Commerce Quiz 12th B (Accountancy) PDF

12^TH^ B COMMERCE QUIZ ( ACCOUNTANCY) DATE : 16. 12.2024 1.Long term assets without any physical existence but, possessing a value are called A\) Intangible assets B\) Fixed assets C\) Current assets D\) Investments **Answer**: A 2\. Gross profit is A\) Cost of goods sold + Opening stock B\...

12^TH^ B COMMERCE QUIZ ( ACCOUNTANCY) DATE : 16. 12.2024 1.Long term assets without any physical existence but, possessing a value are called A\) Intangible assets B\) Fixed assets C\) Current assets D\) Investments **Answer**: A 2\. Gross profit is A\) Cost of goods sold + Opening stock B\) Sales -- cost of goods sold C\) Sales -- Purchases D\) Net profit -- expenses **Answer**: B 3\. Which of these best explains fixed assets? A\) Are bought to be used in the business B\) Are expensive items bought for the business C\) Are items which will not wear out quickly D\) Are of long life and are not purchased specifically for resale **Answer**: D 4\. If it is required to maintain fixed capitals then the partners' shares of profits must be A\) Credited to capital accounts B\) Debited to capital accounts C\) Debited to partners' current accounts D\) Credited to partners' current accounts **Answer**: D 11^TH^ ACCOUNTANCY QUIZ QUESTIONS 5\. Accounting provides data or information on A\) Income and cost for the managers B\) Financial conditions of the institutions C\) Company's tax liability for a particular year D\) All the above **Answer**: D 6\. Copyrights, Patents and Trademarks are examples of A\) Current assets B\) Fixed assets C\) Intangible assets D\) Investments **Answer**: C 7\. Net profit is calculated in which of the following account? A\) Profit and loss account B\) Balance sheet C\) Trial balance D\) Trading account **Answer**: A 8\. Suppliers personal a/c are seen in the A\) Sales Ledger B\) Nominal ledger C\) Purchases Ledger D\) General Ledger **Answer**: C 9\. Discounts received are A\) Buyer of goods granted discount by seller B\) Deducted when we receive cash C\) Given by us when we sell goods on credit D\) None of these **Answer**: A 10\. If a trial balance totals do not agree, the difference must be entered in A\) The Profit and Loss Account B\) A Nominal Account C\) The Capital Account D\) A Suspense Account **Answer**: D BUSINESS STUDIES 11^TH^ QUIZ 11\. **7. Which among the following is not concerned with Chambers of Commerce & Industry** A.CII B.FICCI C.ICICI D.ASSOCHAM **Answer: C** The correct answer is **C) ICICI**. 12\. **One example of Small scale Fixed retailers among these is** A. Pedlars B.General stores C.Hawkers D. Cheap Jacks **Answer: B** **13. Goods imported for the purpose of export is known as** A.Home trade B. Foreign trade C. Entrepot D. Trade **Answer: C** 14\. To start a partnership business, what should be the minimum number of partners? A\) 2 B\) 10 C\) 4 D\) 20 **Answer: A** **ECONOMICS-CLASS 11** **1. What is the primary focus of microeconomics?** a. National economies   b. Individual markets and entities   c. Global economic trends   2\. Economics is the study of economic welfare who said this: a. Marshall b. J.K. Mehta c. Keynes 3\. with rise in coffee price, the demand of tea: a. Rises b. Falls c. Remains stable **ECONOMICS-CLASS 12** **1.** Study of aggregates is known as a. Macroeconomics b. Microeconomics 2\. What is the period of a fiscal year? a. 1 April to 31 March b. 1 January to 31 December 3\. Which of the following is the modern concept of development? a. Economic development b. Economic growth c. Sustainable development **BUSINESS STUDIES-CLASS 12** 1\. Which of the following is not a designation related to top level management?\ (a) President\ (b) Vice-President\ (c) Chairman\ (d) Production Manager 2\. Which of the following is not an external source of recruitment\ (a) Campus recruitment\ (b) Promotion\ (c) Casual callers\ (d) Direct recruitment 3\. The controlling function is performed by\ (a) Top level management\ (b) Lower level management\ (c) Middle level management\ (d) All of the above