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Commerce Knowledge Test
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Commerce Knowledge Test
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25 Questions

1. In case of women assessee her agricultural income of Rs. 8000 shall be included in her total income if her total income is more than the following-“
2. What is the amount of gross profit or loss when-“ Cost of Goods sold = 7900 Sales = 11000 Purchases = 3000
3. The opportunity cost of holding money is determined by-“
4. In a free market economy the allocation of resources is deter-mined by-“
5. Any balance in the share forfeiture account after all the forfeiture shares are re-issued should be-“
6. The function of staff in line the staff organization is-“
7. The policy that has been the most successful in increasing agricultural output in developing country is-“
8. Sum received from sale of agricultural land shal be covered under the categories of following income-“
9. A valid definition of a business purpose is to-“
10. The flow of fund is said to have taken place when-“
11. Bank overdraft should be classified as-“
12. Monopolist can determine-“
13. The burden of tax falls more heavily on the seller in a market when-“
14. When funds from operations are Rs. 42 - 000 and amount of depreciation on plant and machinery is Rs. 5000. What is the amount of net profit.
15. Opening stock Rs. 15000 Purchases Rs. 40000 Cost of golds sold Rs. 52000 Sales Rs. 57000 What is the amount of gross profit or loss-“
16. Bill discounted with a bank is-“
17. The term 'funds' as used in 'funds flow statement' means-“
18. Which of the following should not be considered in a make or buy decision ?
19. Given net profit Rs. 1 - 50 - 000 - preference dividend Rs. 25 - 000 taxes Rs. 10 - 000 - Equity capital (Rs.10 each) - Rs. 10 - 00 - 000 what is the Earning per share (EPS)-“
20. Interim dividend is shown-“
21. Year ending on March 31st immediately prior to assessment year is called-“
22. Share of partner in the income of partnership firm shall be-“
23. A partner in a firm-“
24. Business means-“
25. The agricultural income is exempt under the following section of IT Act-“

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