Interview Questions and Answers for Commerce

Interview Questions and Answers for Commerce

1. Which one of the following is not a feature of sole-proprietorship business ?
(A) Undivided risk (B) No government regulation
(C) Separate entity of the firm (D) Unlimited liability
See Answer:

2. A partner under his ‘Implied Authority’ can–
(A) enter into partnership with others on behalf of the firm
(B) submit a dispute relating to the business of the form for arbitration
(C) defend any suit filed against the firm
(D) withdraw any suit or proceedings filed on behalf of the firm
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3. Which one of the following firm is considered to be illegal to do trading business ?
(A) A firm with 11 partners (B) A firm with 18 partners
(C) A firm with 20 partners (D) A firm with 22 partners
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4. The fund available with a company after paying all claims including tax and dividend is called–
(A) net profit (B) net operating profit
(C) capital profit (D) retained earnings
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5. The capital of a public limited company can be reduced with the confirmation of the–
(A) Registrar of Companies (B) Company Law Board
(C) Securities and Exchange Board of India (D) High Court
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6. Contingency School of Management–
(A) practice-oriented (B) principle-oriented
(C) result-oriented (D) profit and loss-oriented
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7. Which among the following is the oldest and simplest device for achieving co ordination ?
(A) Hierarchy (B) Planning
(C) Incentives (D) Rules
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8. Which one among the following is an instance of Participative Management ?
(A) Board of Directors (B) Trade Unions
(C) Work Committees (D) Task Force
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9. Which one of the following is the correct sequence in terms of the four management functions, first identified by Henry Fayol ?
(A) Planning, Organising, Leading and Controlling
(B) Planning, Organising, Staffing and Co-ordinating
(C) Planning, Motivating, Directing and Reporting
(D) Planning, Staffing, Communicating and Leading
See Answer:

10. According to behavioural scientists, organisation means the structure of–
(A) physical facilities
(B) tasks and relationship
(C) behaviour of the management with the working force
(D) attitude of workers with the management
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11. Which one of the following statutory committees needs to be constituted in a listed company ?
(A) Tender Committee (B) Audit Committee
(C) Management Committee (D) Recruitment Committee
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12. A statutory corporation is one, which comes into being by–
(A) registration under Companies Act, 1956
(B) virtue of enactment of a special Act
(C) registration under any enforceable Act operating in India
(D) the entrepreneurial effort of the government
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13. In vouching, an auditor verifies–
(A) the authority of transactions only
(B) the authenticity of transactions only
(C) both the authority and authenticity of transactions
(D) the arithmetical accuracy of the transactions only.
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14. When shares are forfeited the share capital account is debited by–
(A) Paid-up amount (B) Called-up amount
(C) Nominal value of the shares (D) Market value of the shares
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15. Which one of the following reflects the overall efficiency with which capital is used ?
(A) Return on shareholder’s funds (B) Investment turnover ratio
(C) Operating ratio (D) Earning per ratio
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16. Which one of the following is a conclusive proof of the existence of a company ?
(A) Certificate of incorporation
(B) Certificate of commencement of business
(C) Filing of registration papers duly stamped with the Registrar of the Companies
(D) Share certificate
See Answer:

17. Secret reserves are created by means of–
(A) Transfer to general reserve (B) Providing excessive depreciation
(C) Overvaluation of inventories (D) Undervaluation of liabilities.
See Answer:

18. Which of the following is not audit technique ?
(A) Audit Note Book (B) Vouching
(C) Verification (D) Test Checking
See Answer:

19. The registering authority of L.L.P. will be—
(A) Registrar of firms (B) Registrar of Companies
(C) Registrar of Universities (D) None of the above
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20. Which of the following statement is true ?
(A) Every partner of LLP is the agent of LLP, but not of other partners
(B) LLP is not required to file an annual return with the registrar
(C) LLP is bound by anything done by a partner in dealing with a person
(D) Every partner of LLP has fiduciary relationship with LLP
See Answer:

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