Entrance Test: Commerce and Management Important mcq

Multiple Choice Questions- Commerce and Management, Admission Test, Top Interview MCQs, For B.Com, M.Com, MBA, BBA etc

Entrance Test: Commerce and Management Important mcq 

1.       Need – Hierarchy Theory was given by

a.          Maslow

b.          Herzberg

c.           Ouchi

d.          Mc – Gregor.

2.        Theory X was given by

a.          Ouchi

b.          Mc – Gregor

c.           Maslow

d.          Herzberg

3.       Theory Y was given by

a.          Herzberg

b.          Maslow

c.           Mc – Gregor

d.          Elton Mayo

4.       Two - Factor Theory was given by

a.          Herzberg

b.          Elton Mayo

c.           Mc – Gregor

d.          Ouchi

5.        Theory Z was given by

a.          Elton Mayo

b.          Ouchi

c.           Mc – Gregor

d.          Herzberg

6.       Which of the following is the first step in Management

a.          Organising

b.          Staffing

c.           Control

7.       Planning Which of the following is the last step in Management

d.           

a.          Planning

b.          Staffing

c.           Control

d.          Organising

8.        Who has given Fourteen Principles of Management

a.          Henry Fayol

b.          F. W. Taylor

c.           Elton Mayo

d.          Philip Kotler

9.       Who is the father of Scientific Management

a.          Philip Kotler

b.          Henry Fayol

c.           F. W. Taylor

d.          Ouchi

10.   “Esprit de Corps” is associated with

a.          Mc – Gregor

b.          Philip Kotler

c.           Herzberg

d.          Henry Fayol

11.   The oldest form of Business Organisation is

a.          Partnership

b.          Joint - Stock Company

c.           Co – Operative Society

d.          Sole – Proprietorship

12.   What is Minimum number of members required to form a Private Company

a.          3

b.          4

c.           5

d.          2

13.   What is the Maximum number of members in a Private Company

a.          25

b.          35

c.           50

d.          55

14.   What is Minimum number of members required to form a Public Company

a.          7

b.          8

c.           9

d.          10

15.   What is Maximum number of members in a Public Company

a.          100

b.          Unlimited

c.           500

d.          1000

16.   Management by Objective was first popularised by

a.          Ouchi

b.          Peter Ducker

c.           Mc. Gregor

d.          Herzberg

17.   Which company cannot issue a Prospectus

a.     Public Company

b.     Government Company

c.      Private Company

d.     Both (a) and (b)

18.   Planning is concerned with

a.          Looking into Future

b.          Recruitment of Manpower

c.           Comparing Actual Performance with Standard

d.          None of above

19.   Staffing is concerned with

a.          Looking Backward

b.          Recruitment of Manpower

c.           Looking into Future

d.          None of Above

20.   Which is the most complex type of Organisation among the following

a.          Line Organisation

b.          Line and Staff Organisation

c.           Functional Organisation

d.          None of Above

21.   Which company cannot issue share warrants

a.          Government Company

b.          Public Company

c.           Private Company

d.          Both (a) and (b)

22.   Which Company is bound to have its own Articles of Association

a.          Public Company

b.          Private Company

c.           Government Company

d.          None of Above

23.   For which Company Certificate of Commencement of Business is Essential

a.          Public Company

b.          Private Company

c.           Both (a) and (b)

d.          Partnership Firm

24.   What is minimum number of Directors in a Public Company

a.          3

b.          4

c.           5

d.          6

25.   What is minimum number of Directors in a Private Company

a.          3

b.          4

c.           2

d.          5

Multiple Choice Questions- Commerce and Management, Admission Test, Top Interview MCQs, For B.Com, M.Com, MBA, BBA etc

Financial Accounting B.Com.(Hons) Second Semester university Question

Model Question Paper | university Exam Question Paper 2015

B.Com.(Hons) (Second Semester)Examination, May 2015Financial Accounting

GGV, Central university- End Semester May 2015

Paper:  

Time Allowed : Three hours

Maximum Marks : 60

Note: Attempt five questions in all. Question No. One is compulsory carrying 20 marks. Remaining four questions carry 10 marks each.

1.                  Short Answered Questions:                                                              2x10=20

                                                        i.            X, Y and Z are partners sharing profit in the ratio of 5:3:2, G is admitted for 1/5 share in future profit. Calculate sacrificing ratio?

                                                      ii.            What is Revaluation Account? Why is it prepared?

                                                    iii.            What do you mean by gaining ratio.

                                                    iv.            Mention any two characteristics of Hire Purchase system.

                                                      v.            A Company agreed to purchase wagons from the vendor on Hire Purchase System for Rs. 4,600. Rs.600 was paid when wagons acquired i.e. on 1^st January 2005, and the balance was to be paid by annual instalment of Rs. 800 plus interest at 5% per annum. Show calculation of interest.

                                                    vi.            What journal entry/entries will you pass if admitting partner brings his share of goodwill in cash?

                                                  vii.            Calculate the amount of goodwill at two years purchase of the last five years average profits. The profits of last five years were Rs.17000, Rs.25000, Rs. 35000, Rs.3000 (loss) and Rs.4000 (loss)?

                                                viii.            A B and C are partners sharing profits in the ratio of 3:2:1. B retires and on the date of B’s retirement, Goodwill is valued at Rs.60,000. Pass necessary journal entries.

                                                    ix.            Give Specimen of Realisation Account.

                                                      x.            From the following information calculate amount of opening debtor;

Cash Sales                                                       4375

Cash received from Debtors                           9475

Closing Debtors                                              2290

Credit Sales                                                     10250

 Financial Accounting B.Com.(Hons)  Second Semester university Question

  

Long Answer Type (Attempt any four)                                                10x4=40

2.                  Explain the characteristics and advantages of Joint Venture.

3.                  What do you mean by Partnership? Explain its essential features.

4.                  Explain the concept of Hire Purchase System. Discuss the differences between Hire-Purchase System and Instalment Payment System.

5.                  Culcutta Transport Company purchased Truck from Ashoka Automobiles on 1^st January, 2011 on hire-purchase system. The cash price of the truck was Rs.3,20,000 which was payable as under:

  1-1-2011                             1,00,000

31-12-2011                              80,000

31-12-2012                              80,000

31-12-2013                              82,478

Ashoka automobiles charged interest @5% per annum on the unpaid amount. The purchasing company decided to write off depreciation @ 20% of the cost price each year. Prepare necessary accounts in the books of Calcutta Transport Company for three years. Also show the calculation of interest, depreciation and the instalment.

6.                  A, B and C are in partnership sharing profits and loses equally. On 31^st March, 2009 their Balance Sheet was as follows:

Liabilities	Rs.	Assets	Rs.
Creditors B’s Loan Bills Payable Reserve Fund A’s Current A/c B’s Current A/c Capitals:                                                                  A                                    20,000 B                                    10,000 C                                    10,000	13,000 2,500 500 3,000 1,500 1,500 40,000	Cash Debtors Stock Furniture Machinery C’s Current A/c Goodwill	1,500 12,500 29,000 1,000 5,000 3,000 10,000
	62,000		62,000

On the date they dissolved their partnership the following arrangements were made among the partners: (i) A agrees to pay Creditors. (ii) B takes over the stock at an agreed valuation of Rs. 25,000. (iii) C takes over goodwill at Rs. 15,000. (iv) Bills payable were cleared off, Rs. 10 being allowed for discount. (v) The remaining assets were auctioned and realized Rs. 15,000. Expenses of realization amounted to Rs. 120. (vi) B’s loan was also paid off.

Show the Realization Account, B’s Loan Account, Bank Account, Current Accounts and the Partners’ Capital Accounts.

7.                  D Company has its Branch in Mumbai. Goods are invoiced to this Branch at 20% profit on invoice price. From the following details prepare Branch Account in the books of Head Office showing Branch profit:

Goods supplied to Branch at invoice price                             38,000

Wages paid by Head office                                                    1,520

Rent paid by Head office                                                       1,800

Sundry expenses paid by Head office                                      200

Cash Sales                                                                               24,800

Cash received from Debtors                                                   10,000

Credit Sales                                                                             11,200

Discount allowed to customers                                               400

Goods spoiled                                                                         100

Goods returned by customers                                                 200

8.                  Arvind and Narendra are partners in a firm sharing profit and losses in the ratio of 3:2. Their Balance Sheet was as follow;

Capital & Liabilities	Rs.	Assets & Properties	Rs.
Creditors Capital Accounts: Arvind      30,000 Narendra   25,000 General Reserve	15,000 55,000 10,000	Cash Debtors Stock Patents Plant	2,000 18,000 20,000 10,000 30,000
	80,000		80,000

Rahul is admitted as a partner on the following terms;

a)      He will pay Rs.20,000 as capital and Rs. 10,000 as goodwill for one-fourth share in the profits of the firm.

b)      The assets are to be valued as under; plant Rs. 32,000, stock Rs. 18,000, Debtors on book value but 5% reserve is to be made thereon.

c)      It was found that the creditors included a sum of Rs. 1,400 which was not to be paid. It was also found that there was an outstanding liability amounting Rs. 2,000.

Prepare Profit and Loss adjustment A/c, Partners capital Accounts and new Balance Sheet after Rahul’s admission.