Auditing of accounts is compulsory for– (A) Sole proprietary business (B) Partnership firms (C) Joint Stock Companies (D) None of the above

Auditing of accounts is compulsory for– (A) Sole proprietary business (B) Partnership firms (C) Joint Stock Companies (D) None of the above  
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Which one of the following statements is not correct ? (A) Business firms combine to avoid wasteful competition (B) Business combination is possible only among joint stock companies (C) Business firms may combine to take advantage of patent rights of individual firms (D) During economic depression, small firms are absorbed by financially sound large firms

Description : Which one of the following statements is not correct ? (A) Business firms combine to avoid wasteful competition (B) Business combination is possible only among joint stock companies (C) Business ... firms (D) During economic depression, small firms are absorbed by financially sound large firms

Last Answer : Answer: Business combination is possible only among joint stock companies

The term Capitalization is used in relation to ______. A. sole-proprietorship. B. Partnership. C. joint stock companies. D. co-operative societies

Description : The term Capitalization is used in relation to ______. A. sole-proprietorship. B. Partnership. C. joint stock companies. D. co-operative societies

Last Answer : C. joint stock companies.

The oldest form of business organization is ______. A. Partnership. B. sole proprietorship. C. joint stock company. D. co-operative undertaking.

Description : The oldest form of business organization is ______. A. Partnership. B. sole proprietorship. C. joint stock company. D. co-operative undertaking.

Last Answer : B. sole proprietorship.

The underwriters may be individuals , partnership firms or joint stock companies.

Description : The underwriters may be individuals , partnership firms or joint stock companies.

Last Answer : TRUE

IFCI has been converted into a________. A. joint stock company. B. co-operative society. C. partnership firm. D. sole proprietorship.

Description : IFCI has been converted into a________. A. joint stock company. B. co-operative society. C. partnership firm. D. sole proprietorship.

Last Answer : A. joint stock company.

Which one of the following statements is correct ? (A) Audit of an educational institution is compulsory if it is run by a charitable trust (B) A club is treated as a commercial establishment (C) The accounts of a charitable trust can be audited by any person who belongs to accountancy profession (D) Audit of a charitable trust is not compulsory under law

Description : Which one of the following statements is correct ? (A) Audit of an educational institution is compulsory if it is run by a charitable trust (B) A club is treated as a commercial establishment ( ... who belongs to accountancy profession (D) Audit of a charitable trust is not compulsory under law

Last Answer : Answer: Audit of an educational institution is compulsory if it is run by a charitable trust Free

Which one of the following statements is correct ? (A) Internal audit and Management audit are the same (B) Internal audit and statutory audit are the same (C) Internal audit is compulsory in all cases (D) Statutory audit of company accounts is compulsory

Description : Which one of the following statements is correct ? (A) Internal audit and Management audit are the same (B) Internal audit and statutory audit are the same (C) Internal audit is compulsory in all cases (D) Statutory audit of company accounts is compulsory

Last Answer : Answer: Statutory audit of company accounts is compulsory

Appointment of full time Company Secretary is compulsory in all those companies, whose paidup share capital is– (A) Rs. 50 lakhs or more (B) Rs. 1 crore or more (C) Rs. 2 crores or more (D) Rs. 3 crores of more

Description : Appointment of full time Company Secretary is compulsory in all those companies, whose paidup share capital is– (A) Rs. 50 lakhs or more (B) Rs. 1 crore or more (C) Rs. 2 crores or more (D) Rs. 3 crores of more

Last Answer : Answer: Rs. 2 crores or more

Who can be appointed as a Company Secretary under the Companies Act, 1956 ? (A) An individual (B) A partnership firm (C) A company (D) None of the above

Description : Who can be appointed as a Company Secretary under the Companies Act, 1956 ? (A) An individual (B) A partnership firm (C) A company (D) None of the above

Last Answer : Answer: An individual

Internal Audit is provided for in the– (A) Companies Act (B) Partnership Act (C) Both (A) and (B) (D) Neither (A) or (B)

Description : Internal Audit is provided for in the– (A) Companies Act (B) Partnership Act (C) Both (A) and (B) (D) Neither (A) or (B)

Last Answer : Answer: Neither (A) or (B)

While auditing the financial statements of non-corporate enterprises, the auditor’s duties and scope of work would be governed by– (A) the statute passed by the Parliament (B) the Companies Act, 1956, and the client concerned jointly (C) the agreement with his client. (D) the provisions of the Income Tax Act, 1961

Description : While auditing the financial statements of non-corporate enterprises, the auditor's duties and scope of work would be governed by- (A) the statute passed by the Parliament (B) the Companies Act, 1956, and ... (C) the agreement with his client. (D) the provisions of the Income Tax Act, 1961

Last Answer : Answer: the agreement with his client.

Dissolution of Partnership takes place when– (A) A partner misbehaves (B) A partner becomes of unsound mind (C) Business is running at a loss (D) A partner dies

Description : Dissolution of Partnership takes place when– (A) A partner misbehaves (B) A partner becomes of unsound mind (C) Business is running at a loss (D) A partner dies

Last Answer : Answer: A partner dies

When two companies, who are usually rivals, come together to do business on a worldwide basis, this partnership is known as a 1. joint venture 2. strategic alliance 3. multinational venture 4. joint licensing 5. none of these

Description : When two companies, who are usually rivals, come together to do business on a worldwide basis, this partnership is known as a 1. joint venture 2. strategic alliance 3. multinational venture 4. joint licensing 5. none of these

Last Answer : strategic alliance

When two companies, who are usually rivals, come together to do business on a worldwide basis, this partnership is known as a A)joint venture B)strategic alliance C)multinational venture D)joint licensing

Description : When two companies, who are usually rivals, come together to do business on a worldwide basis, this partnership is known as a A)joint venture B)strategic alliance C)multinational venture D)joint licensing

Last Answer : B)strategic alliance

The existence of a Partnership Firm is– (A) Separate from partners (B) Not separate from partners (C) Both (A) and (B) (D) None of the above

Description : The existence of a Partnership Firm is– (A) Separate from partners (B) Not separate from partners (C) Both (A) and (B) (D) None of the above

Last Answer : Answer: Not separate from partners

According to the Partnership Act, the maximum number of partners in a banking firm may be– (A) 10 (B) 12 (C) 4 (D) 20

Description : According to the Partnership Act, the maximum number of partners in a banking firm may be– (A) 10 (B) 12 (C) 4 (D) 20

Last Answer : Answer: 10

Indian Partnership Act was passed in the year– (A) 1956 (B) 1936 (C) 1932 (D) 1930

Description : Indian Partnership Act was passed in the year– (A) 1956 (B) 1936 (C) 1932 (D) 1930

Last Answer : Answer: 1932

The Agreement of Partnership– (A) Must be oral (B) Must be in writing (C) Can be either oral or in writing (D) Must be in writing on a stamp paper

Description : The Agreement of Partnership– (A) Must be oral (B) Must be in writing (C) Can be either oral or in writing (D) Must be in writing on a stamp paper

Last Answer : Answer: Can be either oral or in writing

Partnership may come into existence by– (A) The operation of law (B) An express agreement only (C) An express or implied agreement only (D) Inheritance of property

Description : Partnership may come into existence by– (A) The operation of law (B) An express agreement only (C) An express or implied agreement only (D) Inheritance of property

Last Answer : Answer: An express or implied agreement only

Business Setup - Sole Proprietorship, Partnership or Corporation?

Description : Business Setup - Sole Proprietorship, Partnership or Corporation?

Last Answer : When starting a small business, one of the very first things you need to decide is the type of business setup you want to have. The 3 basic types of business setups are a sole ... responsible for the actions of a business while a corporation protects the shareholders from any personal liability.

Is the registration of partnership business compulsory or compulsory ?

Description : Is the registration of partnership business compulsory or compulsory ?

Last Answer : Registration is not compulsory. However, there are many benefits to registering.

In order to reduce the risk of heavy insurance the insurer passes on some business to the other company, it is called– (A) Reinsurance (B) Double Insurance (C) Joint Insurance Policy (D) Separate Insurance

Description : In order to reduce the risk of heavy insurance the insurer passes on some business to the other company, it is called– (A) Reinsurance (B) Double Insurance (C) Joint Insurance Policy (D) Separate Insurance

Last Answer : Answer: Reinsurance

What is outsourcing of production and concentrating on marketing operations in international business, known as ? (A) Licensing (B) Franchising (C) Contract manufacturing (D) Joint venture

Description : What is outsourcing of production and concentrating on marketing operations in international business, known as ? (A) Licensing (B) Franchising (C) Contract manufacturing (D) Joint venture

Last Answer : Answer: Franchising

Which of the following is called Backbone of auditing ? (A) Routine checking (B) Vouching (C) Internal checks (D) Internal control

Description : Which of the following is called Backbone of auditing ? (A) Routine checking (B) Vouching (C) Internal checks (D) Internal control

Last Answer : Answer: Vouching

Which one of the following is called backbone of auditing ? (A) Routine checking (B) Vouching (C) Internal check (D) Internal control

Description : Which one of the following is called backbone of auditing ? (A) Routine checking (B) Vouching (C) Internal check (D) Internal control

Last Answer : Answer: Vouching

Which is a chief subsidiary object of auditing?

Description : Which is a chief subsidiary object of auditing?

Last Answer : Detection of Frauds and errors

Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, 10% debentures of Rs. 100 each at par and 15,000 equity shares of Rs. 10 each. How much was the flow of funds in the above transaction ? (A) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Description : Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, ... ) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Last Answer : Answer: Rs. 30,000

In the aspect of banking business what is the term used of giving loans to companies on a large scale?

Description : In the aspect of banking business what is the term used of giving loans to companies on a large scale?

Last Answer : Wholesale banking

Firm includes the following except: a. A sole practicing professional accountanb. An entity that controls a partnership of professional accountants. c. An entity controlled by a partnership of professional accountants. d. A sole practitioner, partnership or corporation of professional accountantst

Description : Firm includes the following except: a. A sole practicing professional accountant b. An entity that controls a partnership of professional accountants. c. An entity controlled by a partnership of professional accountants. d. A sole practitioner, partnership or corporation of professional accountants

Last Answer : A sole practitioner, partnership or corporation of professional accountants

A partner surviving the death or withdrawal of all the other partners in a partnership may continue to practice under the partnership name for a period of not more than ___ years after becoming a sole proprietor. a. 1 b. 2 c. 3 d. 4

Description : A partner surviving the death or withdrawal of all the other partners in a partnership may continue to practice under the partnership name for a period of not more than ___ years after becoming a sole proprietor. a. 1 b. 2 c. 3 d. 4

Last Answer : 2

If the goodwill raised at the time of retirement of a partner is to be written-off, then the capital accounts of the remaining partners are debited in– (A) New profit sharing ratio (B) Capital ratio (C) Old profit sharing ratio (D) Sacrificing ratio

Description : If the goodwill raised at the time of retirement of a partner is to be written-off, then the capital accounts of the remaining partners are debited in– (A) New profit sharing ratio (B) Capital ratio (C) Old profit sharing ratio (D) Sacrificing ratio

Last Answer : Answer: Old profit sharing ratio

Final accounts prepared in narrative style are in– (A) Horizontal form (B) Accounts form (C) Vertical form (D) None of the above

Description : Final accounts prepared in narrative style are in– (A) Horizontal form (B) Accounts form (C) Vertical form (D) None of the above

Last Answer : Answer: Vertical form

The goods taken by the proprietor from the shop is debited to– (A) Shop account (B) Goods account (C) Capital account (D) Drawings accounts

Description : The goods taken by the proprietor from the shop is debited to– (A) Shop account (B) Goods account (C) Capital account (D) Drawings accounts

Last Answer : Answer: Drawings accounts

Which statement about long-term investments is not true? a. They will be held for more than one year. b. They are not currently used in the operation of the business. c. They include investments in stock of other companies and land held for future use. d. They can never include cash accounts.

Description : Which statement about long-term investments is not true? a. They will be held for more than one year. b. They are not currently used in the operation of the business. c. They include investments in stock of other companies and land held for future use. d. They can never include cash accounts.

Last Answer : d. They can never include cash accounts.

Indian Accounting Standard – 28 is related to– (A) Accounting for taxes on income (B) Financial Reporting of Interests in Joint Venture (C) Impairment of Assets (D) Provisions, Contingent Liabilities and Contingent Assets

Description : Indian Accounting Standard – 28 is related to– (A) Accounting for taxes on income (B) Financial Reporting of Interests in Joint Venture (C) Impairment of Assets (D) Provisions, Contingent Liabilities and Contingent Assets

Last Answer : Answer: Impairment of Assets

If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which one of the following represents the figure of gross profit for the year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Description : If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which ... year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Last Answer : Answer: Rs. 12,500

Which Stock Exchange was the first to introduce a transparent, screen-based trading system in the wholesale debt market including govt. securities in 1994 ? (A) Bombay Stock Exchange (B) Delhi Stock Exchange (C) National Stock Exchange (D) Jaipur Stock Exchange

Description : Which Stock Exchange was the first to introduce a transparent, screen-based trading system in the wholesale debt market including govt. securities in 1994 ? (A) Bombay Stock Exchange (B) Delhi Stock Exchange (C) National Stock Exchange (D) Jaipur Stock Exchange

Last Answer : Answer: National Stock Exchange

Which one of the following statements is false ? (A) The Open Market Operations involve the sale or purchase of govt. securities by the Central Bank (B) The RBI manages longterm liquidity through rapos (C) The RBI manages longterm liquidity through Open Market Operations (D) Open Market Operations do not alter the total stock of govt. securities but change the proportion of govt. securities held by the RBI, Commercial Banks and Co-operative Banks

Description : Which one of the following statements is false ? (A) The Open Market Operations involve the sale or purchase of govt. securities by the Central Bank (B) The RBI manages longterm liquidity through ... change the proportion of govt. securities held by the RBI, Commercial Banks and Co-operative Banks

Last Answer : Answer: The RBI manages longterm liquidity through rapos

Retain trading in government securities at select stock exchanges commercial in– (A) Jan. 2001 (B) Jan. 2002 (C) Jan. 2003 (D) Jan. 2004

Description : Retain trading in government securities at select stock exchanges commercial in– (A) Jan. 2001 (B) Jan. 2002 (C) Jan. 2003 (D) Jan. 2004

Last Answer : Answer: Jan. 2003

When sale is Rs. 4,80,000, gross loss is 25% on cost, purchase is Rs. 3,50,000 and closing stock is Rs. 60,000, the stock in the beginning would be– (A) Rs. 70,000 (B) Rs. 94,000 (C) Rs. 1,34,000 (D) Rs. 3,50,000

Description : When sale is Rs. 4,80,000, gross loss is 25% on cost, purchase is Rs. 3,50,000 and closing stock is Rs. 60,000, the stock in the beginning would be– (A) Rs. 70,000 (B) Rs. 94,000 (C) Rs. 1,34,000 (D) Rs. 3,50,000

Last Answer : Answer: Rs. 3,50,000

The basic aim of Securities and Exchange Board of India (SEBI) is to– (A) Develop an effective and efficient monitoring and control system for the Indian Capital Market (B) To help Bombay Stock Exchange only (C) To help National Stock Exchange of India Ltd. only (D) To help OTC Exchange of India only

Description : The basic aim of Securities and Exchange Board of India (SEBI) is to- (A) Develop an effective and efficient monitoring and control system for the Indian Capital Market (B) To help Bombay Stock Exchange ... To help National Stock Exchange of India Ltd. only (D) To help OTC Exchange of India only

Last Answer : Answer: Develop an effective and efficient monitoring and control system for the Indian Capital Market

Bombay Stock Exchange Sensex consists of ……… script as on 31st March, 2005. (A) 10 (B) 20 (C) 30 (D) 40

Description : Bombay Stock Exchange Sensex consists of ……… script as on 31st March, 2005. (A) 10 (B) 20 (C) 30 (D) 40

Last Answer : Answer: 30

If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Description : If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Last Answer : Answer: Rs. 10,500

Closing stock appearing in the Trial Balance is shown in– (A) Balance Sheet only (B) Trading Account only (C) Trading Account and Balance Sheet both (D) None of the above

Description : Closing stock appearing in the Trial Balance is shown in– (A) Balance Sheet only (B) Trading Account only (C) Trading Account and Balance Sheet both (D) None of the above

Last Answer : Answer: Balance Sheet only

At what price the stock is valued under conventional method ? (A) At cost price (B) At market price (C) At cost price or market price whichever is lower (D) At cost price or market price whichever is higher

Description : At what price the stock is valued under conventional method ? (A) At cost price (B) At market price (C) At cost price or market price whichever is lower (D) At cost price or market price whichever is higher

Last Answer : Answer: At cost price or market price whichever is lower

Stock should include– (A) Goods held as security (B) Goods held as consignee (C) Goods with customers for approval on sale or return basis (D) Goods sold but not delivered

Description : Stock should include– (A) Goods held as security (B) Goods held as consignee (C) Goods with customers for approval on sale or return basis (D) Goods sold but not delivered

Last Answer : Answer: Goods held as consignee

The first Stock Exchange in India was established in– (A) Kolkata (B) Delhi (C) Mumbai (D) Chennai

Description : The first Stock Exchange in India was established in– (A) Kolkata (B) Delhi (C) Mumbai (D) Chennai

Last Answer : Answer: Mumbai

Which of the following apex body and regulators has asked banks to swap customer related information so that the frauds and defaults may be prevented in future? (A) Bombay Stock Exchange (BSE) (B) Indian Banks Association (IBA) (C) Securities Exchange Board of India (SEBI) (D) Reserve Bank of India (RBI)

Description : Which of the following apex body and regulators has asked banks to swap customer related information so that the frauds and defaults may be prevented in future? (A) Bombay Stock Exchange (BSE) (B) Indian Banks ... (IBA) (C) Securities Exchange Board of India (SEBI) (D) Reserve Bank of India (RBI)

Last Answer : Answer: Reserve Bank of India (RBI)

Average stock of firm is Rs. 80,000, the opening stock is Rs. 10,000 less than closing stock. Find opening stock. (A) Rs. 95,000 (B) Rs. 85,000 (C) Rs. 90,000 (D) Rs. 75,000

Description : Average stock of firm is Rs. 80,000, the opening stock is Rs. 10,000 less than closing stock. Find opening stock. (A) Rs. 95,000 (B) Rs. 85,000 (C) Rs. 90,000 (D) Rs. 75,000

Last Answer : Answer: Rs. 75,000

Rate of Gross Profit on cost is 25%. Total sales is Rs. 1,00,000 and Average Stock is Rs. 1,60,000. Stock Turnover Ratio will be– (A) 0•5 times (B) 0•8 times (C) 0•10 times (D) 0•4 times

Description : Rate of Gross Profit on cost is 25%. Total sales is Rs. 1,00,000 and Average Stock is Rs. 1,60,000. Stock Turnover Ratio will be– (A) 0•5 times (B) 0•8 times (C) 0•10 times (D) 0•4 times

Last Answer : Answer: 0•5 times