Online Commerce MCQ Quiz

Online Commerce MCQ Quiz

1. Yen" is the currency of–
(A) China (B) Japan
(C) Italy (D) South Korea
See Answer:

2. Social Accounting means–
(A) Accounting for social benefits and social costs
(B) Accounting for Government Revenue & Govt. Cost
(C) Accounting for private revenue and private cost
(D) None of the above
See Answer:

3. It is given that cost of stock is Rs. 100. However, its market price is Rs. 98 (buying) and Rs. 140 (selling). If the market price is interpreted as the replacement cost, then the stock should be valued at–
(A) Rs. 98 (B) Rs. 100
(C) Rs. 140 (D) Rs. 40
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4. If the goods purchased are in transit, then the Journal Entry at the end of the period will be–
(A) Goods in Transit A/c Dr. To Supplier’s A/c
(B) Goods in transit A/c Dr. To Purchases A/c
(C) Stock A/c Dr. To Goods in Transit A/c
(D) Supplier’s A/c Dr. To Goods in Transit
See Answer:

5. Calculate Return on Investment/ Return on Proprietor’s fund. Gross profit of a firm is Rs. 3,20,000, Operating expenses Rs. 1,00,000, Taxes Rs. 20,000, Owner’s fund Rs. 5,00,000, Debenture Interest Rs. 50,000–
(A) 20% (B) 30%
(C) 40% (D) 50%
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6. The technique of “Carrot and Stick” is used in business organization for–
(A) Reducing absenteeism (B) Motivation
(C) Effective leadership (D) Rewarding workers
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7. The clearing agent is appointed by the–
(A) Shipping company (B) Custom’s Authority
(C) Importer (D) Exporter
See Answer:

8. The importer cannot take delivery of goods unless he produces the–
(A) Bill of sight (B) Bill of lading
(C) Shipping Bill (D) Mate’s receipt
See Answer:

9. The principle of indemnity is not related to–
(A) Life Insurance (B) Fire Insurance
(C) Marine Insurance (D) Crop Insurance
See Answer:

10. In Marine Insurance, the existence of insurable interest is necessary–
(A) When the loss is caused
(B) When the policy is taken
(C) Both when the policy is taken and when the loss is caused
(D) Throughout the period of contract
See Answer:

11. The policy of ‘anticipate no profit and provide for all possible losses’ is followed due to–
(A) Convention of consistency (B) Convention of conservation
(C) Convention of disclosure (D) None of the above
See Answer:

12. Receipts and Payments Account is prepared by–
(A) Companies (B) Banks
(C) Partnership firms (D) Non-trading organizations
See Answer:

13. Examination of documents and vouchers is called–
(A) Physical verification (B) Test checking
(C) Vouching (D) None of the above
See Answer:

14. Internal Audit is done by–
(A) External Auditors (B) Employees of the organisation
(C) Both (A) and (B) (D) Neither (A) nor (B)
See Answer:

15. Audit Programme is prepared by–
(A) The Auditor (B) The Company
(C) Internal Auditor (D) Financial Controller
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16. Consider the following statements–
The vouching of remuneration to directors involve the checking of
1. special resolution. 2. statement of accounts.
3. approval note of the Central Government. 4. Minutes Book.
Which of the statements given above are correct ?
(A) 1 and 2 only (B) 2 and 3 only
(C) 1, 2 and 4 (D) 1, 3 and 4
See Answer:

17. Land Development Banks form part of–
(A) Commercial Banks (B) IDBI
(C) FCI (D) Cooperative Credit Structure
See Answer:

19. Among the following tax revenues of the Union Government, which is the biggest source?
(A) Income Tax (B) Corporation Tax
(C) Central Excise (D) Customs Duty
See Answer:

19. Under the head ‘Secured Loans’ the following are disclosed–
1. Loans and Advances from banks.
2. Debentures.
3. Loans and Advances from subsidiaries.
4. Other loans and advances.
What is the correct chronological order of disclosure of the items given above in balance sheet of a company ?
(A) 3 - 1 - 2 – 4 (B) 2 - 4 - 3 - 1
(C) 3 - 4 - 2 – 1 (D) 2 - 1 - 3 - 4
See Answer:

20. Consider the following statements–
Accounting control comprises
1. The plan of organization concerned with decision process.
2. The plan of organization concerned with safeguarding of assets.
3. The procedure concerned with safeguarding of assets.
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:


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