Commerce Accountancy

Business and Project Management

1,146 Questions

Business and project management focus on organizational resources, strategic planning, and time management techniques used to achieve corporate objectives. It includes theories of administration and continuous improvement processes. Review these commerce and management questions to prepare for business administration sections in competitive exams.

Strategic managementTime managementOrganizational resourcesAdministration principles

Business and Project Management Questions

Multiple choice elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

The MIS structure which specifies the premises of management responsibilities are called _________ reports.

  1. summary

  2. demand

  3. responsibility

  4. exception
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Responsibility reports are structured to align with the hierarchy of management, showing performance and results based on the specific areas or departments for which a manager is responsible.

Multiple choice elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

__________ reports summaries all activities of the organisation.

  1. Summary

  2. Demand

  3. Exception

  4. Responsibility
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Summary reports provide a high-level overview of an organization's activities, aggregating detailed data into a concise format for executive review.

Multiple choice elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

______________ reports will be prepared upon the specifications of the management.

  1. Summary

  2. Demand

  3. Customer/Supplier

  4. Exception
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Customer/Supplier reports are often generated based on specific management specifications regarding which entities to analyze or what time periods to cover.

Multiple choice commerce business finance financial planning financing financial management

Financial planning helps in coordinating _________ business functions.

  1. one

  2. two

  3. various

  4. three
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Financial planning is an important part of overall planning of any business enterprise. It aims at enabling the company to tackle the uncertainty in respect of the availability and timing of the funds and helps in smooth functioning of an organisation.
Multiple choice commerce business finance financial planning financing financial management

_________ plan of action prepared under financial planning reduces waste, duplication of efforts, and gaps in planning.

  1. Detailed

  2. Short

  3. General

  4. Basic
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
Financial plan is a comprehensive evaluation of an individual's current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans.
Therefore detailed plan of action is prepared under financial planning reduce waste, duplication of efforts, and gaps in planning.
Multiple choice commerce business finance financial planning financing financial management

 ______ means pre-estimating financial needs of an organization to ensure availability of adequate finance.

  1. Financial planning

  2. Material planning

  3. Value chain planning

  4. Capital structure decision
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Financial Planning is the process of estimating the capital required and determining it’s competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise.

Financial Planning has got many objectives to look forward to:
  • Determining capital requirements- This will depend upon factors like cost of current and fixed assets, promotional expenses and long- range planning. Capital requirements have to be looked with both aspects: short- term and long- term requirements.
  • Determining capital structure- The capital structure is the composition of capital, i.e., the relative kind and proportion of capital required in the business. This includes decisions of debt- equity ratio- both short-term and long- term.
  • Framing financial policies with regards to cash control, lending, borrowings, etc.
  • A finance manager ensures that the scarce financial resources are maximally utilized in the best possible manner at least cost in order to get maximum returns on investment.
Multiple choice commerce business finance financial planning financing financial management

____________ means pre-estimating financial needs of an organization to ensure availability of adequate finance.

  1. Financial planning

  2. Material planning

  3. Value chain planning

  4. Capital structure decision
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Financial Planning is the process of estimating the capital required and determining it’s competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise.

Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives.

Multiple choice organisation of commerce and management multinational corporations global enterprises meaning and features of mncs public sector undertakings & global enterprises

Tick mark the correct answer.
M.B.O is a technique which requires that objectives of the enterprise.

  1. Be written and defined in broad terms

  2. Lay down the time period for achieving the results

  3. Induce a plan of action for achieving the desired results

  4. Be defined in terms of measurable results
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Management by Objectives (MBO) is a management model that aims to improve performance by clearly defining objectives that are agreed upon by both management and employees, specifically requiring them to be measurable.

Multiple choice commercial applications generally accepted accounting principles (gaap) distinction between accounting and book-keeping distinction between book-keeping and accounting meaning and objectives of accounting

Book keeping is necessary only for organising with profit objective.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Book keeping is the recording, on day to day basis, of the financial transactions and informations pertaining to a business. Essentially, book keeping means recording and tracking the numbers involved in the financial side of the business in a organized way. It is essential for business, but it is also useful for individuals and  non-profit organizations. 

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Active scanning involves the ____ of continuous resources and, from time to time, supplementing them with existing resources as needed.

  1. conscious selection

  2. subconscious selection

  3. analysis of threats to the business

  4. none of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In active scanning the information resources scanned are specifically selected for their known or expected richness in the desired information. A dimension of scanning concerns the time element of the information source being scanned. Active scanning involves the conscious selection of continuous resources and from time to time supplementing them with existing resources as needed.

Multiple choice book keeping and accountancy cost accounting: an introduction fundamental concepts of cost meaning, elements and classification of cost methods of costing

For the proper appreciation of the material control, which of the following step is not necessary ?

  1. Purchasing of materials

  2. Receiving and inspecting of materials

  3. Using of materials

  4. Accounting of materials
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Material control involves the systematic management of purchasing, receiving, storing, and accounting for materials. Using materials is an operational activity, not a control step.

Multiple choice organization of commerce and management emerging modes of services e-commerce and mobile commerce recent trends of business introduction to internet and e-commerce

The first step in decision making is __________.

  1. selection of alternatives to be followed

  2. analysis and evaluation of available alternatives

  3. discovery of alternatives

  4. identifying and diagnosing the real problem
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The first step in decision making is identifying and diagnosing the real problem i.e. a company is required to keep an eye on the business activities i.e. what is going at the wrong side so that a corrective measure can be done to convert the problem nto an advantage.

Multiple choice organisation of commerce and management government organisation meaning and features of government company government companies forms, comparison and cases of public enterprises

Which of the following describes the desired future position of the company?

  1. Vision statement

  2. Mission statement

  3. Planning statement

  4. Forecasting statement
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A vision statement is sometimes called a picture of your company in the future but it’s so much more than that. Your vision statement is your inspiration, the framework for all your strategic planning. 

It describes what you are trying to build and serves as a touchstone for your future actions. A vision statement may apply to an entire company or to a single division of that company.
Whether for all or part of an organization, the vision statement answers the question, "Where do we want to go?"

Multiple choice organization of commerce and management nature and significance of management 21st century modern management features of management coordination and management in the twenty - first century

Coordination is sometimes considered a separate function of management.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Coordination is often described as the 'essence of management' rather than a separate function, but it is frequently treated as a distinct function in many management textbooks.