Commerce MCQ Question and Answer
Commerce MCQ Question and Answer
201. In connection with marine insurance the ‘Doctrine of Utmost Good Faith’ is based on the concept of—
- Disclosure
- Concealment
- Misrepresentation
- None of the above
202. Which statement is not true in respect of a Balance Sheet ?
- It is an account
- It is prepared every month
- It is prepared to check the mathematical accuracy
- All the above
203. A machinery is purchased for Rs. 3,00,000 and Rs. 50,000 is spent on its installation. Rs. 5,000 is spent on fuel. What will be the amount of capital expenditure ?
- Rs. 3,00,000
- Rs. 3,50,000
- Rs. 3,55,000
- None of these
204. Which of the following errors are not disclosed by Trial Balance ?
- Compensatory Errors
- Errors of Principle
- Errors of Omission
- All the three
205. A large amount spent on special advertisement is—
- Capital Expenditure
- Revenue Expenditure
- Revenue Loss
- Deferred Revenue Expenditure
207. According to going concern concept a business entity is assumed to have—
- A long life
- A small life
- A very short life
- A definite life
208. The policy of ‘anticipate no profit and provide for all possible losses’ is followed due to—
- Convention of consistency
- Convention of conservation
- Convention of disclosure
- None of the above
209. Receipts and Payments Account is prepared by—
- Companies
- Banks
- Partnership firms
- Non-trading organizations
210. Examination of documents and vouchers is called—
- Physical verification
- Test checking
- Vouching
- None of the above