Commerce Quiz Questions
1. The minimum paid-up share capital for a public company shall be–
(A) Rs. 1 lakh (B) Rs. 2 lakhs
(C) Rs. 3 lakhs (D) Rs. 5 lakhs
See Answer:
2. Internal activity of a company is going to be performed according to established regulations. This assumption is provided as a right by–
(A) Doctrine of Indoor Management (B) Doctrine of Constructive Notice
(C) Doctrine of Ultravires (D) Doctrine of Intravires
See Answer:
3. Who is Father of Scientific Management ?
(A) Henry Fayol (B) Elton Mayo
(C) Chester Bernard (D) F. W. Taylor
See Answer:
4. Under Section 275 of the Companies’ Act, 1956 a person can become director in public company of not more than–
(A) 5 companies (B) 10 companies
(C) 15 companies (D) 20 companies
See Answer:
5. Articles of Association can be altered by passing–
(A) An ordinary resolution in Annual General Meeting
(B) A special resolution in Annual General Meeting
(C) A resolution with special notice
(D) Without any resolution
See Answer:
6. Who can be appointed as a Company Secretary under the Companies Act, 1956 ?
(A) An individual (B) A partnership firm
(C) A company (D) None of the above
See Answer:
7. Appointment of a Company Secretary is made by–
(A) Promoters (B) Board of Directors
(C) Debenture holders (D) Government
See Answer:
8. Convening meetings of a company is the responsibility of the–
(A) Chairman, Board of Directors (B) Managing Director
(C) Company Secretary (D) General Manager
See Answer:
9. What is the quorum of general meetings in the case of private limited company and public limited company ?
(A) 2 members and 5 members respectively
(B) 3 members and 5 members respectively
(C) 5 members in each type of company
(D) 5 members and 7 members respectively
See Answer:
10. Minutes of the annual general meeting must be prepared and signed by the chairman within–
(A) 14 days of the meeting (B) 21 days of the meeting
(C) 30 days of the meeting (D) 45 days of the meeting
See Answer:
11. Goods worth Rs. 2,000 were distributed to employees free of charge. The account to be debited is–
(A) Profit and Loss A/c (B) Advertisement A/c
(C) Labour Welfare A/c (D) Goods A/c
See Answer:
12. The maximum rate of underwriting commission on debentures is–
(A) 10% (B) 2•5%
(C) 12•5% (D) 5%
See Answer:
13. X Ltd. forfeited 20 shares of Rs. 10 each on which Rs. 6 per share were paid. If out of these shares, 8 shares were reissued to Ram as fully paid up on payment of Rs. 5•50 per share, the amount that will remain standing to the credit of Share Forfeited A/c will be–
(A) Rs. 48 (B) Rs. 72
(C) Rs. 84 (D) Rs. 120
See Answer:
14. Bonus Shares are issued to–
(A) Equity Shareholders (B) Preference Shareholders
(C) Debenture Holders (D) Secured Creditors
See Answer:
15. On an equity share of Rs. 100, the minimum amount payable on application under the law should be–
(A) Rs. 20 (B) Rs. 15
(C) Rs. 10 (D) Rs. 5
See Answer:
16. Consider the following statements–
1. Managerial grid is an organizational concept that brings together teams of individuals from specialized jobs and departments for achieving specific results in defined periods of time.
2. The matrix management model is based on a matrix of values between 0 and 9 for two primary variables.
Which of the statements given above is/are correct ?
(A) 1 only (B) 2 only
(C) Both 1 and 2 (D) Neither 1 nor 2
See Answer:
17. A limited company makes a net profit of Rs. 2,00,000 after writing off preliminary expenses amounting to Rs. 20,000 and providing for depreciation on assets amounting to Rs. 40,000 and gain of Rs. 10,000 on sale of a piece of machinery. What are the funds from operation ?
(A) Rs. 2,00,000 (B) Rs. 2,40,000
(C) Rs. 2,50,000 (D) Rs. 2,60,000
See Answer:
18. Consider the following items that are disclosed in a statement of cash flows–
1. Cash flow from operating activities.
2. Cash flow from financing activities.
3. Closing cash and cash equivalents.
4. Cash from investing activities What is the correct chronological order of their disclosure of the above cash flows ?
(A) 2 - 3 - 1 – 4 (B) 1 - 4 - 2 - 3
(C) 2 - 4 - 1 – 3 (D) 1 - 3 - 2 - 4
See Answer:
19. Consider the following statements–
A cash flow statement is generally prepared for
1. Ascertaining the net cash flows between two accounting periods.
2. Understanding the trends of cash flows between two accounting periods.
3. Short term cash planning of the business.
Which of the statements given above are correct ?
(A) 1 and 2 only (B) 2 and 3 only
(C) 1 and 3 only (D) 1, 2 and 3
See Answer:
20. Which of the following represents corporate sustainable reporting ?
(A) Publishing annual financial statement only
(B) Publishing annual financial statements and social accounts
(C) Publishing social and environmental accounts annually
(D) Publishing annual financial statements incorporating economic, social and environmental performances
See Answer:
(A) Rs. 1 lakh (B) Rs. 2 lakhs
(C) Rs. 3 lakhs (D) Rs. 5 lakhs
See Answer:
2. Internal activity of a company is going to be performed according to established regulations. This assumption is provided as a right by–
(A) Doctrine of Indoor Management (B) Doctrine of Constructive Notice
(C) Doctrine of Ultravires (D) Doctrine of Intravires
See Answer:
3. Who is Father of Scientific Management ?
(A) Henry Fayol (B) Elton Mayo
(C) Chester Bernard (D) F. W. Taylor
See Answer:
4. Under Section 275 of the Companies’ Act, 1956 a person can become director in public company of not more than–
(A) 5 companies (B) 10 companies
(C) 15 companies (D) 20 companies
See Answer:
5. Articles of Association can be altered by passing–
(A) An ordinary resolution in Annual General Meeting
(B) A special resolution in Annual General Meeting
(C) A resolution with special notice
(D) Without any resolution
See Answer:
6. Who can be appointed as a Company Secretary under the Companies Act, 1956 ?
(A) An individual (B) A partnership firm
(C) A company (D) None of the above
See Answer:
7. Appointment of a Company Secretary is made by–
(A) Promoters (B) Board of Directors
(C) Debenture holders (D) Government
See Answer:
8. Convening meetings of a company is the responsibility of the–
(A) Chairman, Board of Directors (B) Managing Director
(C) Company Secretary (D) General Manager
See Answer:
9. What is the quorum of general meetings in the case of private limited company and public limited company ?
(A) 2 members and 5 members respectively
(B) 3 members and 5 members respectively
(C) 5 members in each type of company
(D) 5 members and 7 members respectively
See Answer:
10. Minutes of the annual general meeting must be prepared and signed by the chairman within–
(A) 14 days of the meeting (B) 21 days of the meeting
(C) 30 days of the meeting (D) 45 days of the meeting
See Answer:
11. Goods worth Rs. 2,000 were distributed to employees free of charge. The account to be debited is–
(A) Profit and Loss A/c (B) Advertisement A/c
(C) Labour Welfare A/c (D) Goods A/c
See Answer:
12. The maximum rate of underwriting commission on debentures is–
(A) 10% (B) 2•5%
(C) 12•5% (D) 5%
See Answer:
13. X Ltd. forfeited 20 shares of Rs. 10 each on which Rs. 6 per share were paid. If out of these shares, 8 shares were reissued to Ram as fully paid up on payment of Rs. 5•50 per share, the amount that will remain standing to the credit of Share Forfeited A/c will be–
(A) Rs. 48 (B) Rs. 72
(C) Rs. 84 (D) Rs. 120
See Answer:
14. Bonus Shares are issued to–
(A) Equity Shareholders (B) Preference Shareholders
(C) Debenture Holders (D) Secured Creditors
See Answer:
15. On an equity share of Rs. 100, the minimum amount payable on application under the law should be–
(A) Rs. 20 (B) Rs. 15
(C) Rs. 10 (D) Rs. 5
See Answer:
16. Consider the following statements–
1. Managerial grid is an organizational concept that brings together teams of individuals from specialized jobs and departments for achieving specific results in defined periods of time.
2. The matrix management model is based on a matrix of values between 0 and 9 for two primary variables.
Which of the statements given above is/are correct ?
(A) 1 only (B) 2 only
(C) Both 1 and 2 (D) Neither 1 nor 2
See Answer:
17. A limited company makes a net profit of Rs. 2,00,000 after writing off preliminary expenses amounting to Rs. 20,000 and providing for depreciation on assets amounting to Rs. 40,000 and gain of Rs. 10,000 on sale of a piece of machinery. What are the funds from operation ?
(A) Rs. 2,00,000 (B) Rs. 2,40,000
(C) Rs. 2,50,000 (D) Rs. 2,60,000
See Answer:
18. Consider the following items that are disclosed in a statement of cash flows–
1. Cash flow from operating activities.
2. Cash flow from financing activities.
3. Closing cash and cash equivalents.
4. Cash from investing activities What is the correct chronological order of their disclosure of the above cash flows ?
(A) 2 - 3 - 1 – 4 (B) 1 - 4 - 2 - 3
(C) 2 - 4 - 1 – 3 (D) 1 - 3 - 2 - 4
See Answer:
19. Consider the following statements–
A cash flow statement is generally prepared for
1. Ascertaining the net cash flows between two accounting periods.
2. Understanding the trends of cash flows between two accounting periods.
3. Short term cash planning of the business.
Which of the statements given above are correct ?
(A) 1 and 2 only (B) 2 and 3 only
(C) 1 and 3 only (D) 1, 2 and 3
See Answer:
20. Which of the following represents corporate sustainable reporting ?
(A) Publishing annual financial statement only
(B) Publishing annual financial statements and social accounts
(C) Publishing social and environmental accounts annually
(D) Publishing annual financial statements incorporating economic, social and environmental performances
See Answer:
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