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Commerce Knowledge Test
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Commerce Knowledge Test
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25 Questions

1. Share forfeited account is shown on the liability side of the balance sheet-“
2. 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.
3. 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.
4. The net assets of a business on Jan. 1 and Jan. 31 are Rs. 39 - 000 and Rs. 38 - 000 respectively. Additional investment by owner and withdrawal by owner during Jan. amount to Rs. 2000 and Rs. 6000 respectively. What is the net income for Jan. ?
5. Cost volume profit analysis is based on several assumptions which of the following is not one of these assumptions-“
6. 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?
7. 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-“
8. All the following are examples of profit centres within an airlines except-“
9. The main drawback of functional organization developed by Taylor is that it fails to recognise-“
10. First of all - the Income Tax Act was passed in independent India-“
11. National income in India is estimated by-“
12. Which of the following are current liabilities?
13. Monopolist can determine-“
14. Share of partner in the income of partnership firm shall be-“
15. Table A of the companies Act can be adopted for-“
16. A very senior citizen shall be that individual for purpose of Income Tax whose age is More than following-“
17. The term 'funds' as used in 'funds flow statement' means-“
18. Which of the following equation is correct?
19. Economic liberalisation in India started with-“
20. Consumer surplus is the area in graph-“
21. Bank overdraft should be classified as-“
22. Which of the following should not be considered in a make or buy decision ?
23. Business means-“
24. Assets of a business are Rs. 21315 and liabilities Rs. 4 - 120. What is the amount of owner's equity?
25. 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-“

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