Question Paper Commerce
1. According to which concept business is treated as a unit apart from owner :
A. Dual concept
B. Divider concept
C. Entity concept
D. Landlord concept
Answer : C
2. Authorized capital, also known as:
A. Nominal capital
B. Paid up capital
C. Issues capital
D. None of the these
Answer : A
3. True & Fair profit and loss a/c of a company is known by:
A. Preparing trial balance
B. Preparing respective ledger of account
C. Preparing trading a/c
D. preparing trading and profit & loss a/c
Answer : D
4. Credit balance of profit & loss a/c shown on:
A. Asset side of balance sheet
B. Liability side of balance sheet
C. Not shown in balance sheet
D. Half on asset side and half on liability side
Answer : B
5. Under which concept it is assumed that the enterprises has neither the intention nor the necessity of liquidation or of curtailimg materiality the scale of operation?
A. Revenue realization concept
B. Matching cost concept
C. Going concern concept
D. None of these
Answer : C
6. Making the provision for doubtful debts and disount on debtors in anticipation of actual bad debts and discount is an example for which concept?
A. Conservatism concept
B. Continuity concept
C. Realization concept
D. All of these
Answer : A
7. Financial accounting use data :
A. Projected data
B. External data only
C. Historic data
D. Manager data only
Answer : C
8. Payment received from Debtor:
A. Decreases the Total Assets
B. Increases the Total Assets
C. Results in no change in the Total Assets
D. Increases the Total Liabilities
Answer : C
9. Bookkeeping is an...............of correctly recording of business transition.
A. Art and Science
B. Art
C. Science
D. Art or Science
Answer : B
10. Journal Entries and known as book of .................. Entry.
A. Original
B. Duplicate
C. Personal
D. Nominal
Answer : A
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