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. 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 2. 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. 3. GNLF stands for Gorkha National Liberation Front Gross National Liberation Form Both option A and B None of the above 4. Balance sheets are prepared Daily Weekly Monthly Annually 5. A low Return on Investment Ratio (ROI) indicates Improper utilization of resources Over investment in assets Both A and B None of the above 6. 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. 7. Balance sheet is a statement of Assets Liabilities Capital All of the above 8. 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. 9. Budgeting is difficult to apply in the following cases Products subjected to rapid changes Job order manufacturing Uncertain market condition All of the above 10. 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 11. India has largest deposits of ____ in the world. Gold Copper Mica None of the above 12. A Master Budget consists of Sales budget Production budget Material budget All of the above 13. 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 14. Tax invoice must be issued by________ Every supplier Every taxable person Registered persons not paying tax under composition scheme All the above 15. In which year of First World War Germany declared war on Russia and France? 1914 1915 1918 1927 16. The process of entering all transactions from the Journal to Ledger is called Posting Entry Accounting None of the above 17. 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 18. Nucleus, the genetic material containing rounded body in each cell, was first discovered in 1831 by Robert Hooke Robert Brown Rudolf Virchow Theodore Schwann 19. Jeevan Rekha (Life line) express is First hospital on wheels in the world First railway express Oldest train None of the above 20. How many times has Brazil won the World Cup Football Championship? Four times Twice Five times Once 21. ______ is a separate legal entity whose total capital can be divided into many shares Partnership Sole Proprietorship Company Non-profit organization 22. Bookkeeping mainly consists of which part of accounting process? Analysing Preparing financial statements Recording financial information Auditing the books of accounts 23. _______ is the gross inflow of economic benefits Assets Liabilities Income Expenses 24. Nalanda is located at Gujarat Varanasi, Uttar Pradesh Near Patna, Bihar Near Bhopal, Madhya Pradesh 25. India's first atomic reactor was Zerlina Dhruva Apsara Kamini 26. Liabilities are which of the following? Resources Obligations Future benefits Expenses 27. 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 28. Auditing refers to Reporting the financial information Examination of financial information Preparation of financial statements Maintaining the ledger accounts 29. 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 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 31. INS Venduruthy is located at Kochi Jamnagar Darbhanga Lonavla 32. The sales income (Credit and Cash) of a business during a given period is called Transactions Sales Returns Turnover Purchase Returns 33. India participated in Olympics Hockey in 1928 1920 1925 1929 34. Sales expenditure budget is prepared by estimating the expense(s) of Advertisement Market analysis Salesman's salary All of the above 35. Of the various non-conventional energy sources that are being tapped, which has the largest potential? Water power Wind power Solar power Biomass power 36. How many red blood cells does the bone marrow produce every second? 2 million 5 million 7 million 10 million 37. For seeing objects at the surface of water from a submarine under water, the instrument used is Kaleidoscope Periscope Spectroscope Telescope 38. India's first satellite is named after Aryabhatta Bhaskara II Bhaskara I Albert Einstein 39. The time limit to pay the value of supply with taxes 90 days 6 months 180 days 365 days 40. 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 41. Patents, Copyrights and Trademarks are Current assets Fixed assets Intangible assets Investments 42. 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 43. ICAO stands for International Civil Aviation Organization Indian Corporation of Agriculture Organization Institute of Company of Accounts Organization None of the above 44. The measure of how efficiently the assets resources are employed by the firm is called Liquidity ratio Leverage ratio Activity ratio Profitability ratio 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 46. How many Lok Sabha seats belong to Rajasthan? 32 25 43 54 47. Mother Teresa received the Magsaysay Award in 1962 in the area of Community leadership Public service Journalism and literature International understanding 48. 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 49. Judicature (High Court) of Rajasthan is at Jodhpur Jaipur Udaipur Jaiselmer 50. Provisional Input tax credit can be utilized against Any Tax liability Self Assessed output Tax liability Interest and Penalty Fine 51. 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 52. 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 53. ________ is the first phase of accounting cycle Identifying an economic event or transaction Preparing Journal Posting entries to Ledger accounts Making decisions about business 54. Which state tops in the list with the maximum penetration and Assets Under Management (AUM)? Gujarat Karnataka Maharashtra Tamil Nadu 55. 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 56. 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 57. In which season do we need more fat? Rainy season Spring Winter Summer 58. 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 59. 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 60. 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 61. Identify the correct sequence of accounting process Communicating -> Recording -> Identifying Recording -> Communicating -> Identifying Identifying -> Communicating -> Recording Identifying -> Recording -> Communicating 62. For capital goods, proportionate credit is allowed For business and non-business purpose For business Purpose Both of the above None of the above 63. In accounting, an economic event is referred to as Cash Bank statement Transaction Exchange of money 64. 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 65. The accounting process involves recording Quantifiable economic event Non Quantifiable economic event All of them None of them 66. The process of entering all transactions from the Journal to Ledger is called Posting Entry Accounting None of the above 67. Which one of the following is printed on a commonly used fluorescent tubelight? 220k 273k 6500k 9000k 68. G-15 is an economic grouping of First World Nations Second World Nations Third World Nations Fourth World Nations 69. 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. 70. How many teeth does a normal adult dog have? 32 36 42 34 71. Gujarat-based industrial groups are set to invest Rs.20,000 crore in which state? Andra Pradesh Kerala Tamil Nadu Mumbai 72. 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 73. India's first ocean wave's energy project was launched in 1991 1990 1995 1998 74. 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 75. 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 76. A higher inventory ratio indicates Better inventory management Quicker turnover Both A and B None of the above 77. 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 78. 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. 79. In a normal human body, the total number of red blood cells is 15 trillion 20 trillion 25 trillion 30 trillion 80. 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 81. 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 82. First International Peace Congress was held in London in 1564 AD 1798 AD 1843 AD 1901 AD 83. 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 84. The following is a statement of revenues and expenses for a specific period of time Ding account Trial Balance Profit & Loss statements Balance Sheet 85. Excessive secretion from the pituitary gland in the children results in Increased height Retarded growth Weakening of bones None of the above 86. Any return evidence in support of a business transaction is called Journal Ledger Ledger posting Voucher 87. Current ratio = Quick assets/Current liabilities Current assets/Current liabilities Debt/Equity Current assets/Equity 88. 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 89. 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 90. 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 91. 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 92. 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 93. 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 94. Headquarters of UNO are situated at New York, USA Hague (Netherlands) Geneva Paris 95. 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 96. 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 97. The following is (are) the current liability (ies) Bills payable Outstanding expenses Bank Overdraft All of the above 98. 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 99. How much districts are there in Punjab? 22 28 23 20 100. 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 Time is Up! Time's up
