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Objective Questions

Latest WBSSC SLST Higher Secondary Assistant Teacher Commerce Exam Question (Objective Questions), MCQ in English

Subjects : Commerce

Question Bank WBSSC SLST Higher Secondary Assistant Teacher (Commerce) Exam - English
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Commerce

Question 1Single Answer
What is the primary objective of financial accounting?
  1. A
    Cost control
  2. B
    Reporting financial position
  3. C
    Budget preparation
  4. D
    Tax planning
Question 2Single Answer
What does the Going Concern Convention assume?
  1. A
    Business will cease operations soon
  2. B
    Business is seasonal
  3. C
    Business will continue indefinitely
  4. D
    Business is temporary
Question 3Single Answer
What is the Entity Convention in accounting?
  1. A
    Business and owner are treated as separate
  2. B
    Business operates periodically
  3. C
    Money is the only measurement unit
  4. D
    Assets are recorded at market value
Question 4Single Answer
What does the Money Measurement Convention imply?
  1. A
    Non-monetary events are prioritized
  2. B
    All transactions are recorded
  3. C
    Only monetary transactions are recorded
  4. D
    Transactions are recorded in units
Question 5Single Answer
What is the Period Convention in accounting?
  1. A
    Accounts are prepared for a specific time period
  2. B
    Business operates indefinitely
  3. C
    Transactions are recorded in cash
  4. D
    Assets are valued at cost
Question 6Single Answer
What does the Dual Aspect Convention state?
  1. A
    Every transaction affects one account
  2. B
    Every transaction has two aspects
  3. C
    Assets equal liabilities
  4. D
    Revenue equals expenses
Question 7Single Answer
What is the accounting equation?
  1. A
    Assets = Liabilities + Capital
  2. B
    Revenue = Expenses + Profit
  3. C
    Assets = Revenue + Liabilities
  4. D
    Capital = Assets + Expenses
Question 8Single Answer
What is the Objectivity Doctrine in accounting?
  1. A
    Transactions are recorded based on estimates
  2. B
    Transactions are supported by verifiable evidence
  3. C
    Transactions are recorded at market value
  4. D
    Transactions are recorded periodically
Question 9Single Answer
What does the Disclosure Doctrine require?
  1. A
    Hiding financial information
  2. B
    Recording only cash transactions
  3. C
    Full and fair presentation of financial facts
  4. D
    Ignoring material facts
Question 10Single Answer
What is the Consistency Doctrine in accounting?
  1. A
    Changing accounting methods frequently
  2. B
    Using the same accounting methods over time
  3. C
    Recording transactions randomly
  4. D
    Ignoring accounting standards
Question 11Single Answer
What does the Materiality Doctrine focus on?
  1. A
    Recording significant transactions only
  2. B
    Recording all transactions equally
  3. C
    Ignoring small transactions
  4. D
    Valuing assets at market price
Question 12Single Answer
What is the Conservatism Doctrine?
  1. A
    Overstating profits
  2. B
    Anticipating losses but not gains
  3. C
    Ignoring liabilities
  4. D
    Recording revenue early
Question 13Single Answer
What is the first step in preparing a Balance Sheet?
  1. A
    Ledger posting
  2. B
    Trial Balance
  3. C
    Journal entry
  4. D
    Profit and Loss Account
Question 14Single Answer
What is the purpose of a Journal in accounting?
  1. A
    Summarizing transactions
  2. B
    Recording transactions chronologically
  3. C
    Preparing financial statements
  4. D
    Calculating profit
Question 15Single Answer
What does a Ledger contain?
  1. A
    Summarized account balances
  2. B
    All transactions in chronological order
  3. C
    Trial Balance
  4. D
    Financial statements
Question 16Single Answer
What does the Trading Account show?
  1. A
    Net profit
  2. B
    Financial position
  3. C
    Gross profit or loss
  4. D
    Cash flow
Question 17Single Answer
What is prepared after the Trading Account?
  1. A
    Journal
  2. B
    Profit and Loss Account
  3. C
    Trial Balance
  4. D
    Ledger
Question 18Single Answer
What does the Profit and Loss Account determine?
  1. A
    Net profit or loss
  2. B
    Gross profit
  3. C
    Total assets
  4. D
    Cash balance
Question 19Single Answer
What is the final step in financial statement preparation?
  1. A
    Trial Balance
  2. B
    Balance Sheet
  3. C
    Journal
  4. D
    Trading Account
Question 20Single Answer
What is an adjustment entry?
  1. A
    Correcting errors in accounts
  2. B
    Summarizing ledger balances
  3. C
    Recording transactions at year-end
  4. D
    Preparing Trial Balance
Question 21Single Answer
What is a rectification entry?
  1. A
    Adjusting financial statements
  2. B
    Correcting errors in accounts
  3. C
    Recording new transactions
  4. D
    Preparing Balance Sheet
Question 22Single Answer
What does Revenue Recognition determine?
  1. A
    When revenue is earned
  2. B
    When expenses are paid
  3. C
    When assets are purchased
  4. D
    When liabilities are settled
Question 23Single Answer
What is the Matching Process in accounting?
  1. A
    Matching revenue with expenses
  2. B
    Matching assets with liabilities
  3. C
    Matching cash inflows with outflows
  4. D
    Matching capital with reserves
Question 24Single Answer
What is Hire Purchase?
  1. A
    Buying assets outright
  2. B
    Paying for assets in installments with interest
  3. C
    Leasing assets
  4. D
    Selling assets on credit
Question 25Single Answer
What is Purchase by Installments?
  1. A
    Paying full amount upfront
  2. B
    Leasing assets
  3. C
    Paying in periodic installments
  4. D
    Borrowing funds
Question 26Single Answer
What is Goodwill in accounting?
  1. A
    Tangible asset value
  2. B
    Intangible asset representing reputation
  3. C
    Cash reserve
  4. D
    Depreciation provision
Question 27Single Answer
How is Goodwill valued?
  1. A
    Based on future profit-earning capacity
  2. B
    At cost price
  3. C
    At market price
  4. D
    At scrap value
Question 28Single Answer
What is a Share in company accounts?
  1. A
    Loan to the company
  2. B
    Ownership unit in a company
  3. C
    Reserve fund
  4. D
    Depreciation charge
Question 29Single Answer
What is Depreciation?
  1. A
    Increase in asset value
  2. B
    Cash reserve
  3. C
    Decrease in asset value due to wear and tear
  4. D
    Profit allocation
Question 30Single Answer
What is a Provision in accounting?
  1. A
    Reserve for future profits
  2. B
    Amount set aside for known liabilities
  3. C
    Capital reserve
  4. D
    Revenue reserve
Question 31Single Answer
What is the Straight Line Method of Depreciation?
  1. A
    Equal depreciation each year
  2. B
    Decreasing depreciation each year
  3. C
    Based on asset usage
  4. D
    No depreciation
Question 32Single Answer
What is the Diminishing Balance Method?
  1. A
    Fixed depreciation amount
  2. B
    Depreciation on reducing asset value
  3. C
    No depreciation
  4. D
    Based on profit
Question 33Single Answer
What happens during Partnership Admission?
  1. A
    Partner leaves the firm
  2. B
    New partner joins the firm
  3. C
    Firm dissolves
  4. D
    Capital is reduced
Question 34Single Answer
What is adjusted during Partnership Retirement?
  1. A
    Capital of retiring partner
  2. B
    Revenue reserve
  3. C
    Depreciation
  4. D
    Cash balance
Question 35Single Answer
What occurs during Partnership Dissolution?
  1. A
    New partner joins
  2. B
    Firm ceases to exist
  3. C
    Capital increases
  4. D
    Profit is distributed
Question 36Single Answer
What is the Issue of Shares in company accounts?
  1. A
    Borrowing funds
  2. B
    Repaying loans
  3. C
    Raising capital through shares
  4. D
    Paying dividends
Question 37Single Answer
What is Forfeiture of Shares?
  1. A
    Issuing new shares
  2. B
    Canceling shares for non-payment
  3. C
    Redeeming shares
  4. D
    Paying dividends
Question 38Single Answer
What is Redemption of Debentures?
  1. A
    Repaying debenture holders
  2. B
    Issuing new debentures
  3. C
    Forfeiting debentures
  4. D
    Converting debentures to shares
Question 39Single Answer
What is Capitalization of Reserve?
  1. A
    Distributing profits as dividends
  2. B
    Converting reserves into share capital
  3. C
    Reducing capital
  4. D
    Increasing liabilities
Question 40Single Answer
What is Amalgamation in company accounts?
  1. A
    Splitting a company
  2. B
    Reducing capital
  3. C
    Merging two or more companies
  4. D
    Issuing debentures
Question 41Single Answer
What is Reconstruction in company accounts?
  1. A
    Reorganizing financial structure
  2. B
    Merging with another company
  3. C
    Dissolving the company
  4. D
    Issuing new shares
Question 42Single Answer
What is Absorption in company accounts?
  1. A
    Issuing debentures
  2. B
    Splitting a company
  3. C
    Reducing capital
  4. D
    One company taking over another
Question 43Single Answer
What is a Holding Company?
  1. A
    Company with no subsidiaries
  2. B
    Company issuing debentures
  3. C
    Company controlling other companies
  4. D
    Company with no capital
Question 44Single Answer
What is Chain Holding in company accounts?
  1. A
    Single holding company
  2. B
    Multiple layers of holding companies
  3. C
    No subsidiaries
  4. D
    Issuing shares
Question 45Single Answer
What is an Accounting Standard?
  1. A
    Mandatory guideline for accounting
  2. B
    Optional accounting rule
  3. C
    Tax regulation
  4. D
    Budgeting tool
Question 46Single Answer
Who formulates Accounting Standards in India?
  1. A
    Reserve Bank of India
  2. B
    Securities and Exchange Board of India
  3. C
    Institute of Chartered Accountants of India
  4. D
    Ministry of Finance
Question 47Single Answer
What does AS-1 relate to in Indian Accounting Standards?
  1. A
    Revenue recognition
  2. B
    Disclosure of accounting policies
  3. C
    Depreciation
  4. D
    Inventory valuation
Question 48Single Answer
What is Process Costing?
  1. A
    Costing for continuous production processes
  2. B
    Costing for individual products
  3. C
    Costing for services
  4. D
    Costing for fixed assets
Question 49Single Answer
What is a feature of Process Costing?
  1. A
    Unique product costs
  2. B
    Average cost per unit
  3. C
    No cost allocation
  4. D
    Fixed cost only
Question 50Single Answer
What is Abnormal Loss in Process Costing?
  1. A
    Expected production loss
  2. B
    Unexpected loss beyond normal
  3. C
    Loss due to depreciation
  4. D
    Loss due to sales
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