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Ledgers – Questions and Answers Q1. What is a ledger?A1. A ledger is a principal book of accounts that contains all the accounts (personal, real, and nominal) where transactions are posted from the journal in a classified manner. Q2. Why is a ledger called the “book of final entry”?A2. The ledger is called the book […]
Basic Accounting Procedures – Journal Entries Q1. Journal is also called as:A) LedgerB) Book of original entryC) Trial BalanceD) Balance SheetAnswer: B) Book of original entry Q2. Which of the following transactions will be recorded in the journal?A) Opening balanceB) Closing stockC) Depreciation on machineryD) Trial balanceAnswer: C) Depreciation on machinery Q3. Which account is […]
CA Foundation – Business Economics: Indian Economy (MCQs) Which sector contributes the most to India’s GDP?A. AgricultureB. IndustryC. ServicesD. ManufacturingAnswer: C NITI Aayog replaced which institution?A. Finance CommissionB. Planning CommissionC. Reserve Bank of IndiaD. SEBIAnswer: B What does GDP stand for?A. Gross Domestic ProductB. General Domestic ProductC. Gross Development PlanD. Government Development PolicyAnswer: A Which […]
International Trade MCQs for CA Foundation Q1. What is the main purpose of international trade?a) To restrict importsb) To increase domestic production onlyc) To exchange goods and services across countriesd) To increase taxes on exports Answer: c) To exchange goods and services across countries Q2. Which theory explains that countries should specialize in producing goods […]
MONEY MARKET QUESTIONS AND ANSWES 1. The money market deals in: A. Long-term fundsB. Medium-term fundsC. Short-term fundsD. All types of fundsAnswer: C. Short-term funds 2. Which of the following is not a money market instrument?A. Treasury billsB. Commercial paperC. SharesD. Certificates of depositAnswer: C. Shares 3. The major participant in the money market is: […]
Public finance – MCQs with answers 1. Which of the following is a union tax? a. Corporation taxb. Taxes on agricultural incomec. Capitation taxesd. Land revenues ANSWER: a. Corporation tax 2. Which of the following is not a union tax? a. Taxes on railway freights and faresb. Stamp duties on financial documentsc. Tollsd. A and […]
Determination Of National Income Select the right option which is used for measuring the National Income Income Method Product Method Expenditure Method All of the Above Answer D. All of the Above Which organisation is accountable for calculating the Gross Domestic Product of India? Indian Statistical Institute Reserve Bank of India National Statistical Office Ministry of […]
The Negotiable Instruments Act, 1881 Question 1.Define a Bill of Exchange. In what respect does ¡t differ from a cheque. (May 1998, 6 marks)ORPoint out the differences between a Cheque” and a “Bill of Exchange” under the Negotiable Instruments Act, 1881. (May 2011, 8 marks)Apswer:According to Section 5 of the Negotiable Instruments Act, 1881, a […]
Companies Act, 2013 – CA Foundation Business Law Study Material Question 1.What is meant by the lifting of the corporate veil? What are the instances in which the corporate veil may be lifted?ORThere are cases where company law disregards the principle of corporate personality or the principle that the company is a legal entity distinct […]
Limited Liability Partnership Act, 2008 – CA Foundation Business Law Study Material Question 1.What is meant by Limited Liability Partnership? What are its salient features/characteristics?Answer:An LLP is a new form of legal business entity with limited liability. It is a separate legal entity where LLP itself is liable to the third parties up to the […]