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4/27/12 UPSC solved commerce questions Commerce Multiple Choice Questions for UPSC Civil Services P Ne e d E pe rt Ha ir Tips? Dry damaged hair? Get ex pert tips for damaged hair yo u tu b e .co m /su n si l kh a i re xp e rts CBSE 7th, 8th, 9th & 10th CBSE Math, Sc ienc e, Soc ial, Englis h NCERT Tes ts . Join for Free. www.S m a rtL e a rn i n g Sa m ple Pa pe rs Cla ss VI to X Learn with animated videos & tes ts Study from Home. Regis ter free www.L e a rn Ne Se a rch Solve d Mode l Te st pa pe r Com m e rce for India n Air Force Com m on Entra nce te st Accounta nt Pe rm a ne nt a nd Short Se rvice Com m ission U PSC ed c e ce f UPSC Ci i Se ice ei Sa m ple Solve d Que stions for C C e ce M ie UPSC s olved c ommerc e ques tions COMMERCE Civil Servic es (Commerc e) s olved paper Commerc e Prac tic e Paper For Civil Servic e Ex amination (UPSC) SOLVED Commerc e Multiple Choic e Ques tions for UPSC Civil Servic es 1. Phy s ic al verific ation of fix ed as s ets is the primary res pons ibility of the: (a) auditor (b) management (c ) government (d) s hareholders Ans . (b) 2. Auditing Standards differ from auditing proc edures in that the proc edures relate to: (a) meas ures of performanc e (b) audit princ iples (c ) ac ts to be performed (d) audit judgments Ans . (c ) 3. W hat is the c orrec t s equenc e of the following as s ignments ? 1. Internal c ontrol 2. Tes t c hec k 3. Internal c hec k 4. Statutory audit Selec t the c orrec t ans wer us ing the c odes given below: Codes (a) 1, 2, 3, 4 (b) 3, 1, 4, 2 (c ) 3. 1, 2, 4 (d) 4, 3, 2, 1 Ans . (c ) 4. Statutory auditor of a c ompany in the c as e of a c as ual vac anc y may be appointed by the: (a) Board of Direc tors (b) Managing Direc tor (c ) Ex traordinary General meeting (d) Government c onc erned Ans . (a) 5. W hic h of the following are inc luded in the Statutory Book s for the purpos e of c ompany audit ? 1. Regis ter of c harges 2. Minutes Book s for the Board meetings 3. Artic les of As s oc iation 4. Minutes Book for the s hareholder s meeting 5. Regis ter of members 6. Memorandum of As s oc iation Selec t the c orrec t ans wer us ing the c odes given below: Codes : (a) 1, 2, 4 and 5 (b) 2, 3, 4 and 6 (c ) 1, 3, 5 and 6 (d) 2, 3, 5 and 6 Ans . (b) 6. Cons ider the following s tatements : A s tatutory auditor of a public limited c ompany c laims that he has the following legal rights in relation to his duties : 1. Right to refus e to mak e a report 2. Right of ac c es s to book s of ac c ounts and regis ters m4in.com/ /comment-page-1/ 1/8 4/27/12 UPSC solved commerce questions Commerce Multiple Choice Questions for UPSC Civil Services P 2. Right of ac c es s to book s of ac c ounts and regis ters 3. Right to s eek ex planation from direc tors and offic ers 4. Right to mak e s tatement in the general meeting Of the above s tatements : (a) 1, 2, and 3 are c orrec t (b) 1, 2 and 4 are c orrec t (c ) 1, 3, and 4 are c orrec t (d) 2, 3 and 4 are c orrec t Ans . (d) 7 Matc h Lis t-I with Lis t-II and s elec t the c orrec t ans wer us ing the c odes given below the lis ts : Lis t-I Lis t-II A. Duties of auditors 1. Ac c es s to Book s of c ompany B. Rights of auditors 2. Penalty for non-c omplianc e with s ec tions 227 to 229 C. Liabilities of auditors 3. Company in general meeting D. Removal of auditors 4. To mak e a report. Codes : ABCD (a) 4 1 2 3 (b) 2 3 1 4 (c ) 1 4 3 2 (d) 3 2 4 1 Ans . (a) 8, Cons ider the following func tions of a s toc k ex c hange: 1. Providing a ready mark et for s ec urities 2. Helping c apital formation 3. Regulating the c apital s truc ture of a c ompany 4. Regulating the public depos its with c ompanies Of the above func tions : (a) 1, 2, 3 and 4 are c orrec t (b) 1, 2, and 3 are c orrec t (c ) 1 and 2 are c orrec t (d) none is c orrec t Ans . (c ) 9. Matc h Lis t-I with Lis t-II and s elec t the c orrec t ans wer us ing the c odes given below the lis ts : Lis t-I Lis t-II A. Minimum is s ued c apital for being 1. One c rore lis ted on a s toc k ex c hange B. Ex emption from the c ons ent of c ontroller 2. Three c rores of c apital is s ues for is s ue of s hares C. Amount pay able on s hares to be c alled only 3. Is s ued c apital of les s than in ins tallments and not in one s trok e Rs . 3 c rores D Lis ting in OTC ex c hange 4. Is s ued c apital of Rs .50 c rores and above Codes : ABCD (a) 2 1 4 3 (b) 1 3 4 2 (c ) 2 1 3 4 (d) 4 3 1 2 Ans . (a) 10. In s toc k ex c hange operations , when the s pec ulator buy s the right to s ell a c ertain number of s hares on an agreed amount at a s pec ified time it is k now (a) no option (b) put option (c ) c al option (d) double option Ans . (b) 11. The juris dic tion of the M.R.T.P. c ommis s ion with res pec t to monopolis tic trade prac tic es is not ex erc is able opon/under: (a) a referenc e made to it by the Central Government (b) an applic ation made to it by the Direc tor General (c ) its own k nowledge or information (d) any of the abovementioned c irc ums tanc es . Ans . (c ) 12. Complete c ons olidation as a c las s of bus ines s c ombination may inc lude: (a) mergers and amalgamations (b) pools and c artels (c ) trus ts and holding c ompanies (d) trade as s oc iations and c hambers of c ommerc e Ans . (a) 13. Moderniz ation of indus tries c an be ac hieved by : (a) ens uring proper enforc ement of the provis ions of BIFR Ac t (b) permitting PSUs to dis inves t (c ) ric tly implementin m4in.com/ s t/comment-page-1/g t he provis ions of indus t rial (Development and Regulat ion) Ac t , 1957 2/8 4/27/12 UPSC solved commerce questions Commerce Multiple Choice Questions for UPSC Civil Services P (c ) s tric tly implementing the provis ions of indus trial (Development and Regulation) Ac t, 1957 (d) c reating c ons c ious nes s among the indus trialis ts about the need for moderniz ation Ans . (d) 14. W hic h one of the following s tatements is not c orrec t? (a) The preamble to the Indus trial Development and Regulation/Ac t, 1951 is to provide for the development and regulation of c ertain indus tries (b) The Central Government has the power to add any new undertak ings to the firs t s c hedule (c ) Regulation of indus tries s pec ified in the firs t s c hedule to the Ac t is s ought to be ac hieved by means of: (i) regulation of ex is ting indus trial undertak ings , (ii) lic ens ing of new indus trial undertak ings and (iii) lic ens ing for produc ing new artic les (d) The new indus trial polic y was announc ed by the government on July 24, 1991 Ans . (a) 15. W hic h of the following c onditions mus t be s atis fied in a c laim for los s by fire? 1. There mus t be ac tual fire. 2. Fire mus t be ac c idental. 3. Caus e of fire mus t be as c ertainable. 4. The goods mus t have been des troy ed, not damaged by fire. Selec t the c orrec t ans wer us ing the c odes given below: Codes : (a) 1 and 2 (b) 1 and 3 (c ) 2 and 3 (d) 3 and 4 Ans . (a) 16. A mix ed marine polic y means : (a) c ombination of fire and marine los s es c overage (b)c ombination of voy age and time polic ies (c ) c ombination of all ty pes of ris k on the s ea (d) c ombination of ex port c redit ins uranc e and marine ins uranc e Ans . (b) 17. A building worth five lak hs of rupees is ins ured for one lak h rupees . There is an average c laus e in the polic y . A portion of the building valued one lak h of rec over: (a) one lak h rupees (b) twenty thous and rupees minus the s ale of proc eeds of the debris (c ) five lak h rupees (d) one lak h rupees minus the s ale of proc eeds of the debris Ans . (b) 18. Every pers on has ins urable interes t in his own life up to: (a) a max imum of Rs . 5,00,000 (b) twenty times his net s alary drawn (c ) an unlimited ex tent provided the premium pay able does not ex c eed 20% of his s ales s alary (d) an unlimited ex tent Ans . (d) 19. Plate-Glas s is ty pic al ty pe of ac c ident ins uranc e and it is mainly applic able to (a) pers onal ac c ident (b) motor c ars (c ) retail trade (d) hous e burglary Ans . (d) 20. Doc trine of Subrogation is us ed in: (a) Life Ins uranc e (b) Fire Ins uranc e (c ) Marine Ins uranc e; Fire Ins uranc e (d) Joint Life Ins uranc e Ans . (c ) 21. Cons ider the following s tatements : The Ex im Bank play s an ac tive role in boos ting ex ports in: 1. c ivil c ons truc tion c ontrac t abroad 2. providing long term financ e for ex port of c apital goods 3. providing s hort term financ e for import of c apita! goods 4. providing s hort term financ e for ex port of quality goods Of the above s tatements : (a) 1 and 2 are c orrec t (b) 1 and 4 are c orrec t (c ) 2 and 3 are c orrec t (d) 3 and 4 are c orrec t Ans . (d) 22. W hic h one of the following is not in vogue now? (a) REP Lic ens es (b) Advanc e Lic ens es (c ) Spec ial import Lic ens es m4in.com/ /comment-page-1/ 3/8 4/27/12 UPSC solved commerce questions Commerce Multiple Choice Questions for UPSC Civil Services P (c ) Spec ial import Lic ens es (d) Cus tom permit Ans . (a) 23. W hic h of the following items are not c ons idered to be ex port promotion meas ures ? 1. Quota c ertific ate 2. Cas h c ompens atory as s is tanc e 3. Sy s tem of ex c hange c ontrol 4. Mark eting development fund Selec t the c orrec t ans wer from the c odes given below: (a) l and 3 (b) 3 and 4 (c ) 1 and 4 (d) 2 and 4 Ans . (a) 24. Bill of lading is is s ued by : (a) Indian c ommerc ial bank s (b) Foreign bank s (c ) s hipping c ompany (d) ex porters Ans . (c ) 25. W hic h one of the following defines Co-ordination? (a) Ac tuating forc e whic h ins pires a pers on to put his bes t for the fulfillment of a tas k (b) Orderly arrangement of group effort to provide unity of ac tion in the purs uit of a c ommon purpos e (c ) Proc es s of trans mitting information from one pers on to another or from one unit to another (4) Proc es s of determining what is to be ac c omplis hed and what has been ac c omplis hed and if nec es s ary apply ing c orrec tive meas ures Ans . (b) 26. Cons ider the following bas ic s teps involved in the proc es s of c ontrol: 1. Identify ing the s trategic c ontrol points 2. Es tablis hing the s tandards 3. Meas uring performanc e agains t s tandards 4. Correc ting deviations from the s tandards The c orrec t s equenc e of the above s teps in the proc es s of c ontrol is : (a) 1,4,3,2 (b) 4,3,2,1 (c ) 2,1,4,3 (d) 2,3,1,4 Ans . (d) 27 Effec tive direc tion does not depend on the: (a) c ommunic ation proc es s (b) forc es at the s ubordinate level (c ) ability of the manager (d) deploy ment of human res ourc es Ans . (d) 28. Matc h Lis t-I with Lis t-II and s elec t the c orrec t ans wer us ing the c odes given below the lis ts : Lis t -I Lis t -II (Management Think ers ) (Contribution/work ) A. Elton May o 1. Importanc e of integrating the c ompany s and employ ees goal B. Frederic k W .Tay lor 2. Soc ial Problems of Indus trial c iviliz ation C. Henri Fay ol 3 .General and indus trial management D. Mary Park er Follet 4. Princ iples of Sc ientific Management Codes : ABCD (a) 1 4 3 2 (b) 4 3 2 1 (c ) 2 4 3 1 (d) 3 4 1 2 Ans . (c ) 29, An organiz ation s truc ture is effec tive if it enables individuals to c ontribute to the objec tives of the enterpris e. This is k nown as .: (a) s c alar princ iple (b) princ iple of func tional definition (c ) princ iple of unity of objec tives (d) None of the above Ans . (c ) 30. W hic h one of the following orders indic ates the c orrec t logic al order of managerial func tions ? (a) Organiz ing, planning, direc ting, s taffing, c oordination and c ontrol (b) Planning, Organiz ing, Staffing, Direc ting, c oordination and c ontrol (c ) Planning, direc ting, organiz ing, s taffing, c ontrol and c oordination (d) Organiz ing, planning, s taffing, direc ting, c ontrol and c oordination Ans . (b) 31. W hic h one of the following pairs is Not c orrec tly matc hed? m4in.com/ /comment-page-1/ 4/8 4/27/12 UPSC solved commerce questions Commerce Multiple Choice Questions for UPSC Civil Services P 31. W hic h one of the following pairs is Not c orrec tly matc hed? (a) Value of any s ec urity : The real value of any s ec urity is determined by the prior rights to the return of inc ome. (b) Debenture : It pos s es s es max imum s afety and normally offers regular and fix ed inc ome. (c ) Preferenc e s hare : It offers reas onable s afety as well as regular and fix ed inc ome by way of dividend. (d) Equity s hare: It invites s pec ulative tendenc y among the inves tors . There is ris k of los s in s uc h a s hare. Ans . (a) 32. W hic h one of the following formulae is us ed to c alc ulate Cros s Relations hip under s pan of c ontrol? (a) n {n- 1} (b) n {2n -1}/ n (c ) n {2n+ n-1}/n (d) None of the above Ans . (a) 33. V.A. Graiounas i has identified three s ets of s uperior s ubordinate relations hip, whic h are Direc t s ingle relations hip, Direc t Group relations hip and Cros s Now if there are two, three, four and five s ubordinates res pec tively under one s uperior then in this c ontex t whic h one of the following pairs is c orrec tly matc h Number of the s ubordinates Total number of relations hip (a) 2 8 (b) 3 18 (c ) 4 48 (d) 5 98 Ans . (b) 34. The main differenc e between delegation and dec entraliz ation is that: (a) delegation refers primarily to trans fer of authority from one individual to another while dec entraliz ation refers to s y s tematic delegation of authority to all u (b) delegation of authority c an tak e plac e without dec entraliz ation whereas there c annot be dec entraliz ation without delegation of authority (c ) delegation repres ents s haring of ex c es s ive burden of k ey managerial pers onnel while dec entraliz ation refers to divis ion of top managerial operations (d) delegation may tak e plac e due to adminis trative, tec hnic al and routine reas ons while dec entraliz ation involves deliberate ac tion for the s mooth func tionin Ans . (a) 35. Management by ex c eption introduc es : (a) s elec tive, res pons ibility oriented reporting (b) reporting of s ignific ant varianc es (c ) requirements of full reports on performanc e (d) c omputation of ac tuals in different s pheres of performanc e Ans . (b) 36. Cons ider the following offic e equipments us ed in various offic es : 1. Fax 2. Ty pewriter 3. Dic taphone 4. Letter opener The c orrec t order in whic h they are us ed is ; (a) 1,2,3,4 (b) 4,3,2,1 (c ) 2,4,3,1 (d) 3,2,4,1 Ans ; (b) 37. Cons ider the following four s teps of purc has ing offic e s upplies : 1. Obtain quotation from vendors 2. Fill out quotation forms indic ating requirements 3. Send forms to pros pec tive vendors 4. Catalogue res pec tive quotations The c orrec t s equenc e of the above s teps is : (a) 1,2,3,4 (b) 2,4,3,1 (c ) 3,2,1,4 (d) 2,3,1,4 Ans . (d) 38. A public limited Company may in the general meeting, res olve to c apitaliz e any part of the amount s tanding to the c redit of any of its res erve ac c ounts , (a) Managing Direc tor (b) Board of Direc tors (c ) Financ ial Advis ers (d) s hareholders Ans . (b) 39. Ac c ording to the Companies Ac t, 1956, a private c ompany mus t have at leas t: (a) s even direc tors (b) three direc tors (c ) two direc tors (d) one direc tor Ans . (c ) 40. An enterpris e inc orporated by a Spec ial Ac t of Parliament on the State Legis lature intending to c arry on s ome bus ines s of national importanc e is c alled (a) public c ompany (b) s tatutory c orporation (c ) regis tered c ompany (d) regis tered s tatutory c ompany m4in.com/ /comment-page-1/ 5/8 4/27/12 UPSC solved commerce questions Commerce Multiple Choice Questions for UPSC Civil Services P (d) regis tered s tatutory c ompany Ans . (b) 41. W hic h one of the following s tatements in res pec t of a public limited c ompany is c orrec t? (a) Thos e are no legal res tric tions on allotment of s hares (b) The c onvent of direc tors an their c ontrac t to purc has e qualific ation s hares , if any , required mus t be filed (c ) Direc tors need not retire by rotation every y ear (d) There are legal res tric tions on remuneration of Direc tors Ans . (b) 42. Matc h Lis t-I with Lis t-II and s elec t the c orrec t ans wer us ing the c odes given below the lis ts : Lis t-I Lis t-II (Company Is s ue) (Company Doc ument) A. Affirmation of c omplianc e with 1. Certific ate of inc orporation the regis tration formalities B. Clas s es of s hares into whic h 2. Statutory dec laration s hak e c apital is divided C. Rules for forfeiture of s hares 3. Memorandum of As s oc iation D. Name and addres s of the c ompany 4. Artic les of as s oc iation auditor 5. Pros pec tus Codes : ABCD (a) 1 4 3 5 (b) 5 4 3 1 (c ) 2 3 4 5 (d) 4 1 5 2 Ans . (c ) 43. A s pec ial res olution for the alternation of the objec ts c laus e of the Memorandum of As s oc iation of a c ompany having been pas s ed, the alteration is to b (a) c ourt c onc erned (b) Central Government (c ) Company Law Board (d) c reditors of the Company Ans . (c ) 44. The las t page of the rec ord of proc eedings of eac h meeting in minutes book s hall be dated and s igned by the Chairman of the s ame meeting within a p event of death or inability of the Chairman within that period by : (a) the managing Direc tor (b) a Direc tor (c ) a Direc tor duly authoriz ed by the Board for that purpos e (d) The s ec retary Ans . (c ) 45. W hic h of the following s tatements are c orrec t? 1. Minutes are not required to be read at a s ub general meeting. 2. Confirmation of Minutes is not an item of agenda in general meeting. 3. The c hairman may dis allow any matter whic h in his opinion is detrimental to the interes ts of the c ompany from being inc luded in the minutes . 4. Members c annot obtain c opies of minutes through they c an ins pec t them during bus ines s hours . Selec t the c orrec t ans wer us ing the c odes given below: Codes : (a) 2 and 3 (b) l, 2and 3 (c ) l, 3 and 4 (d) 2, and 4 Ans . (b) 46. The agenda of the firs t Board Meeting of a limited c ompany generally c ons is ts of the following items : 1. Elec tion of c hairman 2. Approval of draft pros pec tus 3. Appointment of offic ers , viz ., The s ec retary , the manager and the ac c ountant 4. Inc orporation of the c ompany and the legal advis or to report on the s ame The c orrec t order in whic h the above items of the agenda us ually appear is : (a) 1,2,3,4 (b) 4,3,2,1 (c ) 3,4,1,2 (d) 4,1,3,2 Ans . (d) 47. Ac c ording to Sec . 2 (45) of the Companies Ac t (as amended in 1974), a Company Sec retary mus t pos s es s the qualific ations pres c ribed from time time by the: (a) Company Law Board (b) Central Government (c ) Regis trar of Companies (d) Parliament Ans . (b) 48. The Company Sec retary files c opies of res olutions pas s ed in an Ex traordinary General Meeting with the Regis trar of Companies under s ec tion: (a) 173 m4in.com/ /comment-page-1/ 6/8 4/27/12 UPSC solved commerce questions Commerce Multiple Choice Questions for UPSC Civil Services P (a) 173 (b) 192 (c ) 193 (d) 2.8 Ans . (b) 49. The firs t annual general meeting of c ompany mus t be held within: (a) one month from the date of its inc orporation (b) s ix months from the date of its inc orporation (c ) 12 months from the date of its inc orporation (d) 18 months from the date of its inc orporation Ans .(c ) 50. W hic h one the following s tatements relating to a c ompany s ec retary are not c orrec t? (a) He is not lik ely to perform duties towards s hareholders (b) He is the mouthpiec e of the Board of direc tors (c ) He may be c ons idered to be the head of the adminis trative s ec tion of a c ompany (d) He is to arrange for Board meetings Ans . (a) Septem ber 24th, 2010 Tags : Com m erce Category: Uncategorized 2c e U PSC ed c e ce ei C e ce M i e Ch ice Q e i f UPSC Ci i Se ice Satyanarayana Raju November 2, 2010 at 9:33 am It will help the s tudent as well as an unemploy ee. Very good help to the needy Ray Rakes h Oc tober 20, 2011 at 4:42 pm nic e c ollec tion, number s hould be inc reas ed. m4in.com/ /comment-page-1/ 7/8 4/27/12 m4in.com/ UPSC solved commerce questions Commerce Multiple Choice Questions for UPSC Civil Services P /comment-page-1/ 8/8

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