Commerce Paper-2 Quiz for CBSE UGC NET Exam

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Commerce Paper-2 Quiz

1.   Environmental degeneration does not consist of :
    (1)  Land degeneration and soil erosion
    (2)  Problem of over grazing and ecological degeneration

    (3)  Floods
    (4)  None of the above

2.   Which of the following is not the main objective of “Fiscal Policy of India” ?
    (1)  To increase liquidity in economy
    (2)  To promote price stability
    (3)  To minimize the in-equality in income and wealth
    (4)  To promote employment opportunities

3.   Liberalization means :
    (1)  Reducing number of reserved industries from 17 to 8
    (2)  Liberating the industry, trade and economy from unwanted restriction
    (3)  Opening up economy to the world by attaining international competitiveness
    (4)  Free determination of interest rate

4.   Assertion (A) : Industrialization of an economy is considered synonymous with growth.

Reasoning (R) : The transfer of resources from agrarian to industrial may be capital or labour or both.

Codes :

    (1)  Both (A) and (R) are true and (R) is correct explanation of (A).
    (2)  Both (A) and (R) are true but (R) is not the correct explanation of (A).
    (3)  (A) is true but (R) is false.
    (4)  (A) is false but (R) is true.

5.   Globalization is the term used to describe process of removal of restriction on which one of the following ?
    (1)  Foreign trade
    (2)  Investment
    (3)  Both (1) and (2)
    (4)  None of the above

6.   Interest on loan taken for the purchase of fixed assets is a :
    (1)  Revenue Expenditure
    (2)  Capital Expenditure
    (3)  Deferred Revenue Expenditure
    (4)  Capital Loss

7.   Dual Aspect Concept results in the following accounting equation :

    (1)  Revenue5=Expenses
    (2)  Capital+Profits=5Assets+Expenses
    (3)  Capital+Liabilities5=Assets
    (4)  Capital+Drawings=Owner’s Equity

8.   Match the items in Column – 1 with the items in Column – 2 :

Column – 1 Column – 2
(a) Materiality Concept (i) The same accounting method used by a firm from
one period to another
(b) Going Concern Concept (ii) An inappropriate assumption of a firm being
bankrupt
(c) Historical Cost Concept (iii) A normal basis used for accounting assets
(d) Consistency Concept (iv) Relates to the importance of an item or event
Codes :

(a) (b) (c) (d)

    (1)  (iv) (ii) (iii) (i)
    (2)  (i) (ii) (iii) (iv)
    (3)  (ii) (iii) (iv) (i)
    (4)  (iv) (ii) (i) (iii)

9.   ‘X’ Ltd. has a liquid ratio of 2 : 1. If its stock is Rs. 40,000 and its current liabilities are of Rs. 1 Lac, its current ratio will be :
    (1)  1.4 times
    (2)  2.4 times
    (3)  1.2 times
    (4)  3.4 times

10.   ‘Comparison of the financial statements of the current year with the performance of previous years of the same firm’, is known as :
    (1)  Trend Analysis
    (2)  Horizontal Analysis
    (3)  Intra – firm comparison
    (4)  All of the above



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