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Latest TRB Tripura PGT Commerce Exam Question (Objective Questions), MCQ in English
Subjects : Commerce
Question Bank TRB Tripura PGT Commerce Exam - English
Commerce
Q 1 :
Who is Father of Scientific Management ?
A.Henry Fayol
B.Elton Mayo
C.Chester Bernard
D.F. W. Taylor
Q 2 :
Appointment of a Company Secretary is made by –
A.Promoters
B.Board of Directors
C.Debenture holders
D.Government
Q 3 :
Bonus Shares are issued to –
A.Equity Shareholders
B.Preference Shareholders
C.Debenture Holders
D.Secured Creditors
Q 4 :
Under which principle, all the rights of an insured are transferred to insurance company after making payment of claim ?
A.Subrogation
B.Utmost good faith
C.Contribution
D.Average clause
Q 5 :
Rs. 10,000 spent on the replacement of worn out parts of an electronic machinery is treated as –
A.Capital expenditure
B.Revenue expenditure
C.Deferred revenue expenditure
D.Capital loss
Q 6 :
EPS is calculated as –
A.EBIT / Equity shares
B.EBIT – Preference Dividend / Equity shares
C.EAT / Equity shares
D.EAT – Preference Dividend / Equity shares
Q 7 :
Which is the oldest form of organisation ?
A.Line
B.Line and staff
C.Functional
D.Matrix
Q 8 :
In ‘Direction’ who is given importance ?
A.To machines
B.To paper work
C.To man
D.To production
Q 9 :
Standard costing is a technique of –
A.Planning
B.Organising
C.Coordination
D.Control
Q 10 :
‘Table A’ is an alternative to –
A.Prospectus
B.Articles of Association
C.Memorandum of Association
D.None of the above
Q 11 :
FEMA stands for –
A.Foreign Exchange Management Act
B.Funds Exchange Management Act
C.Finance Enhancement Monetary Act
D.Future Exchange Management Act
Q 12 :
What of the following is false about W.T.O. ?
A.It is the main organ for implementing the Multilateral Trade Agreement
B.It is global in its membership
C.It has far wider scope than GATT
D.Only countries having more than prescribed level of total GDP can become its member
Q 13 :
……........… has been founded to act as permanent watchdog on the international trade .
A.ISRD
B.ADS
C.WTO
D.DIMF
Q 14 :
Which of the following statement is correct ?
A.The disinvestment programme has been successfully carried out in India
B.Privatisation up to 100% has been carried out in all the PSU in India
C.Under strategic sale method of disinvestment, the government sells a major share to a strategic partner
D.None of the above
Q 15 :
Advance Income-tax is shown in the –
A.Debit side of Profit and Loss Account
B.Liability side of the Balance Sheet
C.Credit side of Profit and Loss Account
D.Assets side of the Balance Sheet
Q 16 :
In the absence of a Partnership Deed, the rate of interest allowed on the partner’s loan to the firm is –
A.5%
B.6%
C.10%
D.None of the above
Q 17 :
Interim Dividend is shown –
A.In Profit and Loss Account
B.In Profit and Loss Appropriation Account
C.On Asset side of Balance Sheet
D.On Liabilities side of Balance Sheet
Q 18 :
Memorandum of Association contains –
A.Objective clause
B.Name clause
C.Capital clause
D.All of the above
Q 19 :
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:
A.Negotiable Instruments Act, 1881
B.Reserve Bank of India Act, 1934
C.Banking Regulation Act, 1949
D.RBI Clearing House Rules
Q 20 :
By which of the following methods a Company Secretary can be removed from his post ?
A.By passing a resolution in Board Meeting
B.By order of Registrar of Companies
C.By passing a resolution in Annual General Meeting
D.None of the above
Q 21 :
Which one of the following statements is correct in respect of Duty Drawback Scheme ?
A.Relieving export goods of duties paid for components used for manufacturing the export goods
B.Providing cash incentives to exporters to compensate the duty paid by them in foreign countries
C.Compensating importers to the extent of import duty paid by them for importing life-saving drugs
D.Providing a facility for withdrawing the duty paid by exporters if their exports are rejected in foreign countries
Q 22 :
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 ?
A.Loco price
B.C.I.F. price
C.Franco price
D.Landed price
Q 23 :
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 –
A.5 Times
B.4 Times
C.2 Times
D.1 Time
Q 24 :
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 –
A.Rs. 9,000
B.Rs. 10,000
C.Rs. 11,000
D.Rs. 19,000
Q 25 :
Commercial paper is a –
A.long-term corporate security meant for small investors
B.medium-term corporate security meant for institutional investors
C.treasury paper meant for corporate investors
D.short-term corporate security meant for large-scale investors
Q 26 :
A cartel is a combination of firms –
A.which are functioning in a particular industry
B.whose combined assets are worth more than 90% of total assets of the industry
C.who control major chunk of the market
D.whose combined profits are enormous
Q 27 :
One of the major difficulties improving the industrial efficiency in enterprises is –
A.low investment
B.low productivity
C.ineffective marketing
D.poor inventory control
Q 28 :
Exam Bank of India provides financial assistance to exporters and importers in India :
A.in foreign currency only
B.both in Indian currency and foreign currencies
C.as zero-interest loans
D.as subsidies
Q 29 :
‘Object Clause’ of a Memorandum of Association can be altered by –
A.Ordinary resolution
B.Special resolution
C.Special resolution and confirmation by Registrar of Companies
D.Special resolution and confirmation by Company Law Board
Q 30 :
The takeover of a company in which most of the purchase price is paid with borrowed money is referred to as –
A.hostile takeover
B.illegal takeover
C.leveraged buy-out
D.management buy-out
Q 31 :
A public company can start business –
A.After incorporation
B.After promotion
C.After registration
D.After getting certificate of commencement of business
Q 32 :
Impact of O & M is that –
A.promotion possibility becomes restricted
B.it leads to less scope for high salary and wages
C.entire organization is streamlined
D.work measurement is costly
Q 33 :
The term ‘Organisational climate’ best represents –
A.human environment prevailing in an organisation
B.union-management relations within an organisation
C.problems introduced by faulty organisational structure
D.socio-cultural environment in an organisation
Q 34 :
The Memorandum of Association shall be signed by each –
A.director
B.shareholder
C.subscriber
D.promoter and director
Q 35 :
Changing the name of a company requires –
A.special resolution and approval of Company Law Board
B.special resolution and approval of Securities and Exchange Board of India
C.special resolution and approval of Central Government
D.ordinary resolution and approval of Company Law Board
Q 36 :
Registration of Articles of Association is optional in the case of –
A.unlimited company
B.private company limited by shares
C.company limited by guarantee
D.public company limited by share
Q 37 :
The Base Rate system has replaced BPLR with effect from:
A.01.05.2010
B.01.06.2010
C.01.07.2010
D.01.08.2010
Q 38 :
Under the accrual concept which one of the following will not be shown as an asset/liability in the balance sheet of an entity ?
A.Interest due but not paid
B.Interest due but not received
C.Interest due and paid
D.Interest paid but not due
Q 39 :
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 ?
A.Debit the sale return by Rs.42,000
B.Credit the sales return account by Rs. 24,000
C.Debit the sales return account by Rs. 66,000
D.Debit the sales return account by Rs. 18,000
Q 40 :
A machine with a written down value of Rs. 10,000 has been sold for Rs. 13,000. The amount realized is a –
A.Capital receipt and profit involved should be transferred to Capital Reserve
B.Revenue receipt
C.Capital receipt and profit involved should be transferred to General Reserve
D.Capital receipt and profit involved should be transferred to Profit and Loss A/c
Q 41 :
Provisions are amounts set aside out of profits and other surpluses for –
A.meeting a liability, the amount of which can be determined with exact figure
B.any known liability of which the amount cannot be determined with substantial accuracy
C.meeting an eventuality arising out of revaluation of assets in ordinary course of business
D.meeting a liability arising out of arbitration
Q 42 :
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 –
A.Rs. 22,500
B.Rs. 30,000
C.Rs. 37,500
D.Rs. 45,000
Q 43 :
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 –
A.Rs. 1,60,000
B.Rs. 1,20,000
C.Rs. 40,000
D.Rs. 80,000
Q 44 :
Test checking of entries in the audit work refers to –
A.the internal checks
B.the inernal controls
C.checking some sample items from a large number of similar items
D.checking the cash flow of business
Q 45 :
Share premium account can be used for –
A.Paying tax liability
B.Meeting the cost of issue of shares or debentures
C.Paying Dividend on shares
D.Meeting the loss on sale of old asset
Q 46 :
Ploughing-back of profits means –
A.Dividend declared but not claimed by shareholders
B.Non-declaration of dividend in any year
C.Profits earned from illegal sources and employed in business
D.Retaining the earnings of business for future expansion programme
Q 47 :
As per Schedule VI of the Companies’ Act, 1956, Forfeited Share Account will be –
A.Added to paid up capital
B.Deducted from called up capital
C.Added to capital reserve
D.Shown as a revenue reserve
Q 48 :
‘Profit objective’ is of least priority in case of –
A.Private enterprise
B.Public enterprise
C.Department undertaking
D.Cooperative society
Q 49 :
Partnership may come into existence by –
A.The operation of law
B.An express agreement only
C.An express or implied agreement only
D.Inheritance of property
Q 50 :
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:
A.30 days
B.45 days
C.60 days
D.90 days
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TRB Tripura PGT Commerce Exam Question Bank Book - English
The budget relating to................must be prepared first and the other budgets should be prepared in the light of that factor
A.Limiting factor
B.Materials
C.Labour
D.Production
Q 70 :
..............budget may be classified into material cost budget, labour cost budget and overhead budget.
A.Cost of production
B.Purchase
C.Sales
D.Cash
Q 71 :
..............is the consolidated summary of the various functional budgets.
A.Master budget
B.Sales budget
C.Performance budget
D.Cash budget
Q 72 :
...............budget gives different budgeted costs for different levels of activity
A.Master
B.Fixed
C.Flexible
D.All of these
Q 73 :
When actual loss is .............than the estimated loss, the difference between the two is considered to be abnormal gain.
A.More
B.Less
C.Higher
D.None of these
Q 74 :
When the actual loss is more than the estimated loss, the difference between the two is considered to be..............
A.Abnormal loss
B.Normal loss
C.Loss
D.None of these
Q 75 :
Average unit cost for each process is calculated by dividing the............by...........
A.Total cost, number of units
B.Total process cost, number of units in process
C.Total process cost, number of finished goods
D.Total cost, number of units produced
Q 76 :
In.................costing where standardized goods or services result from a sequence of repetitive and more or less continuous operations to which costs are collected and averaged over the units produced during the year.
A.Multiple
B.Process
C.Operation
D.Single
Q 77 :
If the present cost of the car is Rs. 1,00,000 residual value at the end of the 5th year is Rs. 20,000, the monthly depreciation is.........
A.Rs. 20,000
B.Rs. 16,000
C.Rs. 1,333
D.Rs. 17,333
Q 78 :
In service costing, fixed charges are also called as............
A.Standing charges
B.Variable charges
C.Fixed charges
D.None of these
Q 79 :
In transportation costing a composite unit such as............is used.
A.Passenger mile/km or Ten kilometer
B.Per km
C.Per passenger
D.Per stop
Q 80 :
Calendar Ratio
Q 81 :
Efficiency Ratio =
Q 82 :
................is a summary of all function budgets in a Capsule form.
A.Master budget
B.Sales budget
C.Performance budget
D.Cash budget
Q 83 :
Cash Budget is a............budget.
A.Long-term
B.Very long-term
C.Short-term
D.Very short-term
Q 84 :
Sales budget is a:
A.Functional budget
B.Master budget
C.Expenditure budget
D.None of these
Q 85 :
The difference between fixed and variable cost has a special significance in the preparation of:
A.Flexible budget
B.Master budget
C.Cash budget
D.Sales budget
Q 86 :
In case of materials the key factor may be.
A.Insufficient advertising
B.Restrictions imposed by quota
C.Low market demand
D.Shortage of power
Q 87 :
Standard cost is a.............cost.
A.Predetermined
B.Historical
C.Actual
D.Final
Q 88 :
Standard costing is more widely applied in..............industries.
A.Process and engineering
B.Jobbing industries
C.Construction industry
D.All of these
Q 89 :
The deviation of the actual cost or profit or sales from the standard cost or profit or sale is known as............
A.Difference
B.Variance
C.Discrepancy
D.Inconsistency
Q 90 :
Material price variance is the difference between standard and actual prices of materials used multiplied by.............
A.Actual quantity of materials used
B.Budgeted quantity of materials used
C.Standard quantity of materials used
D.Either A or B
Q 91 :
Idle time variance is...............
A.Idle time × actual labour
B.Idle time × standard rate
C.Idle time × budgeted labour rate
D.Idle time × histrionica cost
Q 92 :
Standards set provide yardsticks against which ...............are compared.
A.Budgeted costs
B.Estimated costs
C.Actual costs
D.None of these
Q 93 :
Total Material cost variance =
A.Standard cost of materials-actual cost of materials
B.Budgeted cost of materials-actual cost of materials
C.Standard cost of materials-budgeted cost of materials
D.Actual cost of materials-budgeted cost of materials
Q 94 :
Material price variance = Actual u (..............)
A.Standard price
B.Standard unit price-actual unit price
C.Actual price
D.Standard usage
Q 95 :
Material mix variance = standard cost of standard mix - ..............
A.Actual cost of actual mix
B.Actual cost of standard mix
C.Standard cost of actual mix
D.Standard cost of budgeted mix
Q 96 :
Volume Variance =
A.Standard rate (Actual output-budgeted output)
B.Actual output x standard rate-budgeted fixed overheads
C.Standard rate per hour (Standard hours produced-actual hours)
D.All of the above
Q 97 :
A favorable variance will arise when capital revenues are…………….than expected.
A.more
B.less
C.Lesser
D.None of the above
Q 98 :
An unfavorable material usage arises because of:
A.Price increase in raw materials
B.Price decrease in raw materials
C.Less than anticipated normal wastage in the manufacturing process
D.More than anticipated normal wastage in the manufacturing process.
Q 99 :
………………….is an example of long-term budget.
A.Cash budget
B.Capital expenditure budget
C.Research and development budget
D.Both B & C
Q 100 :
…………..is an example of short-term budget.
A.Cash budget
B.Capital expenditure budget
C.Material budget
D.Both A & C
Q 101 :
Which of the following is not shown on the liability side of a balance sheet of a company ?
A.Authorized capital
B.Issued capital
C.Paid up capital
D.Reserve capital
Q 102 :
Penalty for delay in refunding application money:
A.6%
B.5%
C.15%
D.20%
Q 103 :
Public limited companies cannot issue .........
A.Equity shares
B.Deferred shares
C.Preference shares
D.Right shares
Q 104 :
The minimum share application money is...............
A.Rs 1/ share
B.5% of the face value of share
C.10% of the issue price of share
D.None of these
Q 105 :
The rate of discount on issue of shares should not exceed........ % of the nominal value of shares.
A.10
B.2
C.4
D.5
Q 106 :
Right shares are those shares which are issued to:
A.Directors
B.Promoters
C.Existing shareholders
D.None of these
Q 107 :
The profit on reissue of shares is transferred to .............
A.General reserve
B.Capital reserve
C.P/L account
D.P/L appropriation account
Q 108 :
Voluntary return of shares by shareholders to the company for cancellation is called:
A.Transfer of shares
B.Forfeiture of shares
C.Surrender of shares
D.Buyback of shares
Q 109 :
Stock is a consolidation of.............. Shares .
A.Partly paid
B.Fully paid
C.Equity
D.Sweat
Q 110 :
Preference shareholders are entitled to a fixed rate of.........
A.Interest
B.Dividend
C.Coupon
D.Capital
Q 111 :
............. Is deducted from the called-up capital in order to calculate paid-up capital .
A.Calls in arrear
B.Calls in advance
C.Uncalled capital
D.Reserve capital
Q 112 :
On forfeiture of shares, which of the following account is credited with the amount of money already received on such shares?
A.Shares forfeited a/c
B.Share capital a/c
C.Unpaid calls a/c
D.Share premium a/c
Q 113 :
................... Implies issue and allotment of shares to a selected group of persons and not to general public.
A.Initial public offer
B.Right issue
C.Private placement
D.Preemptive right
Q 114 :
Shares which carry preferential rights are called ...............
A.Equity shares
B.Preference shares
C.Sweaty equity
D.Green shoe
Q 115 :
Preference shares can be redeemed................
A.If they are fully paid up
B.If they are partly paid up
C.If they are convertible
D.None of these
Q 116 :
At present, a company limited by shares cannot issue...............preference shares.
A.Redeemable
B.Irredeemable
C.Convertible
D.None of these
Q 117 :
Capital redemption reserve can be utilized for................
A.Declaring dividend
B.Writing of capital losses
C.Issue of fully paid up bonus shares
D.None of these
Q 118 :
Which of the following is not a source of redemption of preference shares?
A.Divisible profit
B.Securities premium a/c
C.Realization of asset
D.Proceeds of fresh issue
Q 119 :
Redemption of preference shares should not be regarded as reduction of..............capital of the company.
A.Paid-up
B.Called-up
C.Subscribed
D.Authorized
Q 120 :
Under the scheme of buyback of shares, the company in order to perform its obligations, is required to open an...............account.
A.Fixed deposit
B.Escrow deposit
C.Saving deposit
D.Current deposit
Q 121 :
Debenture holders are...............of the company.
A.Owners
B.Creditors
C.Both A and B
D.None of these
Q 122 :
When debentures are redeemed out of profits, an equal amount is transferred to.................
A.CRR
B.Capital reserve
C.Revenue reserve
D.Debenture redemption reserve
Q 123 :
When own debentures are cancelled any profit on cancellation is transferred to...............
A.General reserve
B.Capital reserve
C.P/L Account
D.None of these
Q 124 :
................is a document which either creates or acknowledges a debt.
A.Debenture
B.Trust deed
C.Security
D.Articles of Association
Q 125 :
................ Is a document prepared by the company before the issue of prospectus to the public for subscription of debentures.
A.Debenture
B.Trust deed
C.Abridged prospectus
D.Call letter
Q 126 :
Discount on issued of debentures is a...............
A.Capital loss
B.Capital profit
C.Revenue loss
D.Revenue profit
Q 127 :
Interest on debenture is........
A.An appropriation of profit
B.A charge against profit
C.An adjustment of profit
D.None of these
Q 128 :
Dividend is paid on............capital.
A.Called
B.Paid up
C.Issued
D.None of these
Q 129 :
Dividend declared in between two annual general meeting is called..............
A.Unclaimed dividend
B.Interim dividend
C.Proposed dividend
D.Scrip dividend
Q 130 :
Unclaimed dividend is shown in................
A.P/L account
B.P/L appropriation account
C.Balance sheet
D.None of these
Q 131 :
When the proposed dividend exceeds 20% of paid up capital, percentage of profit transferred to general reserve is.............
A.2.5%
B.5%
C.7.5%
D.10%
Q 132 :
Which of the following does not represent application of fund of a company?
A.Fixed asset
B.Good will
C.Debentures
D.Debtors
Q 133 :
Which of the following reserve does not appear in the balance sheet of a company?
A.Secret reserve
B.General reserve
C.Capital reserve
D.Specific reserve
Q 134 :
Unclaimed dividend is shown on the liability side of the balance sheet of a company as.............
A.Share capital
B.Current liabilities
C.Reserves & Surplus
D.Non-current liability
Q 135 :
Financial statement in relation to a company includes:
A.Balance sheet
B.Statement of P & L
C.Cash flow statement
D.All of these
Q 136 :
Calls in advance is shown in the balance sheet as.............
A.Current liabilities
B.Added to called-up capital
C.Current assets
D.Deduction from called-up capital
Q 137 :
Pooling of interest method is applicable for amalgamation in the nature of...........
A.Merger
B.Consolidation
C.Reconstruction
D.Realization
Q 138 :
Realization loss is transferred to...............
A.Preference shareholders a/c
B.Equity shareholders a/c
C.Creditors a/c
D.None of these
Q 139 :
Accounting for amalgamation is given in...........
A.AS 14
B.AS 16
C.AS 20
D.None of these
Q 140 :
Which of the following fictitious assets is not taken over by the transferee company?
A.Preliminary expenses
B.Underwriting commission
C.Discount on issue of shares
D.All of these
Q 141 :
The accumulated losses and fictitious assets of the transferor company are transferred to .............a/c.
A.Equity share holders
B.Transferee company
C.Equity capital
D.Realization
Q 142 :
Under purchase method of amalgamation, ................of the transferor company continues to appear in the balance sheet of the transferee company.
A.Capital reserve
B.General reserve
C.Statutory reserve
D.Specific reserve
Q 143 :
While preparing the transferee company's financial statement under amalgamation in the nature of purchase, the assets and liabilities taken over from the transferor company should be incorporated at.............
A.Cost
B.Book value
C.Revised value
D.None of these
Q 144 :
Which of the following is considered while calculating purchase consideration under Net asset method?
A.Assets taken over
B.Liabilities taken over
C.Goodwill taken over
D.All of the above
Q 145 :
Which of the following is a statutory reserve?
A.Development Allowance Reserve
B.Capital Reserve
C.Workmen's Compensation Fund
D.CRR
Q 146 :
While preparing the books of the transferee company in purchase method, the difference between purchase consideration and share capital of the transferor company should be adjusted in............
A.Share capital
B.Reserve
C.Assets
D.Liabilities
Q 147 :
In purchase method, the excess of net asset of the transferor company acquired by the transferee company over the purchase consideration should be recognized as.............
A.P&L
B.Goodwill
C.General reserve
D.Capital reserve
Q 148 :
The amount of surrendered shares is credited to..............
A.CRR
B.Sinking fund
C.Capital reduction
D.None of these
Q 149 :
Capital reduction account is used to.........
A.Write off losses
B.Transfer to capital
C.Issue bonus shares
D.None of these
Q 150 :
..............is the account created in connection with internal reconstruction.
