22Nov 2019 by admin Welcome to your COMMERCE Student’s Name: Student’s Email id: Student’s Mobile Number: Date of Birth: Last Qualification: Marks (Percentage): Name of Institute: Preferred Location for Scholarship: Communication Address: Guardian’s Name: Guardian’s occupation: Guardian’s Education: Guardian’s Annual Income: Guardian’s Mobile Number: 1. Dr. Zakir Hussain wasThe first Muslim president of IndiaFirst vice president of IndiaFirst president of Indian National CongressFirst speaker of Lok Sabha2. G-15 is an economic grouping ofFirst World NationsSecond World NationsThird World NationsFourth World Nations3. The time limit beyond which if goods are not returned, the input sent for job work shall be treated as supplyOne yearThree yearsSix monthsFive years4. The registered recipient must issue an invoice in the following cases:The supplier fails to issue an invoice;The supplier is unregistered.The goods or services received notified for tax on reverse charge basisAll of the above5. The first Indian state to offer a Wage Compensation Scheme for pregnant women working in the tea gardens of the state is:Arunachal PradeshKeralaMumbaiAssam6. In a normal human body, the total number of red blood cells is15 trillion20 trillion25 trillion30 trillion7. Gopal Krishna GokhaleStarted as a maths teacher and rose to the position of the principal of Ferguson College, PuneFounded the servants of India SocietyServed as President of the Indian National Congress in 1905All of the above8. India's first atomic reactor wasZerlinaDhruvaApsaraKamini9. An invoice must be issuedAt the time of removal of goods.On transfer of risks and rewards of the goods to the recipientOn receipt of payment for the supply;Earliest of the above dates.10. Patents, Copyrights and Trademarks areCurrent assetsFixed assetsIntangible assetsInvestments11. Excessive secretion from the pituitary gland in the children results inIncreased heightRetarded growthWeakening of bonesNone of the above12. Bookkeeping mainly consists of which part of accounting process?AnalysingPreparing financial statementsRecording financial informationAuditing the books of accounts13. Identify the correct sequence of accounting processCommunicating -> Recording -> IdentifyingRecording -> Communicating -> IdentifyingIdentifying -> Communicating -> RecordingIdentifying -> Recording -> Communicating14. Budgeting is difficult to apply in the following casesProducts subjected to rapid changesJob order manufacturingUncertain market conditionAll of the above15. The following is a statement showing the financial status of the comapany at any given timeTrading accountProfit & Loss statementBalance SheetCash Book16. In which year of First World War Germany declared war on Russia and France?191419151918192717. For capital goods, proportionate credit is allowedFor business and non-business purposeFor business PurposeBoth of the aboveNone of the above18. Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible?YesNoInput tax credit is eligible if depreciation on tax component is not availedNone of the above19. Lower the Debt Equity ratioLower the protection to creditorsHigher the protection to creditorsIt does not affect the creditorsNone of the above20. The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resourcesLiquidity ratioLeverage ratioActivity ratioProfitability ratio21. A continuous supply of goods requires one of the following as a must:The goods must be notified by the Commissioner in this behalfThe contract for supply lasts for a minimum period of 3 months;The supply is made by means of a wire, cable, pipeline or other conduit;Supplier invoices the recipient on a regular or periodic basis.22. Is Input tax to be reversed in case of supply of capital goodsYes fullyNoYes, to extent of credit taken as reduced by prescribed percentage or tax on transaction value whichever is higherYes to the extent of transaction value of such goods23. 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 credit1 year from the date of invoice3 year from the date of invoice5 year from the date of invoiceNone of the above24. On August 1, 2003, the total strength of India's armed forces approximate to13,92,00010,92,00071,5001,32,00025. The process of entering all transactions from the Journal to Ledger is calledPostingEntryAccountingNone of the above26. How much districts are there in Punjab?2228232027. An asset possesses which of the following?Future economic benefits for the businessAll kinds of benefits for the businessExpenses for the businessMerits & Demerits for the business28. The sales income (Credit and Cash) of a business during a given period is calledTransactionsSales ReturnsTurnoverPurchase Returns29. The debts which are to be repaid within a short period (year or less) are known asCurrent liabilitiesFixed liabilitiesContingent liabilitiesAll of the above30. Tax invoice must be issued by________Every supplierEvery taxable personRegistered persons not paying tax under composition schemeAll the above31. The long term assets that have no physical existence but are rights that have value is known asCurrent assetsFixed assetsIntangible assetsInvestments32. Provisional Input tax credit can be utilized againstAny Tax liabilitySelf Assessed output Tax liabilityInterest and PenaltyFine33. The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supplyOne yearThree YearsSix monthsFive years34. Headquarters of UNO are situated atNew York, USAHague (Netherlands)GenevaParis35. Banking company or Financial Institution have an option of claiming ITC:Actual Credit or 50% creditOnly 50% CreditOnly actual creditActual credit and 50% credit36. Nucleus, the genetic material containing rounded body in each cell, was first discovered in 1831 byRobert HookeRobert BrownRudolf VirchowTheodore Schwann37. Can Mr. A avail credit on Input services or capital goods held in stock, in case of new registration/voluntary RegistrationYesNoYes on Input services onlyYes on capital goods only38. Sales expenditure budget is prepared by estimating the expense(s) ofAdvertisementMarket analysisSalesman's salaryAll of the above39. Return on Investment Ratio (ROI) =(Gross profit / Net sales) x 100(Gross profit x Sales / Fixed assets) x 100(Net profit / Sales) x 100(Net profit / Total assets) x 10040. The assets that can be converted into cash within a short period (i.e. 1 year or less) are known asCurrent assetsFixed assetsIntangible assetsInvestments41. Accounting provides information onCost and income for managersCompany's tax liability for a particular yearFinancial conditions of an institutionsAll of the above42. The following is a statement of revenues and expenses for a specific period of timeDing accountTrial BalanceProfit & Loss statementsBalance Sheet43. In accounting, an economic event is referred to asCashBank statementTransactionExchange of money44. ______ is a separate legal entity whose total capital can be divided into many sharesPartnershipSole ProprietorshipCompanyNon-profit organization45. GNLF stands forGorkha National Liberation FrontGross National Liberation FormBoth option A and BNone of the above46. Liabilities are which of the following?ResourcesObligationsFuture benefitsExpenses47. _______ is the gross inflow of economic benefitsAssetsLiabilitiesIncomeExpenses48. A higher inventory ratio indicatesBetter inventory managementQuicker turnoverBoth A and BNone of the above49. India's first Technicolor film ____ in the early 1950s was produced by ____'Jhansi Ki Rani', Sohrab Modi'Jhansi Ki Rani', Sir Syed Ahmed'Mirza Ghalib', Sohrab Modi'Mirza Ghalib', Munshi Premchand50. The measure of how efficiently the assets resources are employed by the firm is calledLiquidity ratioLeverage ratioActivity ratioProfitability ratio51. A Master Budget consists ofSales budgetProduction budgetMaterial budgetAll of the above52. Of the various non-conventional energy sources that are being tapped, which has the largest potential?Water powerWind powerSolar powerBiomass power53. In case of goods sent on sale on approval basis, invoice has to be issued:While sending the goods; another Invoice has to be issued by the recipient while rejecting the goods;while sending the goods; another Invoice has to be issued by the recipient while rejecting the goods;While sending the goods but the recipient can take credit only when the goods are accepted by him;When the recipient accepts the goods or six months from the date of supply whichever isearlier.When the recipient accepts the goods or three months from the date of supply whichever is earlier.54. Auditing refers toReporting the financial informationExamination of financial informationPreparation of financial statementsMaintaining the ledger accounts55. A low Return on Investment Ratio (ROI) indicatesImproper utilization of resourcesOver investment in assetsBoth A and BNone of the above56. Kolleru Pelicanary situated at Elluru, Andhra Pradesh has reserves ofElephant, tiger, panther, sambarPelicans, painted strokeChital, sambar, chinkara, wild birdsElephant, leopard, tiger, garu, nilgai57. Nalanda is located atGujaratVaranasi, Uttar PradeshNear Patna, BiharNear Bhopal, Madhya Pradesh58. In which of the following years, the membership of the Security Council was increased from 11 to 15 (under Article 23)?196519691960196659. The process of entering all transactions from the Journal to Ledger is calledPostingEntryAccountingNone of the above60. If force is expressed in Newton and the distance in metre, then the work done is expressed inJouleKg wtKg wt mWatt61. ICAO stands forInternational Civil Aviation OrganizationIndian Corporation of Agriculture OrganizationInstitute of Company of Accounts OrganizationNone of the above62. A bill of supply can be issued in case of inter-State and intra-State:Exempted suppliesSupplies by composition suppliers;Supplies to unregistered persons;None of the above.63. Mother Teresa received the Magsaysay Award in 1962 in the area ofCommunity leadershipPublic serviceJournalism and literatureInternational understanding64. India has largest deposits of ____ in the world.GoldCopperMicaNone of the above65. In which year, terrorists crash two planes into New York's World Trade Centre on September 11 in a sequence of destruction?200020012005201066. India's first satellite is named afterAryabhattaBhaskara IIBhaskara IAlbert Einstein67. Any return evidence in support of a business transaction is calledJournalLedgerLedger postingVoucher68. For seeing objects at the surface of water from a submarine under water, the instrument used isKaleidoscopePeriscopeSpectroscopeTelescope69. Balance sheets are preparedDailyWeeklyMonthlyAnnually70. How many red blood cells does the bone marrow produce every second?2 million5 million7 million10 million71. Liquid or Quick assets =Current assets - (Stock + Work in progress)Current assets + Stock + Work in progress(Current assets + Stock) + Work in progress(Current assets + Work in progress) - Stock72. Microphone is used to convertSound waves into electrical energySound waves into light raysElectrical energy into sound wavesSound waves into magnetic currents73. Balance sheet is a statement ofAssetsLiabilitiesCapitalAll of the above74. Input Tax credit as credited in Electronic Credit ledger can be utilized forPayment of InterestPayment of penaltyPayment of FinePayment of Taxes75. How many Lok Sabha seats belong to Rajasthan?3225435476. If there is Mis-match of supplier’s outward supply and recipient’s claim for Input Tax credit on the same transactionIt shall be added as output tax liability in the hands of receiver.It shall be reduced as output tax liability in the hands of receiver.It shall be increased as input tax credit in the hands of receiver.It shall be deceased as input tax credit in the hands of supplier.77. An acknowledgement must be given on receipt of advance payment in respect of supply of goods or services:Yes, in the form of a proforma invoice;Yes, as a receipt voucher.Yes, the invoice must be raised to that extent;None of the above78. India participated in Olympics Hockey in192819201925192979. How many times has Brazil won the World Cup Football Championship?Four timesTwiceFive timesOnce80. The following is (are) the current liability (ies)Bills payableOutstanding expensesBank OverdraftAll of the above81. First International Peace Congress was held in London in1564 AD1798 AD1843 AD1901 AD82. Current ratio =Quick assets/Current liabilitiesCurrent assets/Current liabilitiesDebt/EquityCurrent assets/Equity83. The accounting process involves recordingQuantifiable economic eventNon Quantifiable economic eventAll of themNone of them84. Which state tops in the list with the maximum penetration and Assets Under Management (AUM)?GujaratKarnatakaMaharashtraTamil Nadu85. Is the principal entitled for credit of goods though he has not received the goods and has been sent to job worker directly by vendorYesNo86. Which of the following is the external user of financial statements?Manager of the businessCEO of the businessCreditor of the businessController of the business87. ________ is the first phase of accounting cycleIdentifying an economic event or transactionPreparing JournalPosting entries to Ledger accountsMaking decisions about business88. INS Venduruthy is located atKochiJamnagarDarbhangaLonavla89. Which one of the following is printed on a commonly used fluorescent tubelight?220k273k6500k9000k90. Which of the following is the internal user of financial statements?Creditor of the businessGovernment agencyShareholder of the businessManager of the business91. The time limit to pay the value of supply with taxes90 days6 months180 days365 days92. India's first ocean wave's energy project was launched in199119901995199893. Gujarat-based industrial groups are set to invest Rs.20,000 crore in which state?Andra PradeshKeralaTamil NaduMumbai94. How many teeth does a normal adult dog have?3236423495. Judicature (High Court) of Rajasthan is atJodhpurJaipurUdaipurJaiselmer96. A person is entitled to take credit of input tax as self-assessed in the return and credited to Electronic credit ledger onFinal basisProvisional basisPartly Provisional and partly final basisNone of the above97. Matching of Input Tax credit on inward supply by recipient is undertaken withMonthly return filed by the supplierOutward supply filed by the supplierInvoices maintained by the supplierNone of the above98. 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?YesNoYes, in specific instancesCan be availed only after transfer of document of title after movement of goods99. In which season do we need more fat?Rainy seasonSpringWinterSummer100. Jeevan Rekha (Life line) express isFirst hospital on wheels in the worldFirst railway expressOldest trainNone of the aboveTime is Up!