LU M.Com Entrance Previous Year Question Paper Pattern – Model Paper Set 1 (2027) with Answers

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Q1. Chunk sampling is known as

1. (A) Judgement sampling
2. (B) Quota sampling
3. (C) Convenience sampling
4. (D) Cluster sampling

Q2. Premium received on issue of shares shall be credited to a separate account called

1. (A) Share premium account
2. (B) Securities reserve account
3. (C) Premium account
4. (D) Securities premium account

Q3. A perfectly competitive firm will always expand output as long as

1. (A) None of the above
2. (B) Rising marginal cost is less than the average cost
3. (C) Rising marginal cost is less than the marginal revenue
4. (D) Rising marginal cost is less than price

Q4. The profit on the reissue of forfeited share are transferred to

1. (A) General Issues
2. (B) Capital A/c
3. (C) Profit & Loss A/c
4. (D) Capital Reserve

Q5. Operating Leverage Measures

1. (A) Production risk
2. (B) Financial risk
3. (C) Business risk
4. (D) Market risk

Q6. Token money is minted by :

1. (A) Cooperative enterprise
2. (B) Company
3. (C) Public
4. (D) Government

Q7. What is the full form of IRDA?

1. (A) Insurance Regulatory & Development Authority
2. (B) Indian Regulation Development Authority
3. (C) none of these
4. (D) Industrial Regulation & Development Authority

Q8. Business includes:

1. (A) Trade
2. (B) Commerce
3. (C) Industry
4. (D) Industry and Commerce

Q9. Revaluation Account is prepared by a partnership firm at the time of :

1. (A) registration of the firm
2. (B) retirement of a partner
3. (C) insolvency of the firm
4. (D) dissolution of the firm

Q10. Identify the formula that is used to calculate the capital turnover ratio

1. (A) Credit sales/net worth
2. (B) Net sales/Average accounts payable
3. (C) Credit sales/Capital employed
4. (D) Net sales/Capital employed

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Q11. Which is the first function of management?

1. (A) Communicating
2. (B) Planning
3. (C) Directing
4. (D) Managing

Q12. Selling costs have to be incurred in case of

1. (A) Imperfect competition
2. (B) None
3. (C) Perfect competition
4. (D) Monopolistic competition

Q13. Classification of respondents based on gender is an application of

1. (A) Interval scale
2. (B) Ordinal scale
3. (C) Nominal scale
4. (D) Ratio scale

Q14. In which method of sampling is done in stage?

1. (A) Systematic
2. (B) Multistage sampling
3. (C) All of these
4. (D) Stratified

Q15. Which of the following is the Oldest form of business organisation?

1. (A) Sole Proprietorship
2. (B) Company
3. (C) Public company
4. (D) Partnership

Q16. Consumer surplus is the area

1. (A) Above the supply curve and below the price
2. (B) Below the demand curve and above the supply curve
3. (C) Below the supply curve and above the price
4. (D) Below the demand curve and above the price

Q17. Accounting is concerned with

1. (A) Monetary and non-monetary transactions
2. (B) Non-monetary transactions
3. (C) Monetary transactions
4. (D) None of the above

Q18. Data collected from published books are called

1. (A) Secondary data
2. (B) Tertiary data
3. (C) Primary data
4. (D) None of the above

Q19. A change in quantity demanded due to factors other than price is called an increase or decrease in demand. Which applies?

1. (A) decrease in demand
2. (B) both
3. (C) None of these
4. (D) increase in demand

Q20. A process layout is useful when

1. (A) Demand for the product is high
2. (B) Paper work is to be minimized
3. (C) In process inventory is to be low
4. (D) Flexibility in production is required

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Q21. An aggregate of items possessing a common trait or traits that fall within the scope of statistical investigation is referred to as

1. (A) Population
2. (B) Sample
3. (C) Cluster
4. (D) Group

Q22. There is no limit to the number of members. This is related to :

1. (A) Public company with shares
2. (B) Private company
3. (C) Cooperative enterprise
4. (D) Partnership

Q23. A monopoly producer usually earns

1. (A) Neither profits nor losses
2. (B) Profits and losses which are uncertain
3. (C) Abnormal profits
4. (D) Only normal profits

Q24. A system whereby a separate trial balance can be taken out from each ledger is called

1. (A) Sectional Balancing System
2. (B) None of all
3. (C) Self Balancing Ledger
4. (D) Self Balancing System

Q25. There exists direct relationship between effort and reward. This is related to :

1. (A) Holding company
2. (B) Sole proprietorship
3. (C) Subsidiary company
4. (D) Public company

Q26. Exchange is the core of:

1. (A) Production
2. (B) Business
3. (C) Insurance
4. (D) Risk

Q27. Depreciation, as the term is used in accounting, means:

1. (A) decline in the market value of an asct
2. (B) physical deterioration of a fIxed asset
3. (C) allocation of the cost of fixed asset over its useful life
4. (D) making a provision for the replacement of the fIxed asset

Q28. Realisation concept implies:

1. (A) Receipt of cash from customer
2. (B) Final settlement of account
3. (C) Receipt of order
4. (D) Delivery of goods

Q29. What are the salient features of Industrial Development?

1. (A) encouragement to the cooperative sector
2. (B) achievement of self-reliance
3. (C) all the above
4. (D) special assistance for the development of small industries

Q30. Systematic sampling belongs to

1. (A) Probability Sampling
2. (B) Quota sampling
3. (C) Non-probability sampling
4. (D) None of the above

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Q31. Income accruing from a business situated in Pakistan is included in the taxable income of

1. (A) Not ordinarily resident assessee
2. (B) Resident (ordinarily assessee
3. (C) None of the above
4. (D) Non- Resident assessee

Q32. ____is the excess of cost of goods sold over sale price of goods

1. (A) Gross loss
2. (B) Net profit
3. (C) Net loss
4. (D) Gross profit

Q33. The central processing unit of a computer consists of

1. (A) Input, output and processing
2. (B) Control Unit, Primary Storage and secondary storage
3. (C) None of the above
4. (D) Control unit, Arithmetic-logic unit and primary storage

Q34. For the purpose of final accounts, stock is generally valued according

1. (A) Average stock basis
2. (B) Cost or market value whichever is less
3. (C) First in frrst out basis
4. (D) Last in first out basis

Q35. A partnership deed provides a salary of Rs. 10,000 per month to partner X. If X withdraws only Rs. 5,000 in a month, the balance is

1. (A) debited to capital account of partner 'X'
2. (B) Credited to profit and loss ( adjustment) account
3. (C) Credited to 'salary payble acoount'
4. (D) Credited to current account of Partner 'X'

Q36. An audit which is compulsory by the law

1. (A) Cost audit
2. (B) Government audit
3. (C) Internal audit
4. (D) Statutory audit

Q37. The Economic environment of a business includes

1. (A) Economic conditions
2. (B) Economic system
3. (C) All of these
4. (D) Economic policies

Q38. When a company issues fully paid shares to promoters for their services, the journal entry debits

1. (A) Goodwill a/c ——-Dr
2. (B) Promotion al ——Dr
3. (C) Promoters Personal a/c—–Dr
4. (D) Bank a/c —–Dr

Q39. Which one is not normally possible in case of monopoly?

1. (A) MR = AR
2. (B) MC=MR
3. (C) AC = AR
4. (D) MR=P

Q40. Ordinal measure of utility is required in

1. (A) Indifference curve
2. (B) Revealed preference
3. (C) None of the above
4. (D) Utility

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Q41. The minimum amount of share application money (as per SEBI/Companies Act) is

1. (A) Rs. 2 per share
2. (B) 5% of nominal value of share
3. (C) 10% of nominal value of share
4. (D) 15% of nominal value of share

Q42. The commission which is allowed to the consignee to cover the risk of loss

1. (A) Del Credere Commission
2. (B) Red ink interest
3. (C) Ordinary Commission
4. (D) Overriding Commission

Q43. What is triple bottom line audit?

1. (A) An audit of all the Sporting resources of the enterprise
2. (B) A social, economic and environmental audit
3. (C) An audit of the three major financial project of a business
4. (D) An audit by the Physical Health of Employees

Q44. Management is an important branch of :

1. (A) Economics
2. (B) Physical sciences
3. (C) Ethical sciences
4. (D) Social sciences

Q45. When opening stock is Rs. 50,000 closing stock Rs. 60,000 and cost of goods sold Rs. 2,20,000, the stock turnover ratio is :

1. (A) 5 times
2. (B) 2 times
3. (C) 4 times
4. (D) 3 times

Q46. In the initial years of planning industrial development was largely based on

1. (A) import substitution
2. (B) export substitution
3. (C) transportation
4. (D) none of these

Q47. Short-working (in royalty accounts) is equal to

1. (A) Minimum Rent
2. (B) Minimum Rent – Royalty
3. (C) Royalty + Surplus
4. (D) Royalty – Minimum Rent

Q48. Branch Account under Debtors' System is :

1. (A) Real Account
2. (B) None of the above
3. (C) Nominal Account
4. (D) Personal Account

Q49. The term 'marketing mix' describes

1. (A) a blending of strategic elements to
2. (B) a composite analysis of all environmental factors inside and outside the firm
3. (C) a series of business decisions that aid in
4. (D) the relationship between a firm's marketing strengths and its business weaknesses

Q50. Chi-square test is a

1. (A) None of the above
2. (B) Parametric Test
3. (C) Non-Parametric Test
4. (D) Small-sample Test

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Q51. Globalisation refers to

1. (A) Global warming
2. (B) Lower income world wide
3. (C) Less foreign trade and investment
4. (D) A more integrated and interdependent world

Q52. Internal trade is synonym of:

1. (A) Domestic trade
2. (B) Wholesale trade
3. (C) Retail trade
4. (D) Both retail and wholesale trade

Q53. The ________ teams are concerned with rotating tasks and assignments amongst its members

1. (A) Self styled
2. (B) Self-managed
3. (C) Self motivated
4. (D) Self concerned

Q54. The admission of minor in partnership is by :

1. (A) Minority
2. (B) Majority
3. (C) Two-third majority
4. (D) Unanimously

Q55. An agreement is a combination of :

1. (A) Offer + Consideration
2. (B) Offer + Obligation
3. (C) Offer + Acceptance
4. (D) Offer + Two parties

Q56. Cartel is a combination of:

1. (A) Distributors
2. (B) Retailers
3. (C) Producers
4. (D) Wholesalers

Q57. Schedule 12 prepared by the Bank gives the details of :

1. (A) Other Income
2. (B) Contingent Liabilities
3. (C) Other Assets
4. (D) Interest Earned

Q58. Which of the following is not a determinant of demand?

1. (A) Income of the consumer
2. (B) Prices of related goods
3. (C) Price of the product itself
4. (D) Elasticity of Demand

Q59. Circular combination is synonym of :

1. (A) Allied combination
2. (B) Process combination
3. (C) Parallel combination
4. (D) Mixed combination

Q60. Perishable products need a

1. (A) direct channel
2. (B) multilevel channel
3. (C) long channel
4. (D) medium channel

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Q61. Why the public sector took over a number of sick units from the private sector?

1. (A) none of these
2. (B) due to the social obligations of protecting employment
3. (C) due to low manufacturing
4. (D) due to the deficiency of managerial planning

Q62. Which of the following is not a part of managerial direction?

1. (A) Communication
2. (B) Motivation
3. (C) Leadership
4. (D) Training

Q63. The role of consumerism has

1. (A) consumer education
2. (B) all the above
3. (C) liaison with Government and with producers
4. (D) product rating

Q64. The time difference between the payment is initiated and funds available in the bank account in spend able form is known

1. (A) Float
2. (B) None of all
3. (C) Cash cycle
4. (D) Lock box system

Q65. In monopoly, the relationship between average revenue and marginal revenue curves is as follows:

1. (A) AR curve coincides with the MR-curve
2. (B) AR curve lies below the MR-curve
3. (C) AR curve is parallel to the MR-curve
4. (D) Average revenue curve lies above the MR-curve

Q66. Which of the following is the vital question in the economic system?

1. (A) How to produce
2. (B) All of the above
3. (C) For whom to produce
4. (D) What to produce

Q67. In the graphical model of linear programming the region defined by the constraints and the non-negative restriction is the

1. (A) objective function
2. (B) constraints
3. (C) feasible solution region
4. (D) non-negativity restrictions

Q68. What does the 'net worth' of a business signify?

1. (A) Total assets – total liabilities
2. (B) Current – total liabilities
3. (C) Fixed assets – current assets
4. (D) Total assets

Q69. Stock is valued in the books of accounts at

1. (A) Market price
2. (B) Cost price or market price, whichever is lower
3. (C) Depends on LIFO or FIFO
4. (D) Cost price

Q70. Which accounting standard deals with accounting for amalgamations?

1. (A) As-20
2. (B) As-10
3. (C) AS-14
4. (D) As-24

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