Commerce MCQ Questions and Answers
Quantitative Aptitude - Commerce MCQ Questions with Answers are essential for students preparing for commerce exams. Commerce MCQ Aptitude improves analytical skills and understanding of business mathematics, making it useful for CA, ICWA, and other commerce exams.
Commerce MCQ
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242 questions
211. Internal Audit is done by-
- External Auditors
- Employees of the organisation
- Both (A) and (B)
- Neither (A) nor (B)
212. Audit Programme is prepared by-
- The Auditor
- The Company
- Internal Auditor
- Financial Controller
213. First Auditor of a Company is appointed by the-
- Shareholders
- Central Government
- Company Law Board
- Board of Directors
214. Which of the following is not qualified to be a Company Auditor ?
- A body corporate
- An employee of the company
- A person who is indebted to the company for an amount exceeding Rs. 1,000
- All of the above
215. Which of the following statement is correct ?
- Valuation is a part of verification
- Verification is a part of valuation
- Valuation has nothing to do with verification
- None of the above
216. Test checking refers to-
- Testing of accounting records
- Testing of honesty of employees
- Intensive checking of a select number of transactions
- Checking of all transactions recorded
217. Continuous audit is suitable for-
- Big institutions
- Small institutions
- General institutions
- None of the above
218. The function of an Auditor is-
- To examine arithmetical accuracy of accounts
- To detect and prevent errors
- To detect and prevent frauds
- All of the above
219. Audit is compulsory for-
- Sole Trader
- Partnership Firms
- Joint Stock Companies
- All of the above
220. Match List-I with List-II of the following and select the correct answer from answer codes given below- List-I (a) At cost price (b) At market price (c) Intrinsic value method (d) Average profit method List-II 1. Valuation of shares 2. Perishable goods 3. Raw material 4. Valuation of Goodwill Codes :
- 3 2 1 4
- 1 2 3 4
- 4 3 2 1
- 1 4 3 2