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Commerce & Accountancy

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Commerce & Accountancy MCQ & Objective Questions

Commerce & Accountancy is a vital subject for students aiming to excel in their school exams and competitive assessments. Mastering this field not only enhances your understanding of financial principles but also significantly boosts your exam scores. Practicing MCQs and objective questions is essential, as it helps you identify important questions and reinforces your exam preparation through targeted practice questions.

What You Will Practise Here

  • Fundamental concepts of accounting and financial statements
  • Key principles of commerce including trade, marketing, and economics
  • Important formulas related to profit and loss, balance sheets, and cash flow
  • Definitions of key terms such as assets, liabilities, and equity
  • Diagrams illustrating accounting processes and business models
  • Theory areas covering the role of commerce in the economy
  • Analysis of case studies relevant to real-world commerce scenarios

Exam Relevance

Commerce & Accountancy is a significant part of the curriculum for CBSE, State Boards, and various competitive exams like NEET and JEE. Questions often focus on practical applications of concepts, requiring students to solve numerical problems and interpret financial data. Common question patterns include multiple-choice questions that test both theoretical knowledge and practical understanding, making it crucial to be well-prepared.

Common Mistakes Students Make

  • Misunderstanding the difference between assets and liabilities
  • Confusing terms related to accounting principles
  • Overlooking the importance of accurate calculations in numerical questions
  • Neglecting to review the impact of transactions on financial statements

FAQs

Question: What are the key topics I should focus on in Commerce & Accountancy?
Answer: Focus on financial statements, accounting principles, and key formulas to excel in this subject.

Question: How can I improve my performance in Commerce & Accountancy exams?
Answer: Regular practice of MCQs and understanding the concepts thoroughly will enhance your performance.

Start solving practice MCQs today to test your understanding and boost your confidence in Commerce & Accountancy. Remember, consistent practice is the key to success in your exams!

Q. Which principle of management suggests that tasks should be divided among individuals to improve efficiency?
  • A. Unity of direction
  • B. Division of work
  • C. Authority and responsibility
  • D. Stability of tenure
Q. Which principle requires that expenses be matched with revenues in the period in which they are incurred?
  • A. Revenue Recognition Principle
  • B. Matching Principle
  • C. Cost Principle
  • D. Conservatism Principle
Q. Which ratio is used to assess a company's ability to meet its long-term obligations?
  • A. Current ratio
  • B. Quick ratio
  • C. Debt to equity ratio
  • D. Return on equity
Q. Which ratio is used to assess a company's efficiency in managing its inventory?
  • A. Inventory Turnover Ratio
  • B. Current Ratio
  • C. Debt to Equity Ratio
  • D. Return on Equity
Q. Which ratio is used to assess a company's liquidity?
  • A. Debt to Equity Ratio
  • B. Current Ratio
  • C. Return on Equity
  • D. Gross Profit Margin
Q. Which ratio is used to measure a company's liquidity?
  • A. Debt to equity ratio
  • B. Current ratio
  • C. Return on equity
  • D. Gross profit margin
Q. Which ratio measures a company's ability to meet its long-term obligations?
  • A. Current Ratio
  • B. Quick Ratio
  • C. Debt to Equity Ratio
  • D. Gross Profit Margin
Q. Which ratio measures a company's ability to pay short-term obligations?
  • A. Current Ratio
  • B. Debt to Equity Ratio
  • C. Return on Equity
  • D. Gross Profit Margin
Q. Which ratio measures a company's profitability relative to its total assets?
  • A. Return on Equity
  • B. Return on Assets
  • C. Current Ratio
  • D. Debt to Equity Ratio
Q. Which ratio would you use to assess a company's ability to cover its long-term obligations?
  • A. Current ratio
  • B. Debt to equity ratio
  • C. Return on equity
  • D. Gross profit margin
Q. Which section of the Income Tax Act allows for deductions on investments in specified savings schemes?
  • A. Section 80C
  • B. Section 80D
  • C. Section 80E
  • D. Section 80G
Q. Which section of the Income Tax Act allows for deductions on investments in specified savings instruments?
  • A. Section 80C
  • B. Section 80D
  • C. Section 80E
  • D. Section 80G
Q. Which section of the Income Tax Act provides for deductions on home loan interest?
  • A. Section 80C
  • B. Section 80D
  • C. Section 24(b)
  • D. Section 10
Q. Which section of the Income Tax Act provides for deductions on interest paid on home loans?
  • A. Section 80C
  • B. Section 24(b)
  • C. Section 80E
  • D. Section 80D
Q. Which section of the Income Tax Act provides for the deduction of interest on home loan?
  • A. Section 80C
  • B. Section 24(b)
  • C. Section 80E
  • D. Section 80D
Q. Which term describes costs that can be directly traced to a specific product?
  • A. Indirect costs
  • B. Direct costs
  • C. Fixed costs
  • D. Variable costs
Q. Which variance measures the difference between actual costs and standard costs for direct materials?
  • A. Sales variance
  • B. Material price variance
  • C. Labor efficiency variance
  • D. Overhead variance
Q. Who is responsible for collecting GST?
  • A. The consumer
  • B. The seller
  • C. The government
  • D. The accountant
Q. Why is it important for entrepreneurs to understand the business environment?
  • A. To avoid competition
  • B. To ensure compliance with laws
  • C. To identify potential investors
  • D. To create a unique value proposition
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