Commerce Exam

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1. In which of the following years, the membership of the Security Council was increased from 11 to 15 (under Article 23)?
2. In which season do we need more fat?

Banking company or Financial Institution have an option of claiming ITC:

4. The time limit to pay the value of supply with taxes

Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible?


Budgeting is difficult to apply in the following cases

7. INS Venduruthy is located at

The accounting process involves recording


Mr. A obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/services to taxable goods/services. He can avail credit on inputs lying in stock. What is the time limit for taking said credit


The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources


Balance sheet is a statement of


An asset possesses which of the following?

13. G-15 is an economic grouping of
14. Which state tops in the list with the maximum penetration and Assets Under Management (AUM)?

The following is a statement of revenues and expenses for a specific period of time


Lower the Debt Equity ratio


______ is a separate legal entity whose total capital can be divided into many shares

18. On August 1, 2003, the total strength of India's armed forces approximate to
19. Accounting provides information on
20. Judicature (High Court) of Rajasthan is at

Whether credit can be availed without actual receipt of goods where goods are transferred through transfer of document of title before or during the movement of goods?


The sales income (Credit and Cash) of a business during a given period is called


In accounting, an economic event is referred to as

24. Kolleru Pelicanary situated at Elluru, Andhra Pradesh has reserves of
25. Nucleus, the genetic material containing rounded body in each cell, was first discovered in 1831 by

The debts which are to be repaid within a short period (year or less) are known as

27. India's first satellite is named after

The registered recipient must issue an invoice in the following cases:

29. Excessive secretion from the pituitary gland in the children results in
30. How many red blood cells does the bone marrow produce every second?
31. Dr. Zakir Hussain was

_______ is the gross inflow of economic benefits


Which of the following is the external user of financial statements?


Provisional Input tax credit can be utilized against


A higher inventory ratio indicates


Input Tax credit as credited in Electronic Credit ledger can be utilized for


Identify the correct sequence of accounting process

38. How many times has Brazil won the World Cup Football Championship?

Any return evidence in support of a business transaction is called


Patents, Copyrights and Trademarks are

41. How many teeth does a normal adult dog have?
42. The first Indian state to offer a Wage Compensation Scheme for pregnant women working in the tea gardens of the state is:
43. ICAO stands for

The following is a statement showing the financial status of the comapany at any given time

45. India has largest deposits of ____ in the world.

The long term assets that have no physical existence but are rights that have value is known as

47. In which year of First World War Germany declared war on Russia and France?
48. Mother Teresa received the Magsaysay Award in 1962 in the area of

Is Input tax to be reversed in case of supply of capital goods


The following is (are) the current liability (ies)


Balance sheets are prepared


A bill of supply can be issued in case of inter-State and intra-State:

53. Headquarters of UNO are situated at

The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

55. If force is expressed in Newton and the distance in metre, then the work done is expressed in
56. In which year, terrorists crash two planes into New York's World Trade Centre on September 11 in a sequence of destruction?
57. Gujarat-based industrial groups are set to invest Rs.20,000 crore in which state?

Can Mr. A avail credit on Input services or capital goods held in stock, in case of new registration/voluntary Registration

59. Jeevan Rekha (Life line) express is

Current ratio =

61. Of the various non-conventional energy sources that are being tapped, which has the largest potential?
62. Microphone is used to convert

The process of entering all transactions from the Journal to Ledger is called


The time limit beyond which if goods are not returned, the input sent for job work shall be treated as supply


A low Return on Investment Ratio (ROI) indicates


For capital goods, proportionate credit is allowed


________ is the first phase of accounting cycle

68. India's first atomic reactor was

An acknowledgement must be given on receipt of advance payment in respect of supply of goods or services:


Liabilities are which of the following?


The measure of how efficiently the assets resources are employed by the firm is called

72. India's first ocean wave's energy project was launched in
73. India's first Technicolor film ____ in the early 1950s was produced by ____

The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supply

75. How much districts are there in Punjab?
76. India participated in Olympics Hockey in
77. For seeing objects at the surface of water from a submarine under water, the instrument used is

Sales expenditure budget is prepared by estimating the expense(s) of


Matching of Input Tax credit on inward supply by recipient is undertaken with

80. The process of entering all transactions from the Journal to Ledger is called
81. In a normal human body, the total number of red blood cells is

Liquid or Quick assets =


In case of goods sent on sale on approval basis, invoice has to be issued:


Is the principal entitled for credit of goods though he has not received the goods and has been sent to job worker directly by vendor


Bookkeeping mainly consists of which part of accounting process?

86. An invoice must be issued

Return on Investment Ratio (ROI) =


A continuous supply of goods requires one of the following as a must:


Which of the following is the internal user of financial statements?

90. First International Peace Congress was held in London in

A Master Budget consists of

92. Gopal Krishna Gokhale
93. Which one of the following is printed on a commonly used fluorescent tubelight?
94. Nalanda is located at
95. How many Lok Sabha seats belong to Rajasthan?

Tax invoice must be issued by________


If there is Mis-match of supplier’s outward supply and recipient’s claim for Input Tax credit on the same transaction


Auditing refers to


A person is entitled to take credit of input tax as self-assessed in the return and credited to Electronic credit ledger on

100. GNLF stands for

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