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Objective Questions

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

Subjects : Concerned Subject (Commerce), General Studies

Question Bank UP TGT Commerce Exam - English
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Concerned Subject (Commerce)

Question 1Single Answer
Which accounting concept treats the business and its owner as separate entities?
  1. A
    Business Entity Concept
  2. B
    Money Measurement Concept
  3. C
    Going Concern Concept
  4. D
    Cost Concept
Question 2Single Answer
The assumption that a business will continue for an indefinite period is known as:
  1. A
    Consistency Concept
  2. B
    Going Concern Concept
  3. C
    Matching Concept
  4. D
    Dual Aspect Concept
Question 3Single Answer
According to the money measurement concept, accounting records:
  1. A
    All business events
  2. B
    Only credit transactions
  3. C
    Only cash transactions
  4. D
    Only transactions measurable in monetary terms
Question 4Single Answer
The accounting equation is:
  1. A
    Assets = Capital − Liabilities
  2. B
    Liabilities = Assets + Capital
  3. C
    Capital = Assets + Liabilities
  4. D
    Assets = Capital + Liabilities
Question 5Single Answer
The concept according to which every transaction has two aspects is called:
  1. A
    Matching Concept
  2. B
    Cost Concept
  3. C
    Dual Aspect Concept
  4. D
    Realization Concept
Question 6Single Answer
Under the historical cost concept, an asset is normally recorded at:
  1. A
    Market value
  2. B
    Replacement value
  3. C
    Realizable value
  4. D
    Acquisition cost
Question 7Single Answer
The convention of conservatism requires accountants to:
  1. A
    Anticipate profits but not losses
  2. B
    Record assets above cost
  3. C
    Ignore possible losses
  4. D
    Anticipate losses but not profits
Question 8Single Answer
The convention that requires similar accounting methods to be followed from year to year is:
  1. A
    Disclosure
  2. B
    Materiality
  3. C
    Consistency
  4. D
    Conservatism
Question 9Single Answer
Which convention requires all significant information to be disclosed in financial statements?
  1. A
    Full Disclosure
  2. B
    Consistency
  3. C
    Conservatism
  4. D
    Materiality
Question 10Single Answer
The principle that insignificant items may be treated in a simpler manner is called:
  1. A
    Realization
  2. B
    Consistency
  3. C
    Duality
  4. D
    Materiality
Question 11Single Answer
The double-entry system is based primarily on:
  1. A
    Single aspect of transactions
  2. B
    Dual aspect of transactions
  3. C
    Cash basis of accounting
  4. D
    Memorandum records
Question 12Single Answer
Every transaction under the double-entry system affects at least:
  1. A
    One account
  2. B
    Four accounts
  3. C
    Three accounts
  4. D
    Two accounts
Question 13Single Answer
The book in which transactions are recorded for the first time is called:
  1. A
    Ledger
  2. B
    Journal
  3. C
    Trial Balance
  4. D
    Balance Sheet
Question 14Single Answer
Journal is also known as the:
  1. A
    Principal book
  2. B
    Final account
  3. C
    Book of original entry
  4. D
    Cash statement
Question 15Single Answer
The process of transferring entries from the journal to the ledger is called:
  1. A
    Journalizing
  2. B
    Balancing
  3. C
    Posting
  4. D
    Casting
Question 16Single Answer
A ledger is commonly known as the:
  1. A
    Book of original entry
  2. B
    Subsidiary book
  3. C
    Principal book of accounts
  4. D
    Memorandum book
Question 17Single Answer
Which account is debited when cash is received from a debtor?
  1. A
    Debtor's Account
  2. B
    Purchases Account
  3. C
    Sales Account
  4. D
    Cash Account
Question 18Single Answer
When goods are purchased for cash, which account is debited?
  1. A
    Purchases Account
  2. B
    Sales Account
  3. C
    Cash Account
  4. D
    Capital Account
Question 19Single Answer
When goods are sold on credit, the account of the customer is:
  1. A
    Debited
  2. B
    Credited
  3. C
    Closed
  4. D
    Ignored
Question 20Single Answer
Capital introduced by the proprietor is credited to:
  1. A
    Cash Account
  2. B
    Sales Account
  3. C
    Purchases Account
  4. D
    Capital Account
Question 21Single Answer
Drawings by the proprietor are generally:
  1. A
    Added to capital
  2. B
    Treated as revenue
  3. C
    Added to liabilities
  4. D
    Deducted from capital
Question 22Single Answer
The main purpose of preparing a Trial Balance is to check:
  1. A
    Profitability
  2. B
    Market value of assets
  3. C
    Cash position
  4. D
    Arithmetical accuracy of ledger accounts
Question 23Single Answer
A Trial Balance is prepared from:
  1. A
    Journal entries only
  2. B
    Cash transactions only
  3. C
    Balance Sheet items only
  4. D
    Ledger balances
Question 24Single Answer
If the total debit balances equal total credit balances, it indicates:
  1. A
    All errors have been eliminated
  2. B
    Arithmetical agreement of accounts
  3. C
    No fraud exists
  4. D
    Profit has been correctly calculated
Question 25Single Answer
Which error is NOT disclosed by a Trial Balance?
  1. A
    Wrong totaling of an account
  2. B
    Complete omission of a transaction
  3. C
    Posting only one aspect of a transaction
  4. D
    Wrong balancing of an account
Question 26Single Answer
Trading Account is prepared to ascertain:
  1. A
    Net profit
  2. B
    Cash balance
  3. C
    Gross profit or gross loss
  4. D
    Working capital
Question 27Single Answer
Gross profit is calculated as:
  1. A
    Sales − Cost of goods sold
  2. B
    Sales − Office expenses
  3. C
    Capital − Liabilities
  4. D
    Assets − Liabilities
Question 28Single Answer
Carriage inward is generally shown in the:
  1. A
    Trading Account
  2. B
    Balance Sheet
  3. C
    Capital Account
  4. D
    Profit and Loss Appropriation Account
Question 29Single Answer
Carriage outward is generally treated as:
  1. A
    Selling expense
  2. B
    Direct expense
  3. C
    Asset
  4. D
    Liability
Question 30Single Answer
Closing stock normally appears in:
  1. A
    Trading Account only
  2. B
    Trading Account and Balance Sheet
  3. C
    Balance Sheet only
  4. D
    Profit and Loss Account only
Question 31Single Answer
Outstanding salary at the end of the accounting year is:
  1. A
    An asset
  2. B
    A liability
  3. C
    An income
  4. D
    Capital expenditure
Question 32Single Answer
Prepaid insurance is treated as:
  1. A
    Capital
  2. B
    Current liability
  3. C
    Current asset
  4. D
    Revenue income
Question 33Single Answer
Accrued income is shown as:
  1. A
    Liability
  2. B
    Drawings
  3. C
    Capital loss
  4. D
    Asset
Question 34Single Answer
Depreciation is charged primarily to:
  1. A
    Increase the value of an asset
  2. B
    Eliminate liabilities
  3. C
    Increase cash balance
  4. D
    Allocate the depreciable amount of an asset over its useful life
Question 35Single Answer
Bad debts are generally treated as:
  1. A
    Income
  2. B
    Asset
  3. C
    Expense
  4. D
    Capital receipt
Question 36Single Answer
Partnership is formed by an agreement between:
  1. A
    One person only
  2. B
    Two or more persons
  3. C
    Government departments only
  4. D
    Companies only
Question 37Single Answer
The written agreement between partners is called:
  1. A
    Memorandum
  2. B
    Partnership Deed
  3. C
    Prospectus
  4. D
    Articles of Association
Question 38Single Answer
In the absence of an agreement, profits and losses among partners are generally shared:
  1. A
    In capital ratio
  2. B
    Equally
  3. C
    In sales ratio
  4. D
    According to age
Question 39Single Answer
A new partner can generally be admitted into a partnership with the consent of:
  1. A
    Any one partner
  2. B
    Majority of employees
  3. C
    All existing partners
  4. D
    Government only
Question 40Single Answer
At the time of admission of a new partner, the old partners sacrifice their profit share in favour of:
  1. A
    Creditors
  2. B
    Employees
  3. C
    New partner
  4. D
    Government
Question 41Single Answer
Sacrificing ratio is calculated as:
  1. A
    Old ratio − New ratio
  2. B
    New ratio − Old ratio
  3. C
    Capital ratio − Profit ratio
  4. D
    New ratio + Old ratio
Question 42Single Answer
Goodwill brought by a new partner compensates the old partners for:
  1. A
    Sacrifice of profit-sharing rights
  2. B
    Increase in liabilities
  3. C
    Reduction in assets
  4. D
    Loss of capital
Question 43Single Answer
Revaluation Account is prepared at the time of admission primarily to record:
  1. A
    Cash transactions
  2. B
    Drawings
  3. C
    Sales transactions
  4. D
    Changes in values of assets and liabilities
Question 44Single Answer
Profit on revaluation at the time of admission is credited to:
  1. A
    Old partners in their old profit-sharing ratio
  2. B
    New partner only
  3. C
    Creditors
  4. D
    All employees
Question 45Single Answer
At retirement of a partner, gaining ratio is generally calculated as:
  1. A
    Old ratio − New ratio
  2. B
    Sacrificing ratio − Old ratio
  3. C
    New ratio + Old ratio
  4. D
    New ratio − Old ratio
Question 46Single Answer
The retiring partner is entitled to his share of goodwill because:
  1. A
    He is a creditor
  2. B
    He contributed to the firm's reputation and earning capacity
  3. C
    Goodwill is a liability
  4. D
    He must purchase goodwill
Question 47Single Answer
On the death of a partner, his amount due is generally transferred to:
  1. A
    Executor's Account
  2. B
    Sales Account
  3. C
    Purchases Account
  4. D
    Cash Account only
Question 48Single Answer
The capital of a company divided into small units is known as:
  1. A
    Debentures
  2. B
    Deposits
  3. C
    Shares
  4. D
    Reserves
Question 49Single Answer
A person who holds shares in a company is called a:
  1. A
    Debenture holder
  2. B
    Creditor only
  3. C
    Shareholder
  4. D
    Supplier
Question 50Single Answer
Equity shareholders are generally regarded as:
  1. A
    Creditors
  2. B
    Debenture trustees
  3. C
    Auditors
  4. D
    Owners of the company
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