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. If there is Mis-match of supplier’s outward supply and recipient’s claim for Input Tax credit on the same transaction It 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. None 2. The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources Liquidity ratio Leverage ratio Activity ratio Profitability ratio None 3. The time limit to pay the value of supply with taxes 90 days 6 months 180 days 365 days None 4. The measure of how efficiently the assets resources are employed by the firm is called Liquidity ratio Leverage ratio Activity ratio Profitability ratio None 5. Which state tops in the list with the maximum penetration and Assets Under Management (AUM)? Gujarat Karnataka Maharashtra Tamil Nadu None 6. The debts which are to be repaid within a short period (year or less) are known as Current liabilities Fixed liabilities Contingent liabilities All of the above None 7. An asset possesses which of the following? Future economic benefits for the business All kinds of benefits for the business Expenses for the business Merits & Demerits for the business None 8. India's first satellite is named after Aryabhatta Bhaskara II Bhaskara I Albert Einstein None 9. Of the various non-conventional energy sources that are being tapped, which has the largest potential? Water power Wind power Solar power Biomass power None 10. The process of entering all transactions from the Journal to Ledger is called Posting Entry Accounting None of the above None 11. The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supply One year Three Years Six months Five years None 12. How much districts are there in Punjab? 22 28 23 20 None 13. 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 1 year from the date of invoice 3 year from the date of invoice 5 year from the date of invoice None of the above None 14. Any return evidence in support of a business transaction is called Journal Ledger Ledger posting Voucher None 15. India has largest deposits of ____ in the world. Gold Copper Mica None of the above None 16. In which season do we need more fat? Rainy season Spring Winter Summer None 17. In which year of First World War Germany declared war on Russia and France? 1914 1915 1918 1927 None 18. India participated in Olympics Hockey in 1928 1920 1925 1929 None 19. India's first atomic reactor was Zerlina Dhruva Apsara Kamini None 20. G-15 is an economic grouping of First World Nations Second World Nations Third World Nations Fourth World Nations None 21. Provisional Input tax credit can be utilized against Any Tax liability Self Assessed output Tax liability Interest and Penalty Fine None 22. A low Return on Investment Ratio (ROI) indicates Improper utilization of resources Over investment in assets Both A and B None of the above None 23. Dr. Zakir Hussain was The first Muslim president of India First vice president of India First president of Indian National Congress First speaker of Lok Sabha None 24. Kolleru Pelicanary situated at Elluru, Andhra Pradesh has reserves of Elephant, tiger, panther, sambar Pelicans, painted stroke Chital, sambar, chinkara, wild birds Elephant, leopard, tiger, garu, nilgai None 25. The time limit beyond which if goods are not returned, the input sent for job work shall be treated as supply One year Three years Six months Five years None 26. Bookkeeping mainly consists of which part of accounting process? Analysing Preparing financial statements Recording financial information Auditing the books of accounts None 27. Nucleus, the genetic material containing rounded body in each cell, was first discovered in 1831 by Robert Hooke Robert Brown Rudolf Virchow Theodore Schwann None 28. Balance sheet is a statement of Assets Liabilities Capital All of the above None 29. The following is a statement of revenues and expenses for a specific period of time Ding account Trial Balance Profit & Loss statements Balance Sheet None 30. 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? Yes No Yes, in specific instances Can be availed only after transfer of document of title after movement of goods None 31. 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 Yes No None 32. The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as Current assets Fixed assets Intangible assets Investments None 33. Gujarat-based industrial groups are set to invest Rs.20,000 crore in which state? Andra Pradesh Kerala Tamil Nadu Mumbai None 34. How many teeth does a normal adult dog have? 32 36 42 34 None 35. A bill of supply can be issued in case of inter-State and intra-State: Exempted supplies Supplies by composition suppliers; Supplies to unregistered persons; None of the above. None 36. 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 above None 37. ________ is the first phase of accounting cycle Identifying an economic event or transaction Preparing Journal Posting entries to Ledger accounts Making decisions about business None 38. A higher inventory ratio indicates Better inventory management Quicker turnover Both A and B None of the above None 39. Mother Teresa received the Magsaysay Award in 1962 in the area of Community leadership Public service Journalism and literature International understanding None 40. Balance sheets are prepared Daily Weekly Monthly Annually None 41. Current ratio = Quick assets/Current liabilities Current assets/Current liabilities Debt/Equity Current assets/Equity None 42. Gopal Krishna Gokhale Started as a maths teacher and rose to the position of the principal of Ferguson College, Pune Founded the servants of India Society Served as President of the Indian National Congress in 1905 All of the above None 43. Input Tax credit as credited in Electronic Credit ledger can be utilized for Payment of Interest Payment of penalty Payment of Fine Payment of Taxes None 44. Banking company or Financial Institution have an option of claiming ITC: Actual Credit or 50% credit Only 50% Credit Only actual credit Actual credit and 50% credit None 45. In which of the following years, the membership of the Security Council was increased from 11 to 15 (under Article 23)? 1965 1969 1960 1966 None 46. Which of the following is the external user of financial statements? Manager of the business CEO of the business Creditor of the business Controller of the business None 47. In a normal human body, the total number of red blood cells is 15 trillion 20 trillion 25 trillion 30 trillion None 48. Which one of the following is printed on a commonly used fluorescent tubelight? 220k 273k 6500k 9000k None 49. The following is a statement showing the financial status of the comapany at any given time Trading account Profit & Loss statement Balance Sheet Cash Book None 50. A person is entitled to take credit of input tax as self-assessed in the return and credited to Electronic credit ledger on Final basis Provisional basis Partly Provisional and partly final basis None of the above None 51. 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. None 52. Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible? Yes No Input tax credit is eligible if depreciation on tax component is not availed None of the above None 53. On August 1, 2003, the total strength of India's armed forces approximate to 13,92,000 10,92,000 71,500 1,32,000 None 54. Nalanda is located at Gujarat Varanasi, Uttar Pradesh Near Patna, Bihar Near Bhopal, Madhya Pradesh None 55. In accounting, an economic event is referred to as Cash Bank statement Transaction Exchange of money None 56. ICAO stands for International Civil Aviation Organization Indian Corporation of Agriculture Organization Institute of Company of Accounts Organization None of the above None 57. If force is expressed in Newton and the distance in metre, then the work done is expressed in Joule Kg wt Kg wt m Watt None 58. Excessive secretion from the pituitary gland in the children results in Increased height Retarded growth Weakening of bones None of the above None 59. The process of entering all transactions from the Journal to Ledger is called Posting Entry Accounting None of the above None 60. The long term assets that have no physical existence but are rights that have value is known as Current assets Fixed assets Intangible assets Investments None 61. 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 100 None 62. A continuous supply of goods requires one of the following as a must: The goods must be notified by the Commissioner in this behalf The 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. None 63. For seeing objects at the surface of water from a submarine under water, the instrument used is Kaleidoscope Periscope Spectroscope Telescope None 64. Microphone is used to convert Sound waves into electrical energy Sound waves into light rays Electrical energy into sound waves Sound waves into magnetic currents None 65. The following is (are) the current liability (ies) Bills payable Outstanding expenses Bank Overdraft All of the above None 66. Identify the correct sequence of accounting process Communicating -> Recording -> Identifying Recording -> Communicating -> Identifying Identifying -> Communicating -> Recording Identifying -> Recording -> Communicating None 67. INS Venduruthy is located at Kochi Jamnagar Darbhanga Lonavla None 68. Liabilities are which of the following? Resources Obligations Future benefits Expenses None 69. Headquarters of UNO are situated at New York, USA Hague (Netherlands) Geneva Paris None 70. In which year, terrorists crash two planes into New York's World Trade Centre on September 11 in a sequence of destruction? 2000 2001 2005 2010 None 71. 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) - Stock None 72. First International Peace Congress was held in London in 1564 AD 1798 AD 1843 AD 1901 AD None 73. India's first ocean wave's energy project was launched in 1991 1990 1995 1998 None 74. Judicature (High Court) of Rajasthan is at Jodhpur Jaipur Udaipur Jaiselmer None 75. An invoice must be issued At the time of removal of goods. On transfer of risks and rewards of the goods to the recipient On receipt of payment for the supply; Earliest of the above dates. None 76. 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 basis All of the above None 77. The sales income (Credit and Cash) of a business during a given period is called Transactions Sales Returns Turnover Purchase Returns None 78. Which of the following is the internal user of financial statements? Creditor of the business Government agency Shareholder of the business Manager of the business None 79. Accounting provides information on Cost and income for managers Company's tax liability for a particular year Financial conditions of an institutions All of the above None 80. Jeevan Rekha (Life line) express is First hospital on wheels in the world First railway express Oldest train None of the above None 81. Budgeting is difficult to apply in the following cases Products subjected to rapid changes Job order manufacturing Uncertain market condition All of the above None 82. Tax invoice must be issued by________ Every supplier Every taxable person Registered persons not paying tax under composition scheme All the above None 83. For capital goods, proportionate credit is allowed For business and non-business purpose For business Purpose Both of the above None of the above None 84. 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 Premchand None 85. GNLF stands for Gorkha National Liberation Front Gross National Liberation Form Both option A and B None of the above None 86. How many Lok Sabha seats belong to Rajasthan? 32 25 43 54 None 87. Auditing refers to Reporting the financial information Examination of financial information Preparation of financial statements Maintaining the ledger accounts None 88. The first Indian state to offer a Wage Compensation Scheme for pregnant women working in the tea gardens of the state is: Arunachal Pradesh Kerala Mumbai Assam None 89. Matching of Input Tax credit on inward supply by recipient is undertaken with Monthly return filed by the supplier Outward supply filed by the supplier Invoices maintained by the supplier None of the above None 90. How many red blood cells does the bone marrow produce every second? 2 million 5 million 7 million 10 million None 91. Patents, Copyrights and Trademarks are Current assets Fixed assets Intangible assets Investments None 92. How many times has Brazil won the World Cup Football Championship? Four times Twice Five times Once None 93. Sales expenditure budget is prepared by estimating the expense(s) of Advertisement Market analysis Salesman's salary All of the above None 94. The accounting process involves recording Quantifiable economic event Non Quantifiable economic event All of them None of them None 95. Lower the Debt Equity ratio Lower the protection to creditors Higher the protection to creditors It does not affect the creditors None of the above None 96. ______ is a separate legal entity whose total capital can be divided into many shares Partnership Sole Proprietorship Company Non-profit organization None 97. Is Input tax to be reversed in case of supply of capital goods Yes fully No Yes, to extent of credit taken as reduced by prescribed percentage or tax on transaction value whichever is higher Yes to the extent of transaction value of such goods None 98. A Master Budget consists of Sales budget Production budget Material budget All of the above None 99. _______ is the gross inflow of economic benefits Assets Liabilities Income Expenses None 100. Can Mr. A avail credit on Input services or capital goods held in stock, in case of new registration/voluntary Registration Yes No Yes on Input services only Yes on capital goods only None Time's upTime is Up!
