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Commerce Knowledge Test
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Commerce Knowledge Test
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25 Questions

1. First of all - the Income Tax Act was passed in independent India-“
2. Expenditure incurred by a publisher for acquiring copyrights is a-“
3. What is the amount of gross profit or loss when-“ Cost of Goods sold = 7900 Sales = 11000 Purchases = 3000
4. Median of discrete even series is given by-“
5. All the following are examples of fixed costs except-“
6. When opening stock is Rs. 50 - 000 - closing stock Rs. 60 - 000 and cost of goods sold Rs. 2 - 20 - 000 - the stock turnover ratio is-“
7. The total sum of the goods and services produced within a country in a year minus depreciation is called the-“
8. A firm which makes boats has fixed cost of Rs. 2 - 60 - 000 per month. The product sells for Rs. 35 - 000 per boat and the variable cost of production is Rs. 15 - 000 per boat. The boat yard can manufacture 20 boats each month. What is the firm's break even output?
9. Following percentage in tea production is treated agricultural income.
10. Mr. Pawan was born on April 18 - 1986 in India and later on he took the citizenship of USA. Neither his parents nor his grand parents were born in undivided India. In this case Mr. Paw an shall be-“
11. The internal auditor of a joint stock company-“
12. The income tax deducted from interest paid on debentures is shown on the-“
13. X Ltd. forfeited. 30 shares of Rs. 10 each fully called up for non payment of allotment money of Rs. 3 per share and call money of Rs. 4 per share. These shares are re-issued for Rs. 8 per share fully paid. What is the amount to be transferred to capital reserve account.
14. Assets of a business are Rs. 21315 and liabilities Rs. 4 - 120. What is the amount of owner's equity?
15. Which of the following is not viewed as a national debt?
16. Cash received from debtors is Rs. 12 - 000 and furniture purchased is Rs. 7 - 000. What is the net effect on the flow of funds?
17. The mean of the following distribution is-“ X : 145 155 165 175 F : 10 12 15 10
18. A minor's income shall be included in the guardian assessee's income if it-“
19. Share of partner in the income of partnership firm shall be-“
20. Economic liberalisation in India started with-“
21. Business means-“
22. Delegation of authority results in-“
23. Closing stock Rs. 53 - 400 cost of Goods sold Rs. 75 - 000 - Gross profit Rs. 5 - 000 - Purchases Rs. 82 - 000 What is the amount of opening stock-“
24. Assuming there is no government or foreign sector - if the MPC is 0.8 - the multiplier is-“
25. A company redeemed its preference share capital Rs. 2 - 00 - 000 for which purpose it raised equity capital of Rs. 1 - 50 - 000. It also issued bonus shares of the value of Rs. 1 - 00 - 000. These transactions will have the net effect on the flow of funds is follows-“

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