MCQ- Commerce

1) Accounting for intangible assets are related to which Accounting Standard?
A) AS-10
B) AS-31
C) AS-26
D) AS-12

2) The minimum number of members required for registration of a co-operative society are
A) 10
B) 5
C) 7
D) 20

3) Which of the following errors are not disclosed by Trial Balance?
A) Compensatory errors
B) Errors of Principal
C) Errors of Omission
D) All of the above

4) Who appoints the first directors of a company?
A) Government
B) Promoters
C) Shareholders
D) None of these

5) The organization in which power of authority runs in straight line is called-
A) Line organization
B) Functional organization
C) Committee organization
D) None of these

6) In order to reduce the risk of heavy insurance the insurer passes on some business to the other company, it is called-
A) Double insurance
B) Joint insurance
C) Reinsurance
D) Non of these

7) Which of the following is called backbone of Auditing?
A) Routine checking
B) Vouching
C) Internal check
D) Internal control

8) What is indent in foreign trade?
A) Shipping documents in duplicate
B) A certificate indicating that the foods have been loaded on board the ship
C) A firm and binding order from the importer
D) A letter of intent from the overseas supplier

9) Accounting in modern age is regarded as 
A) The art of recording,classifying and summarizing the business transactions in monetary units
B) The language of business
C) The source of business information
D) All of above

10) Choose the correct statement.
A) Keeping systematic recording of business transaction is not the function of financial accounting
B) Accounting is concerned with monetary transactions
C) Accounting is concerned with past as well as future events
D) Business and Businessman are one and the same from accounting point of view


ANSWERS

1) C
2) A
3) D
4) B
5) A
6) C
7) B
8) C
9) A
10) B
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