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Friday, 4 July 2014
UPSC Commerce MCQ Quiz Test
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UPSC Commerce MCQ Quiz Test UPSC Commerce MCQ Quiz Test, Free Commerce Financial Quiz mcq Questions For UPSC Exam, UPSC MCQ MOCK TEST Question Paper Commerce, Test based on Past Exams Questions UPSC Commerce MCQ Quiz 1. A particular firm provided the following data for a year:Current ratio 2.5: 1 ,Liquid ratio 1.5: 1 Net working capital Rs. 3, 00,000 What are the current assets and current liabilities of this firm, respectively? (a) Rs. 3, 00,000 and Rs. 1, 50,000 (b) Its. 5, 00,000 and Rs. 2, 00,000 (c) Rs. 2, 00,000 and Rs. 5, 00,000 (d) Rs. 3, 00,000 and Rs. 1, 00,000 Ans. (b) 2. Given: Opening inventory Rs. 3,500 Closing inventory: Rs. 1,500 Cost of goods sold: Rs. 22,000 What is the amount of purchase? (a) Rs. 20,000 (b) Rs. 24,000 (c) Rs. 27,000 (d) Rs. 17,000 Ans. (a)
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4. The net profits of a business after providing for taxation for the past five years are Rs. 80,000, Rs. 85,000 Rs. 92,000, Rs. 1, 05,000 and Rs.1, 18,000. Capital employed in the business is Rs. 8,00,000. Normal rate of return is 10%. What is the value of goodwill on the basis of capitalization of super profit method? (a) Rs. 1, 00,000 (b) Rs. 1, 50,000 (c) Rs. 1, 60,000 (d) Rs. 1, 80,000 Ans. (a) 5. Sometimes an auditor is called upon to review the operations of an enterprise for evaluating their cost-effectiveness. What is this kind of audit generally known as? (a) Cost Audit (b) Operations Audit (c) Tax Audit (d) Independent Financial Audit Ans. (b)
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6. Match List -I with List – II and select the correct answer using the codes given below the Lists: List-I List – II (Type of Audit) (Explanation) A. Statutory Audit 1. Judge the correctness of the financial statements and establish their reliability B. Management Audit 2. Appraisal of performance of executives C. Cost Audit 3. Examination of past records D. Financial Audit 4. Verification of cost records Codes: A B C D (a) 3 4 2 1 (b) 1 2 4 3 (c) 3 2 4 1 (d) 1 4 2 3 Ans. (c) 7. Match List -I with List -II and select the correct answer using the codes given below the Lists: List -I List – II (Technique of Auditing) (Explanation) A. Vouching 1. It is an enquiry into the value, ownership and title of assets. B. Verification 2. It is testing of the exact value of an asset on the basis of its utility. C. Investigation 3. It is the verification of authority and authenticity of transactions as recorded in the books of accounts. D. Valuation 4. It is an examination of accounts and records of a business concern with some special purpose. Codes: A B C D (a) 3 2 4 1 (b) 4 1 3 2 (c) 3 1 4 2 (d) 4 2 3 1 Ans. (c) 8. Consider the following statements: Internal check relates to 1. arrangement of duties of employees. 2. distribution of work in such a way that work of one employee is checked by other employee. 3. review of operations. Which of the statements given above is/are correct? (a) 1 and 2 (b) 2 and 3 (c) 3 only (d) l, 2 and 3 Ans. (a) 9. Consider the following categories of documentary evidence from the point of view of the degree of their reliability. 1 Documentary evidence originating from and held by the entity. 2. Documentary evidence originating from third parties and held by the entity. 3. Documentary evidence originating from and held by the third party. 4. Documentary evidence originating from entity and held by the third Part. Which one of the following is the correct order (high to low) of their degree of reliability? (a) 4, 1, 3, 2 (b) 3, 2, 4, 1 (c) 4. 2, 3, 1 (d) 3, 1, 4, 2 Ans. (b) 10.Consider the following statements: 1. It is mandatory for all business enterprises to conduct audit of accounts. 2. Audit Note Book is a tool in the conduct of audit. 3. Internal check system is an inbuilt mechanism within an organization to check frauds and errors. Which of the statements given above is/are correct? (a) l only (b) 2 and 3 (c) 3 only (d) 1, 2 and 3 Ans. (b) 11. Match List- I with List- II and select the correct answer using the codes given below the Lists: List -I List -II (Type of Books) (Content) A. Minutes Book 1. Records of issue of packing materials B. Subsidiary Ledger 2. Records of running hours of machine C. Stores Ledger 3. Records of decisions at a meeting D. Log Book 4. Records entry of receipt from debtors Codes: A B C D (a) 3 2 1 4 (b) 1 4 3 2 (c) 3 4 1 2 (d) 1 2 3 4 Ans. (c) 12. Assertion (A) Analytical review procedures are useful only at the time of planning of an audit. Reason (R): Analytical reviews are the test of financial information conducted through a study and review of relationship among financial data. Codes: (a) Both A and Rare individually true and R is the correct explanation of A (b) Both A and R are individually true, but R is not the correct explanation of A (c) A is true, but R is false (d) A is false, but R is true Ans. (a) 13. What does management audit imply? (a) Complete audit (b) Detailed audit (c) Efficiency audit (d) Interim audit Ans. (c) 14. Where does an auditor of a co-operative society submit the audit report? (a) To the managing committee of the society only (b) To the Registrar of Co-operative Societies of the State concerned only (c) To the State Assembly Concerned (d) To the Registrar of Co-operative Societies of the State concerned and a copy to the society Ans. (b) 15. 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 Ans. (d) 16. 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 charitable trust can be audited by any person who belongs to accountancy profession (d) Audit of a charitable trust is not compulsory under law Ans. (a) 17. Consider the following statements: The vouching of remuneration to directors involve the checking of 1. special resolution. 2. statement of accounts. 3. approval note of the Central Government. 4. Minutes Book. Which of the statements given above are correct? (a) l and 2 (b) 2 and 3 (c) l, 2 and 4 (d) l, 3 and 4 Ans (d) 18. Match List I with List II and select the correct answer using the codes given below the Lists: List I List-II (Liability of Auditor) (Example) A. Liability for negligence 1. Breach of trust or duty B. Liability for misfeasance 2. Untrue statement in the prospectus C. Criminal liability 3. Not liable for untrue statement in prospectus D. Liability to third party 4. Dividends paid out of capital Codes: A B C D (a) 4 3 2 1 (b) 2 1 4 3 (c) 4 1 2 3 (d) 2 3 4 1 Ans. (c) 19. Which of the following statements is/are correct? 1. Internal control includes quality control. 2. Internal control is compulsory for all forms of business organizations. 3. Internal control helps external auditor to design suitable audit programme for client’s organization. Select the correct answer using the codes given below: (a) 1 only (b) 2 only (c) 3 only (d) 1 and 3 Ans. (c) 20. Consider the following statements: Audit working papers are maintained because 1. they act as a guide to subsequent audit. 2. they verify the arithmetical accuracy of the books of accounts. 3. they provide evidence of the work performed by the auditor. Which of the statements given above are correct? (a) 1 and 2 (b) 2 and 3 (c) l and 3 (d) l, 2 and3 Ans. (c) 21. Match List -I with List -II and select the correct answer using the codes given, below the Lists: List -I List -II (Technique) A. Rotation of Duties 1. Internal control B. Random Sampling 2. Physical examination C. Trend Analysis 3. Selective verification D. Cash Verification 4. Overall assessment Codes: A B C D (a) 1 4 3 2 (b) 2 3 4 1 (c) 1 3 4 2 (d) 2 4 3 1 Ans. (c) 22. Consider the following stages before commencing an audit: 1. Ascertaining the scope of audit work an auditor has to undergo 2. Gaining knowledge about business of the client. 3. Going through the agreement with the client. 4. Instructions to and information from the client. What is the correct sequence of the above stages? (a) 2, 1, 3, 4 (b) 3, 4, 2, l (c) 2, 4, 3, 1 (d) 3, l, 2, 4, Ans. (a) 23. Which one of the following statements is correct? (a) If an asset is used by a company, it should be owned by the company (b) Verification of liabilities means that the amounts of current and long term liabilities shown in the Balance Sheet are correct (c) Vouching and verification means the same thing (d) It is not the duty of an auditor to confirm the physical existence and ownership of an asset Ans. (b) 24, The following steps should be adopted by an auditor for verification of land: 1. To examine that the land has been shown in the Balance Sheet at its original cost. 2. To ensure that the cost of land also includes the expenses like broker’s commission, legal expenses, improvement expenses etc. 3. To get a certificate from solicitor of the client regarding validity of the title deeds. 4. To examine that the land is not subject to any charge or mortgage. What is the correct sequence of the above steps to be followed by an auditor during the course of auditing? (a) 1, 4, 2, 3 (b) 3, 2, 4, 1 (c) 1, 2, 4, 3 (d) 3, 4, 2, 1 Ans. (c) 25. Which one of the following has replaced the Budla System in India? (a) Rolling settlement (b) Trading in equity derivatives (c) Depository system (d) Online trading Ans. (a) 26. Which one of the following is not correct? (a) Mutual Fund ensures its participants a professional management of portfolio selection (b) Mutual Fund schemes can be open-ended and/or close-ended (c) Balanced Mutual Fund aims at earning current income and capital appreciation (d) Mutual Fund is an investment company and a merchant banker Ans. (d) 27. ‘What is cross rate? (a) A rate of exchange derived from Central Bank (b) A rate of exchange between two currencies, other than those that form a market’s principal rates (c) A rate of exchange derived from the quotations for buying currencies (d) A rate of exchange quoted by a dealer in foreign exchange for selling currencies Ans. (b) 28. Which one of the following statements is not correct? (a) Working capital is made available by the banks to the export sector at subsidized rates of interest (b) Market Development Fund provides the necessary financial assistance for market promotion (c) Export Houses/Star Trading houses are granted additional license against exports made during the preceding year (d) Export profits enjoy a variety of tax concessions in India Ans. (a) 29. Which among the following is eligible to issue Self Prospectus? (a) Any company contemplating for public issue of securities (b) Any public financial institution (c) Only manufacturing companies (d) Only foreign companies engaged in trading in India Ans. (b) 30. Which one of the following is correct in respect of the doctrine of indoor management and the rule of constructive notice? (a) The former operates to protect the outsider against the company and the latter protects the company against the outsider (b) The former operates to protect the company against the outsider and the latter protects the outsider against the company (c) Both protect the company against the outsider (d) Both protect the outsider against the company Ans. (a) 31. 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 Ans. (b) 32. What is/are the consequence(s) of non-registration of partnership firm? 1. It cannot sue any of its partners. 2. Partners of an unregistered firm can file suits against each other. 3. Partners can sue the firm to enforce their claims. Select the correct answer using the codes given below: (a) l only (b) 2 only (c) 3 only (d) None of these Ans. (a) 33. Under which principle, all the rights of an insured are transferred to insurance company after making payment of claim? (a) Subrogation (b) Utmost good faith (c) Contribution (d) Average clause Ans. (a) 34. In a marine insurance, when must the insurable interest exist? (a) At the time of making contract (b) At the time of loss of subject matter (c) Both at the time of making contract and at the time of loss of subject matter (d) At the time of termination of the policy Ans. (b) 35. Life Insurance is a contract of which one of the following? (a) Indemnity (b) Guarantee (c) Contribution. (d) Subrogation Ans. (b) 36. Which one of the following statements is correct in respect of Duty Drawback scheme? (a) Relieving export goods of duties paid for components used for manufacturing the export goods (b) Providing cash incentives to exporters to compensate the duty paid by them in foreign countries (c) Compensating importers to the extent of import duty paid by them for importing lifesaving drugs (d) Providing a facility for withdrawing the duty paid by exporters if their exports are rejected in foreign countries Ans. (a) 37. In foreign trade, what is the price quoted by a supplier which includes all charges incurred up to door delivery of goods to the buyer, called? (a) Loco price (b) C.I.F. price (c) Franco price (d) Landed price Ans. (c) 38. Consider the following statements: 1. Letter of credit cannot be opened by mail. 2. Contracts of export of goods and services against payment to be secured partly or fully beyond 90 days are treated as deferred payment exports. Which of the statements given above is/are correct? (a) 1 only (c) Both 1 and 2 (b) 2 only (d) Neither 1 nor 2 Ans. (a) 39. Consider the following statements in respect of the “Duty Free Import Authorization Scheme”. 1. The scheme offers the facility to import the required inputs before exports. 2. The scheme allows the transfer of scrip once the export obligation is complete. Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither1 nor 2 Ans. (a) 40. 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 Ans. (c) 41. What is Director Identification Number (DIN)? (a) An identification number which the individual company allots to the intending director (b) A number which the Central Government allots to any individual intending to be appointed as director or to any existing director of a company (c) A number which the SEBI allots to any individual intending to be appointed as director or to any existing director of a company (d) A number which the Central Government allots to retired directors so as to build data base Ans. (a) 42. Which one of the following is not one of the elements of the 75 McKinsey Model for analyzing and improving organizational effectiveness? (a) Strategy(b) Structure (c) Shared Values (d) Standard Ans. (d) 43. Consider the following statements: 1. Aggregate planning implies operational planning concerned with determining a firm’s production requirements and manufacturing capacity 2. Behavior modification is a concept of totally independent of for the employees. Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 Ans. (d) 44. What is the correct sequence of the following steps in a strategic planning process? 1. Inputs 2. Evaluation of alternatives 3. Execution 4. SWOT analysis Select the correct answer using the codes given below:(a) l, 4, 2, 3(b) 4, l, 2, 3(c) l, 2, 3, 4 (d) 4, l, 3, 2 Ans. (b) 45. Consider the following statements: 1. Managerial grid is an organizational concept that brings together teams of individuals from specialized jobs and departments for achieving specific results in defined periods of time. 2. The Matrix Management Model is based on a matrix of values between 0 and 9 for two primary variables. Which of the statements given above is/are correct? (a) 1 only(c) Both 1 and 2 (b) 2 only (d) Neither 1 nor 2 Ans. (d) 46. Consider the following statements: In the absence of an agreement, a partner of a firm has the right to 1. claim remuneration for taking part in the management. 2. take part in the conduct and management of business. 3. share the profits of the firm equally with other partners. 4. pledge partnership property as a security for his own private debts. Which of the statements given above is/are correct? (a) 1 and 4 (b) 2 and 3 (c) 1 only (d) 4 only Ans. (b) 47. To which one of the following aspects does an established pattern of relationships among the components of an organization refer? (a) Organization strategy(b) Organization structure(c) Organization process(d) Organization policy Ans. (b) 48. Consider the following statements: 1. Authority in an organization is the formal or institutional right to command stemming from official delegation of position. 2. Legitimate power is the right to manage derived from delegation based on ownership or property rights. Which of the statements given above is/are correct? (a) 1 only(b) 2 only(c) Both 1 and 2(d) Neither 1 nor 2 Ans. (a) 49. Which one of the following is not correct in respect of the Theory X? (a) It emphasizes that most average human beings avoid to be led, want to lead(b) According to the theory X, the managers tend to be autocratic(c) The theory X assumes that most human beings must be directly controlled in order to achieve organizational goals(d) The theory X assumes that most individuals have little ambition and want security Ans. (b) 50. When Maslow’s need hierarchy is compared with Herzberg’s two-factor theory of motivation, which of the following statements are correct? 1. Maslow’s psychological needs; security, safety and affiliation or acceptance represent almost the same meanings as Herzberg’s maintenance factor. 2. Esteem or status is also a part of maintenance factor. 3. Self-actualization be compared as a component of motivators as in Herzberg’s theory. Select the correct answer using the code given below: (a) l, 2 and 3(b) 1 and 2 only(c) 2 and 3 only(d) 1 and 3 only Ans. (a)
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