General Knowledge Commerce Questions

General Knowledge Commerce Questions

1. In case of Board Meetings the Quorum must be present–
(A) At the commencement of the meeting
(B) At the termination of the meeting
(C) Throughout the meeting
(D) At the commencement and termination both
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2. In a public company the minimum number for having a Quorum in a meeting is–
(A) 2 (B) 3
(C) 5 (D) 7
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3. The capital issues of public limited companies are subject to guidelines issued by–
(A) Reserve Bank of India (B) Central Government
(C) Central Bank of India (D) Securities & Exchange Board of India (SEBI)
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4. Disinvestment of shares means–
(A) To sale the shares of private company to public
(B) To sale the shares of public company to the public
(C) To sale the shares of Government company to the public
(D) To sale of shares by holding company to its subsidiary company
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5. When the existing companies raise additional funds by issue of shares to the existing shareholders in proportion to their existing shareholdings, it is called–
(A) Buyback of shares (B) Issue of shares at premium
(C) Issue of shares at discount (D) Right shares issue
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6. Liability of a Company Secretary is–
(A) Contractual only (B) Statutory only
(C) Civil only (D) Both contractual and statutory
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7. The primary function of an office is–
(A) Making, using and preserving records (B) Remunerating personnel
(C) Carrying out management policies (D) Safeguarding organization’s assets
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8. In an office, Franking machine is used for–
(A) Punching card (B) Accounting work
(C) Duplicating (D) Postal stamp fixing
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9. Fax is used for–
(A) Sending telephonic message (B) Sending copies of documents
(C) Exercising control (D) Decision making
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10. Keyboard of a computer is–
(A) An input device (B) An output device
(C) A processing device (D) A storage device
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11. Share Premium received by a Company may be used for–
(A) Payment of dividend (B) Payment of remuneration to management
(C) Issue of Bonus shares (D) None of these
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12. Garner Vs. Murray rule applies in case of–
(A) Admission of a partner (B) Dissolution of a firm
(C) Retirement of a partner (D) Death of a partner
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13. When sale is Rs. 4,80,000, gross loss is 25% on cost, purchase is Rs. 3,50,000 and closing stock is Rs. 60,000, the stock in the beginning would be–
(A) Rs. 70,000 (B) Rs. 94,000
(C) Rs. 1,34,000 (D) Rs. 3,50,000
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14. Balance of Debenture Redemption Fund Account is transferred to–
(A) Capital Reserve A/c (B) Profit and Loss A/c
(C) General Reserve A/c (D) None of these
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15. Planning includes–
(A) Objectives (B) Policy
(C) Strategy (D) All of the above
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16. Sometimes an auditor is called upon to review the operations of an enterprise for evaluating their cost-effectiveness. What is this kind of audit generally known as ?
(A) Cost Audit (B) Operations Audit
(C) Tax Audit (D) Independent Financial Audit
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17. Match List-I with List-II and select the correct answer using the code given below the Lists–
List-I (Assets and Liabilities)
(a) Current assets (b) Fixed assets
(c) Deferred revenue expenditure (d) Current liabilities
List II (Accepted Principles of Valuation)
1. To be valued at cost less depreciation
2. To be valued at cost or market price whichever is lower
3. To be valued at the maximum figure which might be incurred
4. To be written off within a reasonable period of time
Codes :
(a) (b) (c) (d)
(A) 2 1 4 3
(B) 3 4 1 2
(C) 2 4 1 3
(D) 3 1 4 2
See Answer:

18. Match List-I with List-II and select the correct answer using the code given below the Lists–
List I (Type of Audit)
(a) Statutory Audit (b) Management Audit
(c) Cost Audit (d) Financial Audit
List II (Explanation)
1. Judge the correctness of the financial statements and establish their reliability
2. Appraisal of performance of executives
3. Examination of past records
4. Verification of cost records
Codes :
(a) (b) (c) (d)
(A) 3 4 2 1
(B) 1 2 4 3
(C) 3 2 4 1
(D) 1 4 2 3
See Answer:

19. Match List-I with List-II and select the correct answer using the code given below the Lists–
List-I (Technique of Auditing)
(a) Vouching (b) Verification
(c) Investigation (d) Valuation
List-II (Explanation)
1. It is an enquiry into the value, ownership and title of assets
2. It is testing of the exact value of an asset on the basis of its utility
3. It is the verification of authority and authenticity of transactions as recorded in the books of accounts
4. It is an examination of accounts and records of a business concern with some special purpose
Codes :
(a) (b) (c) (d)
(A) 3 2 4 1
(B) 4 1 3 2
(C) 3 1 4 2
(D) 4 2 3 1
See Answer:

20. Consider the following statements–
Internal check relates to
1. arrangement of duties of employees.
2. distribution of work in such a way that work of one employee is checked by other employee.
3. review of operations.
Which of the statements given above is/are correct ?
(A) 1 and 2 only (B) 2 and 3 only
(C) 3 only (D) 1, 2 and 3
See Answer:


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