Commerce MCQ Questions and Answers

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Q201
In connection with marine insurance the ‘Doctrine of Utmost Good Faith’ is based on the concept of-
  • A Disclosure
  • B Concealment
  • C Misrepresentation
  • D None of the above
Answer: Option A
Q202
Which statement is not true in respect of a Balance Sheet ?
  • A It is an account
  • B It is prepared every month
  • C It is prepared to check the mathematical accuracy
  • D All the above
Answer: Option D
Q203
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 ?
  • A Rs. 3,00,000
  • B Rs. 3,50,000
  • C Rs. 3,55,000
  • D None of these
Answer: Option B
Q204
Which of the following errors are not disclosed by Trial Balance ?
  • A Compensatory Errors
  • B Errors of Principle
  • C Errors of Omission
  • D All the three
Answer: Option D
Q205
A large amount spent on special advertisement is-
  • A Capital Expenditure
  • B Revenue Expenditure
  • C Revenue Loss
  • D Deferred Revenue Expenditure
Answer: Option D
Q206
Double Entry System was introduced in-
  • A America
  • B Japan
  • C India
  • D Italy
Answer: Option D
Q207
According to going concern concept a business entity is assumed to have-
  • A A long life
  • B A small life
  • C A very short life
  • D A definite life
Answer: Option A
Q208
The policy of ‘anticipate no profit and provide for all possible losses’ is followed due to-
  • A Convention of consistency
  • B Convention of conservation
  • C Convention of disclosure
  • D None of the above
Answer: Option B
Q209
Receipts and Payments Account is prepared by-
  • A Companies
  • B Banks
  • C Partnership firms
  • D Non-trading organizations
Answer: Option D
Q210
Examination of documents and vouchers is called-
  • A Physical verification
  • B Test checking
  • C Vouching
  • D None of the above
Answer: Option C

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