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Objective Questions

Latest GSET Commerce Exam Question (Objective Questions), MCQ in English

Subjects : Commerce

Question Bank GSET Commerce Exam Paper II - English
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Commerce

Question 1Single Answer
Who is Father of Scientific Management ?
  1. A
    Henry Fayol
  2. B
    Elton Mayo
  3. C
    Chester Bernard
  4. D
    F. W. Taylor
Question 2Single Answer
Appointment of a Company Secretary is made by –
  1. A
    Promoters
  2. B
    Board of Directors
  3. C
    Debenture holders
  4. D
    Government
Question 3Single Answer
Bonus Shares are issued to –
  1. A
    Equity Shareholders
  2. B
    Preference Shareholders
  3. C
    Debenture Holders
  4. D
    Secured Creditors
Question 4Single Answer
Under which principle, all the rights of an insured are transferred to insurance company after making payment of claim ?
  1. A
    Subrogation
  2. B
    Utmost good faith
  3. C
    Contribution
  4. D
    Average clause
Question 5Single Answer
Rs. 10,000 spent on the replacement of worn out parts of an electronic machinery is treated as –
  1. A
    Capital expenditure
  2. B
    Revenue expenditure
  3. C
    Deferred revenue expenditure
  4. D
    Capital loss
Question 6Single Answer
EPS is calculated as –
  1. A
    EBIT / Equity shares
  2. B
    EBIT – Preference Dividend / Equity shares
  3. C
    EAT / Equity shares
  4. D
    EAT – Preference Dividend / Equity shares
Question 7Single Answer
Which is the oldest form of organisation ?
  1. A
    Line
  2. B
    Line and staff
  3. C
    Functional
  4. D
    Matrix
Question 8Single Answer
In ‘Direction’ who is given importance ?
  1. A
    To machines
  2. B
    To paper work
  3. C
    To man
  4. D
    To production
Question 9Single Answer
Standard costing is a technique of –
  1. A
    Planning
  2. B
    Organising
  3. C
    Coordination
  4. D
    Control
Question 10Single Answer
‘Table A’ is an alternative to –
  1. A
    Prospectus
  2. B
    Articles of Association
  3. C
    Memorandum of Association
  4. D
    None of the above
Question 11Single Answer
FEMA stands for –
  1. A
    Foreign Exchange Management Act
  2. B
    Funds Exchange Management Act
  3. C
    Finance Enhancement Monetary Act
  4. D
    Future Exchange Management Act
Question 12Single Answer
What of the following is false about W.T.O. ?
  1. A
    It is the main organ for implementing the Multilateral Trade Agreement
  2. B
    It is global in its membership
  3. C
    It has far wider scope than GATT
  4. D
    Only countries having more than prescribed level of total GDP can become its member
Question 13Single Answer
……........… has been founded to act as permanent watchdog on the international trade .
  1. A
    ISRD
  2. B
    ADS
  3. C
    WTO
  4. D
    DIMF
Question 14Single Answer
Which of the following statement is correct ?
  1. A
    The disinvestment programme has been successfully carried out in India
  2. B
    Privatisation up to 100% has been carried out in all the PSU in India
  3. C
    Under strategic sale method of disinvestment, the government sells a major share to a strategic partner
  4. D
    None of the above
Question 15Single Answer
Advance Income-tax is shown in the –
  1. A
    Debit side of Profit and Loss Account
  2. B
    Liability side of the Balance Sheet
  3. C
    Credit side of Profit and Loss Account
  4. D
    Assets side of the Balance Sheet
Question 16Single Answer
In the absence of a Partnership Deed, the rate of interest allowed on the partner’s loan to the firm is –
  1. A
    5%
  2. B
    6%
  3. C
    10%
  4. D
    None of the above
Question 17Single Answer
Interim Dividend is shown –
  1. A
    In Profit and Loss Account
  2. B
    In Profit and Loss Appropriation Account
  3. C
    On Asset side of Balance Sheet
  4. D
    On Liabilities side of Balance Sheet
Question 18Single Answer
Memorandum of Association contains –
  1. A
    Objective clause
  2. B
    Name clause
  3. C
    Capital clause
  4. D
    All of the above
Question 19Single Answer
If a cheque presented through the Clearing House is returned unpaid for any reason, the banker has to enclose the cheque to a Returning Memo while returning the instrument to the customer. This provision has been prescribed under:
  1. A
    Negotiable Instruments Act, 1881
  2. B
    Reserve Bank of India Act, 1934
  3. C
    Banking Regulation Act, 1949
  4. D
    RBI Clearing House Rules
Question 20Single Answer
By which of the following methods a Company Secretary can be removed from his post ?
  1. A
    By passing a resolution in Board Meeting
  2. B
    By order of Registrar of Companies
  3. C
    By passing a resolution in Annual General Meeting
  4. D
    None of the above
Question 21Single Answer
Which one of the following statements is correct in respect of Duty Drawback Scheme ?
  1. A
    Relieving export goods of duties paid for components used for manufacturing the export goods
  2. B
    Providing cash incentives to exporters to compensate the duty paid by them in foreign countries
  3. C
    Compensating importers to the extent of import duty paid by them for importing life-saving drugs
  4. D
    Providing a facility for withdrawing the duty paid by exporters if their exports are rejected in foreign countries
Question 22Single Answer
In foreign trade, what is the price quoted by a supplier which includes all charges incurred up to door delivery of goods to the buyer, called ?
  1. A
    Loco price
  2. B
    C.I.F. price
  3. C
    Franco price
  4. D
    Landed price
Question 23Single Answer
If the cost of goods sold is Rs. 1,00,000, the value of opening stock is Rs. 20,000 and the value of closing stock is Rs. 80,000, then the stock turnover ratio would be –
  1. A
    5 Times
  2. B
    4 Times
  3. C
    2 Times
  4. D
    1 Time
Question 24Single Answer
If profit made during the year is Rs. 10,000; increase and decrease in the current assets is Rs. 5,000 and Rs. 4,000 respectively, then the cash from operation equals –
  1. A
    Rs. 9,000
  2. B
    Rs. 10,000
  3. C
    Rs. 11,000
  4. D
    Rs. 19,000
Question 25Single Answer
Commercial paper is a –
  1. A
    long-term corporate security meant for small investors
  2. B
    medium-term corporate security meant for institutional investors
  3. C
    treasury paper meant for corporate investors
  4. D
    short-term corporate security meant for large-scale investors
Question 26Single Answer
A cartel is a combination of firms –
  1. A
    which are functioning in a particular industry
  2. B
    whose combined assets are worth more than 90% of total assets of the industry
  3. C
    who control major chunk of the market
  4. D
    whose combined profits are enormous
Question 27Single Answer
One of the major difficulties improving the industrial efficiency in enterprises is –
  1. A
    low investment
  2. B
    low productivity
  3. C
    ineffective marketing
  4. D
    poor inventory control
Question 28Single Answer
Exam Bank of India provides financial assistance to exporters and importers in India :
  1. A
    in foreign currency only
  2. B
    both in Indian currency and foreign currencies
  3. C
    as zero-interest loans
  4. D
    as subsidies
Question 29Single Answer
‘Object Clause’ of a Memorandum of Association can be altered by –
  1. A
    Ordinary resolution
  2. B
    Special resolution
  3. C
    Special resolution and confirmation by Registrar of Companies
  4. D
    Special resolution and confirmation by Company Law Board
Question 30Single Answer
The takeover of a company in which most of the purchase price is paid with borrowed money is referred to as –
  1. A
    hostile takeover
  2. B
    illegal takeover
  3. C
    leveraged buy-out
  4. D
    management buy-out
Question 31Single Answer
A public company can start business –
  1. A
    After incorporation
  2. B
    After promotion
  3. C
    After registration
  4. D
    After getting certificate of commencement of business
Question 32Single Answer
Impact of O & M is that –
  1. A
    promotion possibility becomes restricted
  2. B
    it leads to less scope for high salary and wages
  3. C
    entire organization is streamlined
  4. D
    work measurement is costly
Question 33Single Answer
The term ‘Organisational climate’ best represents –
  1. A
    human environment prevailing in an organisation
  2. B
    union-management relations within an organisation
  3. C
    problems introduced by faulty organisational structure
  4. D
    socio-cultural environment in an organisation
Question 34Single Answer
The Memorandum of Association shall be signed by each –
  1. A
    director
  2. B
    shareholder
  3. C
    subscriber
  4. D
    promoter and director
Question 35Single Answer
Changing the name of a company requires –
  1. A
    special resolution and approval of Company Law Board
  2. B
    special resolution and approval of Securities and Exchange Board of India
  3. C
    special resolution and approval of Central Government
  4. D
    ordinary resolution and approval of Company Law Board
Question 36Single Answer
Registration of Articles of Association is optional in the case of –
  1. A
    unlimited company
  2. B
    private company limited by shares
  3. C
    company limited by guarantee
  4. D
    public company limited by share
Question 37Single Answer
The Base Rate system has replaced BPLR with effect from:
  1. A
    01.05.2010
  2. B
    01.06.2010
  3. C
    01.07.2010
  4. D
    01.08.2010
Question 38Single Answer
Under the accrual concept which one of the following will not be shown as an asset/liability in the balance sheet of an entity ?
  1. A
    Interest due but not paid
  2. B
    Interest due but not received
  3. C
    Interest due and paid
  4. D
    Interest paid but not due
Question 39Single Answer
Goods worth Rs. 24,000 were returned by X. The accountant however credited the sales returns account by Rs. 42,000. In order to rectify this error, what should be done ?
  1. A
    Debit the sale return by Rs.42,000
  2. B
    Credit the sales return account by Rs. 24,000
  3. C
    Debit the sales return account by Rs. 66,000
  4. D
    Debit the sales return account by Rs. 18,000
Question 40Single Answer
A machine with a written down value of Rs. 10,000 has been sold for Rs. 13,000. The amount realized is a –
  1. A
    Capital receipt and profit involved should be transferred to Capital Reserve
  2. B
    Revenue receipt
  3. C
    Capital receipt and profit involved should be transferred to General Reserve
  4. D
    Capital receipt and profit involved should be transferred to Profit and Loss A/c
Question 41Single Answer
Provisions are amounts set aside out of profits and other surpluses for –
  1. A
    meeting a liability, the amount of which can be determined with exact figure
  2. B
    any known liability of which the amount cannot be determined with substantial accuracy
  3. C
    meeting an eventuality arising out of revaluation of assets in ordinary course of business
  4. D
    meeting a liability arising out of arbitration
Question 42Single Answer
A Ltd. Company issues 3,000, 15% debentures of Rs. 100 each at a discount of 7•5% repayable at a premium of 5% at the end of 5 years. The loss on issue of debentures will be –
  1. A
    Rs. 22,500
  2. B
    Rs. 30,000
  3. C
    Rs. 37,500
  4. D
    Rs. 45,000
Question 43Single Answer
X Ltd. has current ratio of 2– 1 and quick ratio of 1•5– 1. If its current liabilities are Rs. 80,000, then the value of stock would be –
  1. A
    Rs. 1,60,000
  2. B
    Rs. 1,20,000
  3. C
    Rs. 40,000
  4. D
    Rs. 80,000
Question 44Single Answer
Test checking of entries in the audit work refers to –
  1. A
    the internal checks
  2. B
    the inernal controls
  3. C
    checking some sample items from a large number of similar items
  4. D
    checking the cash flow of business
Question 45Single Answer
Share premium account can be used for –
  1. A
    Paying tax liability
  2. B
    Meeting the cost of issue of shares or debentures
  3. C
    Paying Dividend on shares
  4. D
    Meeting the loss on sale of old asset
Question 46Single Answer
Ploughing-back of profits means –
  1. A
    Dividend declared but not claimed by shareholders
  2. B
    Non-declaration of dividend in any year
  3. C
    Profits earned from illegal sources and employed in business
  4. D
    Retaining the earnings of business for future expansion programme
Question 47Single Answer
As per Schedule VI of the Companies’ Act, 1956, Forfeited Share Account will be –
  1. A
    Added to paid up capital
  2. B
    Deducted from called up capital
  3. C
    Added to capital reserve
  4. D
    Shown as a revenue reserve
Question 48Single Answer
‘Profit objective’ is of least priority in case of –
  1. A
    Private enterprise
  2. B
    Public enterprise
  3. C
    Department undertaking
  4. D
    Cooperative society
Question 49Single Answer
Partnership may come into existence by –
  1. A
    The operation of law
  2. B
    An express agreement only
  3. C
    An express or implied agreement only
  4. D
    Inheritance of property
Question 50Single Answer
When a security is not treated in the Stock Exchange for a period of.........days prior to the date of valuation, it is treated as "Non- Traded" security:
  1. A
    30 days
  2. B
    45 days
  3. C
    60 days
  4. D
    90 days
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