Double Entry System was introduced in– (A) America (B) Japan (C) India (D) Italy Answer: Italy The modern double-entry bookkeeping system can be attributed to the 13th and 14th centuries when it started to become widely used by Italian merchants.…

A large amount spent on special advertisement is– (A) Capital Expenditure (B) Revenue Expenditure (C) Revenue Loss (D) Deferred Revenue Expenditure Answer: Deferred Revenue Expenditure

Which of the following errors are not disclosed by Trial Balance ? (A) Compensatory Errors (B) Errors of Principle (C) Errors of Omission (D) All the three Answer: All the three

A machinery is purchased for Rs. 3,00,000 and Rs. 50,000 is spent on its installation. Rs. 5,000 is spent on fuel. What will be the amount of capital expenditure ? (A) Rs. 3,00,000 (B) Rs. 3,50,000 (C) Rs. 3,55,000 (D)…

Insurable interest must be present at the time of insurance proposal and payment of claims in– (A) Fire Insurance (B) Marine Insurance (C) Life Insurance (D) Motor Insurance Answer: Fire Insurance

The minimum number of members required for registration of a cooperative society are– (A) Two (B) Seven (C) Ten (D) Twenty Answer: Ten

A public corporation is set up– (A) By a Special Act of Parliament (B) By a special order of the Government (C) Under Indian Companies Act, 1956 (D) By none of the above Answer: By a Special Act of Parliament

The product range is widest in case of– (A) Chain store (B) Departmental store (C) Speciality shop (D) One price shop Answer: Departmental store

An association of cement manufacturers is an example of– (A) Diagonal combination (B) Vertical combination (C) Horizontal combination (D) Lateral combination Answer: Horizontal combination

Bad loans in banking terminology are generally known as– (A) BPOs (B) Prime Asset (C) NPAs (D) CBS Answer: NPA’s