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Commerce Knowledge Test
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Commerce Knowledge Test
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25 Questions

1. Charging of capital expenditure to revenue results in-“
2. 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 ?
3. If the cost of goods sold is Rs. 1 - 20;000 and the rate of gross loss is Rs. ¼ of sales the amount of sales is-“
4. What is the amount of gross profit or loss when-“ Cost of Goods sold = 7900 Sales = 11000 Purchases = 3000
5. A firm's average total cost is Rs. 30 at 5 units of output and Rs. 32 at 6 units of output. The marginal cost of producing 6th units is-“
6. 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-“
7. In case of inferior goods the income elasticity of demand is-“
8. Share of partner in the income of partnership firm shall be-“
9. 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)-“
10. National income in India is estimated by-“
11. 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-“
12. Consumer surplus is the area in graph-“
13. In a free market economy the allocation of resources is deter-mined by-“
14. Classification of employees according to education and skill is called-“
15. In case of individual assessee - surcharge shall be levied only when income exceeds the following amount-“
16. The crucial determinant of the size of the market is-“
17. 'Open Market Operations' is a part of-“
18. Assets of a business are Rs. 21315 and liabilities Rs. 4 - 120. What is the amount of owner's equity?
19. 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?
20. The term 'funds' as used in 'funds flow statement' means-“
21. Which of the following is an economic barometer-“
22. Following percentage in tea production is treated agricultural income.
23. A valid definition of a business purpose is to-“
24. Who is called the Father of Economics?
25. The average value of -“4 - -“3 - 0 - 3 - 4 is-“

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