Commerce Questions for Interview

Commerce Questions for Interview

1. “Organisation is a Management Process by which people, functions and physical factors are brought together to form a controllable unit.” This definition is given by–
(A) Haney (B) Kelling B. Lewis
(C) Oliver Sheldon (D) Cornell
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2. Out of the following forms, which form of organisation is the oldest one ?
(A) Line and staff organisation (B) Functional organisation
(C) Committee organisation (D) Line organisation
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3. “A body of persons elected or appointed to meet on an organised basis for the discussion and dealing of matters brought before it.” It is called–
(A) Functional organisation (B) Formal organisation
(C) Committee organisation (D) Informal organisation
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4. Due to coordination–
(A) There is a unity of order (B) There is a unity of direction
(C) There is a leadership (D) Employees are motivated
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5. In ‘Direction’ who is given importance ?
(A) To machines (B) To paper work
(C) To man (D) To production
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6. Closing stock appearing in the Trial Balance is shown in–
(A) Balance Sheet only (B) Trading Account only
(C) Trading Account and Balance Sheet both (D) None of the above
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7. The rate of gross profit is 20% on sales and the cost of goods sold is Rs. 1‚00‚000, the amount of gross profit will be–
(A) Rs. 30‚000 (B) Rs. 25‚000
(C) Rs. 20‚000 (D) Rs. 16‚667
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8. The policy “anticipate no profit and provide for all possible losses” arises due to–
(A) Convention of consistency (B) Convention of conservatism
(C) Convention of Disclosure (D) None of the above
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9. Donations received for the special purpose will be taken to the–
(A) Income and Expenditure Account (B) Assets side of the Balance Sheet
(C) Liabilities side of the Balance Sheet (D) Receipts and Payments Account
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10. A sports club receives admission fees. It is a–
(A) Revenue receipt (B) Capital receipt
(C) Deferred receipt (D) None of these
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11. Which of the following is not an element of marketing mix ?
(A) Product (B) Price
(C) Promotion (D) Product life cycle
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12. Market segmentation means–
(A) Grouping of buyers (B) Grouping of sellers
(C) Grouping of middle men (D) Grouping of producers
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13. Standard costing is a technique of–
(A) Planning (B) Organising
(C) Coordination (D) Control
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14. The principle of ‘Unity of Command’ was introduced by–
(A) Elton Mayo (B) Henry Fayol
(C) F. W. Taylor (D) Urwick
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15. The last step of communication process is–
(A) Controlling (B) Implementation
(C) Correction (D) Reaction
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16. 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)
(A) 1 2 4 3
(B) 3 4 2 1
(C) 1 4 2 3
(D) 3 2 4 1
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17. Which of the following is affected by treatment of an accrued item in accounting ?
(A) Profit and Loss A/c only
(B) Profit and Loss Appropriation A/c
(C) Balance Sheet only
(D) Profit and Loss A/c and Balance Sheet
See Answer:

18. Income and expenses for the year 2012 are–
Fee Received in Cash – Rs.24,000
Accrued Fee – Rs.6,000
Rent for Chamber Paid – Rs.6,000
Outstanding Rent – Rs.2,000
Salary Paid to Staff – Rs.6,000
Miscellaneous Expenses Paid – Rs.200
Salary paid in advance to staff included in the above : Rs. 1,000.
What is the income under accrual basis ?
(A) Rs. 11,800 (B) Rs. 13,200
(C) Rs. 16,800 (D) Rs. 30,000
See Answer:

If Opening Stock – Rs.15,000
Purchases – Rs.37,500
Direct Expenses – Rs.1,500
Closing Stock – Rs.7,500
Operating Expenses – Rs.3,000
Sales are Rs. 60,000 during the year, what is the net profit ?
(A) Rs. 12,000 (B) Rs. 10,500
(C) Rs. 7,500 (D) Rs. 3,000
See Answer:

20. On 1.4.2007, a firm's capital was Rs. 2,00,000, Assets Rs. 2,40,000 and Liabilities Rs. 40,000. It sold goods costing Rs. 10,000 for Rs. 12,000. What will be the position of accounting equation after this transaction has been recorded in accounts ?
Assets = Capital + Liabilities
(A) 2,42,000 = 2,02,000 + 40,000
(B) 2,52,000 = 2,12,000 + 40,000
(C) 2,30,000 = 2,00,000 + 30,000
(D) 2,22,000 = 1,82,000 + 40,000
See Answer:


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