Commerce GK MCQ | Important for Bank Exams

1) According to Balance Sheet equation concept, the capital will be
A) Capital= Liabilities - Assets
B) Capital= Fixed Assets - Current Assets
C) Capital = Assets - Liabilities
D) Capital = Assets + Liabilities

ANS-C

2) In common size Balance Sheet analysis we evaluate
A) Increase or decrease over two years is analyzed
B) Only increase over two years is analyzed
C) Only decrease over two years is analyzed
D) All assets and liabilities are expressed in terms of percentage of total

ANS-D

3) Increase in fixed assets due to purchase is
A) Source of fund
B) Fund from operation
C) Use of fund
D) None of these

ANS-C

4) In fund flow statement fund means
A) Total resources
B) Cash/ Bank balance
C) Current Assets
D) Working Capital

ANS-D

5) A vacancy caused by the resignation of the auditor is filled only by the
A) Board of directors of the company
B) Central Government
C) General meeting of the shareholders
D) Managing director of the company

ANS-C

6) The first auditor of a company appointed , holds office for
A) A period of 1 year
B) the period till new auditor is appointed
C) Conclusion of first Annual General Meeting
D) Holding of statutory meeting of the company

ANS-C

7) Internal auditor is appointed by the
A) Management
B) Shareholders
C) Government
D) Statutory auditors

ANS-A

8) What is the quorum of General meetings in case of private companies?
A) 2 members
B) 3 members
C) 4 members
D) 5 members

ANS-A

9) Which of the following must hold a statutory meeting?
A) Public Limited Company
B) Private Company
C) Unlimited company
D) All of these

ANS-A

10) Life insurance is a contract of which one of the following
A) Indemnity
B) Guarantee
C) Contribution
D) Subrogation

ANS-B