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
21. Which one of the following is not included in the internal check as regards purchases ?
- Assessment of requirements
- Placing orders
- Despatch of goods
- Recording and making payments
22. Consider the following statements- 1. It is mandatory for all business enterprises to conduct audit of accounts. 2. Audit Note Book is a tool in the conduct of audit. 3. Internal check system is an inbuilt mechanism within an organization to check frauds and errors. Which of the statements given above is/are correct ?
- 1 only
- 2 and 3 only
- 3 only
- 1, 2 and 3
23. Match List-I with List-II and select the correct answer using the code given below the Lists- List-I (Type of Books) (a) Minutes Book (b) Subsidiary Ledger (c) Stores Ledger (d) Log Book List-II (Content) 1. Records of issue of packing materials 2. Records of running hours of machine 3. Records of decisions at a meeting 4. Records entry of receipt from debtors Codes : (a) (b) (c) (d)
- 3 2 1 4
- 1 4 3 2
- 3 4 1 2
- 1 2 3 4
24. What is the method in which an amount equal to the amount written off as depreciation is invested in outside securities in order to facilitate replacement of an asset at the expiry of its life period, called ?
- Annuity Method
- Sinking Fund Method
- Replacement Method
- Depletion Method
25. What is Capital Redemption Reserve Account available for ?
- Redemption of redeemable preference shares
- Redemption of redeemable debentures
- Reorganization of share capital
- Issue of fully paid bonus shares
26. Match List-I with List-II and select the correct answer using the code given below the Lists- List I (Item) (a) Earnings per share (b) Cash flow statement (c) Inventory valuation (d) Disclosure of accounting policies List-II (Accounting Standard) 1. AS-3 2. AS-20 3. AS-1 4. AS-2 Codes : (a) (b) (c) (d)
- 3 1 4 2
- 2 4 1 3
- 3 4 1 2
- 2 1 4 3
27. Government grants related to income as per the Accounting Standard (AS)-12 should be-
- Presented as a credit in the statement of Profit and Loss
- Presented as a deferred income on the asset side of the balance sheet
- Presented as a capital grant on the liability side of balance sheet
- Presented both in the Profit and Loss statement and in the balance sheet
28. What is the renewal fees paid for a patent right ?
- Capital expenditure
- Revenue expenditure
- Deferred revenue expenditure
- Development expenditure
29. According to the Accounting Standard (AS)-2, the inventory is to be valued at which one of the following ?
- Actual cost or sales value, whichever is lower
- Historical cost
- Net realizable value
- Historical cost or net realizable value, whichever is lower
30. Match List-I with List-II and select the correct answer using the code given below the Lists- List-I (Nature of Expenditures/Receipts) (a) Capital receipts (b) Capital expenditure (c) Revenue expenditure (d) Revenue receipt List II (Example) 1. Sale of fixed assets 2. Improvement of fixed assets 3. Income received as interest 4. Interest on loan for business Codes : (a) (b) (c) (d)
- 1 2 4 3
- 3 4 2 1
- 1 4 2 3
- 3 2 4 1