
| C. | memorandum |
| D. | debtors |
| Answer» D. debtors | |
| 119. |
The normal and abnormal stock of goods doesn’t appear in branch account as the closing stock is at the…………….figure. |
| A. | Adjusted |
| B. | profit. |
| C. | balance. |
| D. | loss |
| Answer» A. Adjusted | |
| 120. |
Stock and Debtors method of branch accounting is generally used where branch turnover is substantially |
| A. | loss |
| B. | lower |
| C. | High. |
| D. | Profit |
| Answer» C. High. | |
| 121. |
Loading on surplus in stock is………….to Branch Adjustment Account. |
| A. | debit. |
| B. | credit. |
| C. | liability. |
| D. | treading |
| Answer» B. credit. | |
| 122. |
Under Stock and Debtors System general income is credited to ………..account |
| A. | balance sheet |
| B. | branch stock account |
| C. | stock and Debtor System |
| D. | branch profit and loss |
| Answer» D. branch profit and loss | |
| 123. |
In Branch Accounting the balance on stock reserved Account at the end of the period is shown in the balance sheet by the way of deduction from |
| A. | opening stock. |
| B. | reserved stock. |
| C. | closing stock. |
| D. | profit or loss |
| Answer» C. closing stock. | |
| 124. |
Goods sent by the head office at the end of the year but not received by Branch before the year ended is known as |
| A. | goods in transit |
| B. | loss by fire |
| C. | shortage. |
| D. | loss |
| Answer» A. goods in transit | |
| 125. |
The closing balance of book debts account is ascertained by preparing branch ………………Account. |
| A. | stock |
| B. | trading. |
| C. | Debtors |
| D. | adjustment |
| Answer» C. Debtors | |
| 126. |
The removal of loading from the items of branch stock is adjusted through branch……………..Account |
| A. | adjustment |
| B. | debtor. |
| C. | Stock |
| D. | profit and loss |
| Answer» A. adjustment | |
| 127. |
A ………………is generally a physical part of the business established under the same roof. |
| A. | Surplus. |
| B. | Depreciation |
| C. | Department |
| D. | Surplus |
| Answer» C. Department | |
| 128. |
A……………..system of departmental account is more convenient where the number of department are very small |
| A. | Mutual. |
| B. | Branch. |
| C. | Debtor’s. |
| D. | Profit and loss |
| Answer» A. Mutual. | |
| 129. |
All items of stock in Trading and Profit and loss Account are to be converted into cost price if these are given at an _ |
| A. | Profit ratio. |
| B. | market price |
| C. | Balance. |
| D. | Invoice price |
| Answer» D. Invoice price | |
| 130. |
Foreign Branch almost invariably trade independently and records their transaction in |
| A. | cost price |
| B. | Market value |
| C. | Foreign currency |
| D. | invoice price |
| Answer» C. Foreign currency | |
| 131. |
To fulfill the audit requirements under section of the company act 1956 |
| A. | (B) 156 |
| B. | 228 |
| C. | (a) i 30. |
| D. | 200 |
| Answer» B. 228 | |
| 132. |
The branches which are totally dependent on head office are also termed as Agency Branches. |
| A. | True |
| B. | False |
| C. | may be false |
| D. | may be a |
| Answer» A. True | |
| 133. |
The independent branches are autonomous as they are allowed to make their own purchases from open markers and pay for their expenses. |
| A. | true |
| B. | false |
| C. | may be false |
| D. | both a and b |
| Answer» A. true | |
| 134. |
Actual petty expenses paid by branch from petty cash are to br shown separately in Branch Account. |
| A. | true |
| B. | false |
| C. | both a and b |
| D. | none of the above |
| Answer» A. true | |
| 135. |
The method of Branch Accounting varies with the nature and the status of branch. |
| A. | true |
| B. | false |
| C. | neither true nor false |
| D. | none of the above |
| Answer» A. true | |
| 136. |
Dependent branch doesn’t keep any book of account as their entire Accounting work is performed by the head office. |
| A. | true |
| B. | may be false |
| C. | neither true nor false |
| D. | may be true |
| Answer» A. true | |
| 137. |
……………system of book keeping is the only scientific method to record farming transaction. |
| A. | Single entry |
| B. | Double entry |
| C. | Balance sheet |
| D. | Adjustment A/c |
| Answer» B. Double entry | |
| 138. |
In single entry system it’s difficult to detect |
| A. | Account |
| B. | Fraud. |
| C. | Profit. |
| D. | Gross profit |
| Answer» B. Fraud. | |
| 139. |
Single entry constitutes incomplete records rather than single entry |
| A. | credit. |
| B. | Profit. |
| C. | Accounting. |
| D. | Net profit |
| Answer» C. Accounting. | |
| 140. |
Under pure single entry system only……………..Account are kept. |
| A. | Personal |
| B. | double entry |
| C. | Assets |
| D. | None of these |
| Answer» A. Personal | |
| 141. |
Under the………………… entry system personal accounts, cashbook and other subsidiary books are kept separately. |
| A. | Pure single |
| B. | Quasi single |
| C. | Simple single |
| D. | Double entry |
| Answer» B. Quasi single | |
| 142. |
Accounting is mainly concerned with the future management planning. |
| A. | Personal. |
| B. | Quasi single entry |
| C. | Pure single entry |
| D. | Management |
| Answer» D. Management | |
| 143. |
In…………………entry system no records are kept for real or nominal Account. |
| A. | Quasi single |
| B. | pure single |
| C. | Simple single |
| D. | Double entry |
| Answer» B. pure single | |
| 144. |
Most of the farming transactions are transacted on ……………..basis. |
| A. | Double entry |
| B. | Creditors. |
| C. | Surplus. |
| D. | Cash |
| Answer» D. Cash | |
| 145. |
In single entry system it’s difficult to operate …………….system |
| A. | Pure single |
| B. | Single entry |
| C. | Internal control |
| D. | Quasi single |
| Answer» C. Internal control | |
| 146. |
In single entry system it’s difficult to exercise control over . |
| A. | Asset |
| B. | Management |
| C. | Single entry |
| D. | Pure single entry |
| Answer» A. Asset | |
| 147. |
Under…………… entry system, Personal Accounts and Cash Book are kept separately. |
| A. | Simple single |
| B. | Pure s ingle. |
| C. | Quasi single. |
| D. | Double entry |
| Answer» A. Simple single | |
| 148. |
Under statement of affairs method which is also termed as . |
| A. | Single entry system |
| B. | Quasi single entry system |
| C. | Capital comparison method |
| D. | Double entry system |
| Answer» C. Capital comparison method | |
| 149. |
If the closing capital is more than the opening capital it’s shows an increase in capital which means a …………… |
| A. | Profit. |
| B. | Shares. |
| C. | Account. |
| D. | Operating capital |
| Answer» A. Profit. | |
| 150. |
Under single entry system arithmetical accuracy of the Accounting records can be checked. |
| A. | true |
| B. | false |
| C. | may be false |
| D. | both a and b |
| Answer» B. false | |
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