Scholarship Test Message After Timer Ends:⏰ Time’s Up!📋 Thank you for participating in the Lakshya Mega Scholarship Test 2025.🎓 Your performance will be evaluated, and results will be shared soon. Stay tuned for updates! 🎯 Lakshya Mega Scholarship Test 2024 📝 Total No. of Questions: 50⏱️ Time Duration: 25 Minutes📌 Question Type: Objective❌ No Negative Marking✨ Get Up to 60% Discount on Fees📌 Terms & Conditions Apply. Result Of Chartered Commerce Coaching in Patna 1 / 50 1. Accounting is primarily concerned with: a) Recording, classifying, and summarizing transactions b) Forecasting future profits c) Tracking cash flow only d) None of the above 2 / 50 2. Which of the following is NOT a type of account? a) Real Account b) Nominal Account c) Personal Account d) Capital Account 3 / 50 3. Which principle states that expenses and incomes should be recorded in the period they relate to, not when cash is paid or received? a) Matching Principle b) Consistency Principle c) Going Concern Principle d) Accrual Principle 4 / 50 4. Assets = Capital + _______ a) Liabilities b) Revenue c) Expenses d) Drawings 5 / 50 5. Depreciation is charged on: a) Current Liabilities b) Fixed Assets c) Intangible Assets d) All Assets 6 / 50 6. The balance of the Cash Book is considered as: a) An asset b) A liability c) A loss d) An expense 7 / 50 7. Which account will be debited if a business purchases goods worth ₹5,000 in cash? a) Purchases Account b) Cash Account c) Sales Account d) Capital Account 8 / 50 8. What is the purpose of a Trial Balance? a) To identify the financial position b) To check the arithmetical accuracy of ledger accounts c) To record transactions d) To calculate profit or loss 9 / 50 9. The withdrawal of goods by the owner for personal use is recorded in: a) Capital Account b) Drawings Account c) Purchases Account d) Cash Account 10 / 50 10. Which document is prepared to record credit purchases? a) Cash Memo b) Purchase Book c) Sales Book d) Ledger 11 / 50 11. Which of the following is true regarding the matching principle in accounting? a) Revenue should be recognized only when cash is received. b) Expenses should be matched with the revenue of the period in which they are incurred. c) Capital expenditure should be treated as an expense. d) Matching principle applies only to the preparation of cash flow statements. 12 / 50 12. Which accounting concept assumes that a business will continue to operate indefinitely? a) Money Measurement Concept b) Consistency Concept c) Going Concern Concept d) Dual Aspect Concept 13 / 50 13. If a transaction is recorded in both the Purchase Book and the Sales Book, it would lead to: a) Overstatement of purchases b) Overstatement of both purchases and sales c) Understatement of purchases d) No effect on financial statements 14 / 50 14. Which of the following errors will not affect the Trial Balance? a) Errors of Omission b) Errors of Principle c) Errors of Commission d) All of the above 15 / 50 15. Goods sold to Raj for ₹10,000 on credit were recorded as ₹1,000 in the Sales Book. This error is classified as: a) Errors of Commission b) Errors of Omission c) Errors of Principle d) Compensating Errors 16 / 50 16. Which of the following transactions will decrease both assets and liabilities? a) Purchase of furniture on credit b) Payment to creditors c) Payment of rent d) Depreciation charged on machinery 17 / 50 17. Income received in advance is classified as: a) Revenue b) Liability c) Asset d) Reserve 18 / 50 18. Which of the following is NOT considered a capital expenditure? a) Purchase of machinery b) Installation costs for a new machine c) Repairing expenses for machinery after purchase d) Purchase of land 19 / 50 19. A firm purchased a building for ₹5,00,000 and paid ₹1,00,000 for its registration. The amount to be capitalized is: a) ₹5,00,000 b) ₹6,00,000 c) ₹1,00,000 d) ₹4,00,000 20 / 50 20. A proprietor withdrew goods worth ₹10,000 for personal use. Which account should be credited? a) Capital Account b) Drawings Account c) Purchases Account d) Cash Account 21 / 50 21. Which of the following is a distinguishing feature of a private limited company? a) Shares can be freely transferred b) Limited liability for members c) Minimum of 7 shareholders d) Listed on the stock exchange 22 / 50 22. What is the maximum number of members allowed in a private limited company as per the Companies Act, 2013? a) 20 b) 50 c) 200 d) Unlimited 23 / 50 23. The maximum number of partners allowed in a partnership firm is: a) 10 b) 20 c) 50 d) Unlimited 24 / 50 24. Which of the following is NOT an economic objective of a business? a) Earning profits b) Innovations in products c) Social welfare d) Survival 25 / 50 25. Which type of risk arises due to changes in government policies? a) Economic risk b) Natural risk c) Human risk d) Political risk 26 / 50 26. What is the minimum subscription required to commence business in a public company? a) 50% of issued capital b) 90% of issued capital c) 80% of issued capital d) 100% of issued capital 27 / 50 27. A company must prepare its Articles of Association when it is: a) A Private Limited Company b) A Public Limited Company without a Model Article c) Both a & b d) None of the above 28 / 50 28. When a bank provides financial services and advice to companies for mergers and acquisitions, it is known as: a) Retail Banking b) Investment Banking c) Commercial Banking d) Corporate Banking 29 / 50 29. A Cooperative Society is formed with the objective of promoting the: a) Economic interest of its members b) Sole proprietorship goals c) Goals of a partnership firm d) Profit maximization 30 / 50 30. Which of the following is an example of a Non-Economic Activity? a) Teaching in a private school for a salary b) Volunteering to teach underprivileged children c) Running a grocery store d) Selling goods online 31 / 50 31. Which of the following is a feature of a Multinational Corporation (MNC)? a) Operates in only one country b) Focuses on local markets only c) Operates in multiple countries d) Restricted to small-scale businesses 32 / 50 32. The objective of a Public Enterprise is mainly: a) Profit maximization b) Providing goods and services at a reasonable cost c) Promoting private ownership d) Decreasing government intervention 33 / 50 33. Sole Proprietorship is most suitable for which type of business? a) Large-scale production b) Small-scale production c) Capital-intensive businesses d) Public sector undertakings 34 / 50 34. The person who promotes and sets up a company is called a: a) Partner b) Entrepreneur c) Promoter d) Director 35 / 50 35. Business risks are inevitable due to: a) Fixed market conditions b) Uncertainty in business environments c) No competition d) The absence of innovation 36 / 50 36. Which one of the following does NOT form part of the internal environment of a business? a) Human resources b) Corporate culture c) Competitors d) Vision and mission 37 / 50 37. Which of the following is NOT included in the auxiliaries to trade? a) Warehousing b) Manufacturing c) Advertising d) Insurance 38 / 50 38. What does the term 'One Person Company' (OPC) signify? a) A company owned by multiple shareholders b) A company owned by a single person c) A cooperative society d) A general partnership 39 / 50 39. A Memorandum of Association contains: a) Rules and regulations of the company b) The internal working of the company c) The objectives of the company d) The financial statement of the company 40 / 50 40. If a partnership firm does not have a written agreement, it will follow the rules of: a) The Partnership Act, 1932 b) The Companies Act, 2013 c) The Contract Act, 1872 d) The Negotiable Instruments Act, 1881 41 / 50 41. What is the primary purpose of using statistics in economics? a) To predict the future prices of goods b) To present economic data in a meaningful manner c) To reduce government expenditure d) To eliminate the problem of scarcity 42 / 50 42. Which of the following is a characteristic of statistics? a) It deals with individual data only b) It deals with aggregate data only c) It has no practical use in economics d) It ignores numerical data 43 / 50 43. The term ‘variable’ in statistics refers to: a) A constant value b) A fixed amount c) A characteristic that changes over time or across observations d) A number used to calculate averages 44 / 50 44. In statistics, which of the following is an example of primary data? a) Data collected by the government in a census b) Data collected by someone else for another study c) Data published in newspapers d) Data found in textbooks 45 / 50 45. Which statistical method is used to determine the average performance of a student in a class? a) Mean b) Median c) Mode d) Standard deviation 46 / 50 46. In a frequency distribution table, the sum of all frequencies is called: a) Mean b) Median c) Total frequency d) Mode 47 / 50 47. A graph that shows the cumulative frequency distribution is called a: a) Histogram b) Pie chart c) Ogive d) Bar graph 48 / 50 48. Which of the following is NOT a measure of central tendency? a) Mean b) Median c) Mode d) Variance 49 / 50 49. Dispersion in statistics refers to: a) The spread of data around a central value b) The average of data c) The highest value in a data set d) The lowest value in a data set 50 / 50 50. The difference between the highest and lowest values in a data set is called: a) Range b) Mean c) Standard deviation d) Median Your score isThe average score is 6% 0%
