Commerce MCQ Questions and Answers

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Q221
 In the absence of Articles of Association, an Auditor should keep in mind-
  • A Prospectus
  • B Table ‘A’
  • C Memorandum of Association
  • D Legal Declaration
Answer: Option B
Q222
Who may recommend Special Audit of a Company ?
  • A Directors of the Company
  • B Shareholders of the Company
  • C Debentureholders of the Company
  • D Central Government
Answer: Option D
Q223
Internal check is a part of-
  • A Internal Audit
  • B Internal Control
  • C Annual Audit
  • D Standard Audit
Answer: Option B
Q224
Cost Audit Report is to be submitted to-
  • A The Company
  • B The Central Government with a copy to the Company
  • C The Central Government
  • D The Company Secretary
Answer: Option B
Q225
A company auditor addresses his report to-
  • A Board of Directors
  • B Members
  • C Managing Director
  • D Company Secretary
Answer: Option B
Q226
Which of the following Sections of the Companies’ Act 1956 relates to the maintenance of proper books of accounts ?
  • A Section-211
  • B Section-217
  • C Section-209
  • D Section-205
Answer: Option C
Q227
X and Y are partners sharing profits in the ratio of 4 : 3. They admit a new partner Z and new profit sharing ratio is 7 : 4 : 3. The sacrificing ratio between X and Y will be-
  • A Equal
  • B 4 : 3
  • C 2 : 1
  • D 1 : 2
Answer: Option D
Q228
Given : Realised value of assets Rs. 60,000 Profit on Realisation Rs. 3,000 Book value of assets will be-
  • A Rs. 63,000
  • B Rs. 57,000
  • C Rs. 60,000
  • D Rs. 61,500
Answer: Option C
Q229
A, B and C are partners sharing profits and losses in the ratio of 4 : 3 : 2. D is admitted for 1/10 share. The new ratio will be-
  • A 5 : 4 : 3 : 2
  • B 4 : 4 : 3 : 2
  • C 4 : 3 : 2 : 1
  • D None of the above
Answer: Option C
Q230
If actual average profit is Rs. 30,000 and normal rate of return is 12%, then capitalization value of the profits will be-
  • A Rs. 3,60,000
  • B Rs. 2,50,000
  • C Rs. 3,05,000
  • D None of the above
Answer: Option B

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