Commerce related quiz 2021 | Current affairs related to commerce

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Commerce related quiz | Current affairs related to commerce

Commerce Multiple Choice Questions and Answers with PDF : Commerce MCQs Questions provide a wide range of Accounting, Economics, Taxation and other basic questions and answers related to Commerce subject with simple and logical explanations.

Our content experts have designed these commerce MCQs based on CBSE syllabus and current practices. So, all the questions mentioned here will make the students more aware about the concepts and also help them for board exams and various competitive exams. All content is updated regularly with new questions, links and more.

Commerce related quiz :

Multiple Choice Questions (MCQs) is a process that tests the student’s knowledge of the broad content and objectives and provides insight into the student’s potential.

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Commerce related quiz 2021

Commerce related quiz 2021, Current affairs related to commerce, ssc income tax quiz, One of the primary job positions offered for SSC is of a CGL Income Tax Inspector. In the Central Board of Direct Taxes (CBDT)

1 / 25

Group of assets falling within a class of assets comprising of tangible & intangible assets is known as :

2 / 25

If a block of assets ceases to exist on the last day of the previous year, depreciation admissible for block of assets will be ………………….

3 / 25

Payments to residents on which tax has not been deducted/ paid shall be disallowed to the extent of …………………………

4 / 25

Which of the following taxes are allowed as deduction while computing the business income ………………………………

5 / 25

DS made a cash payment of Rs. ` 2,95,000 on 28th March, 2019 as the banks were on strike that day and the payment was to be made urgently. Calculate the amount of expenditure to be disallowed u/s 40A.

6 / 25

Where an assessee doing a business incurs any expenditure in respect of which payments made to a person in a day exceeds Rs. ` 10,000 should be paid through account payee cheque or demand draft to claim deduction for such expenditure. This restriction does not apply to ………………

7 / 25

Deemed profits chargeable to tax under section 41 includes:

8 / 25

DS discontinued wholesale trade in medicines from 1st June, 2015. He recovered Rs. ` 1,40,000 in September, 2018 being a bad debt which was written-off and allowed in assessment year 2015-14. He has eligible brought forward business loss of wholesale trade in medicines of Rs. ` 1,60,000. The consequence of bad debt recovery is that –

9 / 25

As per section 43B, certain payments are to be allowed as deduction only on actual payment. Such sums include:

10 / 25

The profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or by co-operative society, shall be computed in accordance with rules contained in First Schedule to the Act. The profits and gains derived from life insurance business is taxable at what rate?

11 / 25

Which is the charging section of income under the head profits and gains of business or profession?

12 / 25

Raman & Co., a partnership firm, received Rs. ` 5, 00,000 from an insurance company under key man insurance policy consequent to demise of partner Pramod. The amount of premium Rs.` 2, 30,000 paid earlier was claimed as deduction under section 37 by the firm. The amount received from the insurance company is –

13 / 25

Assessee is having stock existing in the business. Valuation of stock will be at:

14 / 25

Export Incentives taxable under this head includes:

15 / 25

……………………. includes any arrangement or understanding or action in concert whether or not it is formal or in writing or whether or not it is intended to be enforceable by legal proceedings:

16 / 25

Which of the following conditions are to be fulfilled for charging an income under the head profits and gains of business or profession

17 / 25

Which of the following are included in business according to section 2(13) :

18 / 25

X, Manager of XYZ Ltd. since 2004 was terminated by the company on 1st August, 2018 by paying a compensation of Rs. 200 lakh. Such compensation is …………………………

19 / 25

DSK, an LLP had taken key man insurance policy on the life of its managing partner. The policy got matured on 13th September, 2018 and an amount of Rs.`75 lakh was paid by the insurers to the managing partner. The amount so received on maturity of the policy by the managing partner is ………………..

20 / 25

Circulars and Notifications are binding on the

21 / 25

Who amongst the following confers on the power to issue circulars and clarifications?

22 / 25

Amendments by the finance act are made applicable from

23 / 25

As per section 2(31), the following is not included in the definition of 'person'

24 / 25

Which amongst the following is an exception to the previous year rule?

25 / 25

Which amongst the following is not a head of Income?

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Commerce quiz questions :

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Take the online quiz and see how much you know about the exchange of goods and services, telemarketing and e-commerce.

1. Group of assets falling within a class of assets comprising of tangible & intangible assets is known as :

  • A) Group of assets
  • B) Block of assets
  • C) Set of assets
  • D) None of these

2. If a block of assets ceases to exist on the last day of the previous year, depreciation admissible for block of assets will be ………………….

  • A) Nil
  • B) 50% of the value of the block of assets on the first day of ‘he previous year
  • C) The total value of the block of assets on the first day of the previous year
  • D) 50% of the value of the block of assets on the last day of the previous year.

3. Payments to residents on which tax has not been deducted/ paid shall be disallowed to the extent of ……………………

  • A) 0%
  • B) 30%
  • C) 100%
  • D) 50%

4. Which of the following taxes are allowed as deduction while computing the business income ……………………

  • A) Wealth-tax
  • B) Income-tax
  • C) Sales tax
  • D) None of the above

5. DS made a cash payment of Rs. 2,95,000 on 28th March, 2019 as the banks were on strike that day and the payment was to be made urgently. Calculate the amount of expenditure to be disallowed u/s 40A.

  • A) Rs. 2,95,000
  • B) Rs.2,75,000
  • C) Nil
  • D) Rs. 10,000

Current affairs related to commerce :

6. Where an assessee doing a business incurs any expenditure in respect of which payments made to a person in a day exceeds Rs. 10,000 should be paid through account payee cheque or demand draft to claim deduction for such expenditure. This restriction does not apply to ………………

  • A) Payments made to RBI
  • B) Payments made to cultivators
  • C) Payment of terminal benefits to employees not exceeding 50,000
  • D) All of the above

7. Deemed profits chargeable to tax under section 41 includes:

  • A) Taxability of Balancing Charge in case of Power Generating Undertakings.
  • B) Sale of an asset used for scientific research without having been used for the purposes of business or profession.
  • C) Recovery of bad debts.
  • D) All of the above.

8. DS discontinued wholesale trade in medicines from 1st June, 2015. He recovered Rs. 1,40,000 in September, 2018 being a bad debt which was written-off and allowed in assessment year 2015-14. He has eligible brought forward business loss of wholesale trade in medicines of Rs. 1,60,000. The consequence of bad debt recovery is that –

  • A) It is chargeable to tax
  • B) It is eligible for set-off against brought forward business loss
  • C) The brought forward business loss is taxable now
  • D) 50% of the amount recovered now is taxable

9. As per section 43B, certain payments are to be allowed as deduction only on actual payment. Such sums include:

  • A) Any sum payable by the assessee to the Indian Railways for the use of railway assets.
  • B) Employer’s contribution to provident fund or superannuation fund or gratuity fund or any other fund for the welfare of employees.
  • C) Bonus or commission to employees for services rendered as referred uls 36(1)(ii).
  • D) All of the above.

10. The profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or by co-operative society, shall be computed in accordance with rules contained in First Schedule to the Act. The profits and gains derived from life insurance business is taxable at what rate?

  • A) 11.5%
  • B) 12.5%
  • C) 10%
  • D) Nil
Mcq question paper : Commerce related quiz

11. Which is the charging section of income under the head profits and gains of business or profession?

  • A) Section 15
  • B) Section 24
  • C) Section 28
  • D) Section 17

12. Raman & Co., a partnership firm, received Rs. 5, 00,000 from an insurance company under key man insurance policy consequent to demise of partner Pramod. The amount of premium Rs. 2, 30,000 paid earlier was claimed as deduction under section 37 by the firm. The amount received from the insurance company is –

  • A) Tax-free under section 10(10D)
  • B) Fully taxable as income
  • C) Rs.2,70,000 is taxable
  • D) Rs. 2,30,000 is taxable

13. Assessee is having stock existing in the business. Valuation of stock will be at:

  • A) Cost price
  • B) Market price
  • C) Cost or market price, whichever is less
  • D) Cost or market price, whichever is more

14. Export Incentives taxable under this head includes:

  • A) Cash Compensatory Support
  • B) Duty Drawback
  • C) Profit on transfer of DEPB
  • D)All of the above

15. ……………………. includes any arrangement or understanding or action in concert whether or not it is formal or in writing or whether or not it is intended to be enforceable by legal proceedings:

  • A) Contract
  • B) Agreement
  • C) Service
  • D) Profession
Competitive exams for commerce students :

16. Which of the following conditions are to be fulfilled for charging an income under the head profits and gains of business or profession

  • A) There should be profits and gains.
  • B) Business or profession must be carried on by the assessee.
  • C) Business or profession should be carried on at any time during previous year.
  • D) All of the above.

17. Which of the following are included in business according to section 2(13) :

  • A) Trade
  • B) Commerce
  • C) Manufacture
  • D) All of the above

18. X, Manager of XYZ Ltd. since 2004 was terminated by the company on 1st August, 2018 by paying a compensation of Rs. 200 lakh. Such compensation is …………………

  • A) Chargeable under the Wealth-tax Act, 1957
  • B) Not chargeable under the Income-tax
  • C) Chargeable under section 17(3)(i)
  • D) Chargeable under section 28(ii) (a).

19. DSK, an LLP had taken key man insurance policy on the life of its managing partner. The policy got matured on 13th September, 2018 and an amount of Rs.75 lakh was paid by the insurers to the managing partner. The amount so received on maturity of the policy by the managing partner is ………………

  • A) Fully exempt u/s 10(10D)
  • B) 50% of Rs. 75 lakh exempt
  • C) Rs. 75 lakh taxable
  • D) Rs.25 lakh exempt and Rs. 50 lakh taxable

20. Circulars and Notifications are binding on the

  • A) Central Board of Direct Taxes (CBDT)
  • B) Assessee
  • C) Income Tax Appellate Tribunal (ITAT)
  • D) Income Tax Authorities
Commerce quiz questions :

21. Who amongst the following confers on the power to issue circulars and clarifications?

  • A) ITAT
  • B) Central Government
  • C) CBDT
  • D) State Government

22. Amendments by the finance act are made applicable from

  • A) First day of next financial year
  • B) First day of same financial year
  • C) Last day of same Accounting year
  • D) None of the above

23. As per section 2(31), the following is not included in the definition of ‘person’

  • A) An individual
  • B) A Hindu undivided family
  • C) A company
  • D) A minor

24. Which amongst the following is an exception to the previous year rule?

  • A) Business or Profession newly set up.
  • B) Where a source of income newly set up.
  • C) Non-resident engaged in shipping business
  • D) None of the above

25. Which amongst the following is not a head of Income?

  • A) Salaries
  • B) Income from house Property
  • C) Capital gains
  • D) Income from exports

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