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Commerce Knowledge Test
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Commerce Knowledge Test
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25 Questions

1. 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-“
2. The term fixed assets include-“
3. Table A of the companies Act can be adopted for-“
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. Investment by owner results in-“
6. The most important economic function of stock exchange is to-“
7. Which of the following goods or services could not be provided by a pure free market economy-“
8. Asset cost Rs. 21 - 000 Scrap value Rs. 1 - 000 Depreciation rate 10% p. a. What is the amount of depreciation for the first year if straight line method is used ?
9. Which of the following equation is correct?
10. National income in India is estimated by-“
11. The main drawback of functional organization developed by Taylor is that it fails to recognise-“
12. 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-“
13. Given January 1 December 31 Assets 30 - 000 Liabilities 13 - 000 Capital 16 - 500 Withdrawals by onwer during the year are Rs. 4000. What is the amount of capital on January 1 ?
14. Delegation of authority results in-“
15. Interest on single savings account in post office is exempt upto the following limit-“
16. What is the amount of gross profit or loss when-“ Cost of Goods sold = 7900 Sales = 11000 Purchases = 3000
17. 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-“
18. In a free market economy the allocation of resources is deter-mined by-“
19. For which of the following purpose - share premium can be used?
20. The crucial determinant of the size of the market is-“
21. When quick ratio is 1.5 : 1 and the amount of quick assets Rs. 30 - 000 - what is the amount of quick liabilities?
22. 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-“
23. First of all - the Income Tax Act was passed in independent India-“
24. In case of inferior goods the income elasticity of demand is-“
25. The term 'funds' as used in 'funds flow statement' means-“

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