Most Important Question For B.com Entrance Exam

UNIVERSITY OF LUCKNOW

Top 30+ Mcq

1.The board of directors of a joint stock company is selected by

1. Employees
2. General
3. public Government
4. Shareholders

Answer : Shareholders

2.Liability of a partner

1. Unlimited
2. Limited to the extent of his share in profit
3. Limited to the extent of his capital
4. Limited to the extent of his share of loss

 Answer : Unlimited

3.Which of the following concepts has been propounded by F W Taylor?

1. Committee organisation
2. Functional organisation
3. Line and Staff organisation
4. Line organisation

Answer : Functional organisation

4.Journal is a

1. Memorandum book
2. Secondary book
3. Primary book
4. None of the above

Answer : Primary book

5. Bank reconciliation statement is

1. A part of cash book
2. A part of pass book
3. Statement prepared by bank
4. Statement prepared by customer

Answer : Statement prepared by customer

6.Which of the following is not a part of double entry system?

1. Cash book
2. Ledger Journal
3. Bank reconciliation statement

Answer : Bank reconciliation statement

7.Current liabilities i n c l u d e

1. B i l l s p a y a b l e
2. C r e d i t o r s
3. u t s t a n d i n g e x p e n s e s
4. A l l o f  t h e s e

Answer : A l l  o f  t h e s e

8.A person who owes money to the firm is called…………

1. Debtors
2. Creditors
3. Supplier
4. None of these

Answer : Debtors

9. Accounting equation is based on

1. Cost concept
2. Separate entity concept
3. Accured concept
4. Dual concept

Answer : Dual concept

10.What does we call two parallel lines drawn on the main page of cheque?

1. Dishonour of cheque
2. Endorsement of cheque
3. Cross cheque
4. None of the above

 Answer : Cross cheque

11.A debenture does not have

1. Fixed interest rate
2. Maturity period
3. Voting right
4. Priority in liquidation

Answer : Voting right

12.Debenture are traded in

1. Stock exchange
2. Money market
3. Commodity exchange
4. All of these

Answer : Stock exchange

13.Certificate of deposit can be issued for a maximum maturity period of

1. 45 days
2. 60 days
3. 12 months
4. 90 days

Answer : 12 months

14.. Certificate of deposit can be issued for a minimum maturity period of

1. 6 days
2. 7days
3. 8days
4. 15days

Answer : 7 days

15.Short term funds are dealt in

1. Capital market
2. Money market
3. Commodity market
4. None of these

Answer : Money market

16.Errors in personal and real account affect

1. Trading account
2. Profit and loss account
3. Profit and loss appropriation account
4. Balance sheet

Answer : Balance sheet

17.Which of the following is an example of non-cash expenses?

1. Depreciation
2. Wages and salaries
3. Rent of the premises telephone expenses

Answer : Depreciation

18.As per companies Act 2013, a company can be formed

1. Even with one person
2. With not less than two persons
3. With a minimum of seven persons
4. With a minimum of fifty persons

Answer : Even with one person

19.. If all the partners are insolvent except one

1. Only partnership is dissolved
2. Partnership agreement is dissolved
3. The insolvent partners are automatically thrownout from the business
4. Partnership firm is dissolved

Answer : Only partnership is dissolved

20.Fixed deposit is also referred to as

1. Term deposit
2. Recurring deposit
3. Demand deposit
4. Current deposit

Answer : Term deposit

21.Cheque is

1. Business report
2. Banking report
3. Endorsement report
4. None of these

Answer : Endorsement report

22.Purchase account is a

1. Real account
2. Nominal account
3. Personal account
4. None of these

Answer : Nominal account

23.Bank account is a

1. Personal account
2. Real account
3. Nominal account
4. None of these

Answer : Personal account

24.Opportunity is known as:

(a)Best alternative

(b)Worst alternative

(c)No alternative

(d)None

Answer : (a) Best alternative