Commerce Accountancy

Business and Project Management

1,444 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 commercial applications sales and selling process distinction between marketing and sales meaning, elements and factors influencing marketing mix evolution of marketing

Which one of the following is the desired future position?

  1. Financial Statement

  2. Vision Statement

  3. Objectives

  4. All of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The vision statement of a company is the desired future that a company is aiming towards. A vision statement is a a reminder of the main aim that it wants to persue and accomplish.

Multiple choice organization of commerce and management grievance redressal mechanism grievance and need for redressal mechanism consumer protection commerce

Consumer organisation are a group of people who seek to protect people from corporate abuse.

  1. True

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

Consumer organization are a group of people who seek to protect people from corporate abuse- this is a true statement. Consumer organizations help to uphold the interests and rights of the consumers. It also helps to protect the consumers from the fraudulent practices in the market place.

Multiple choice commercial studies budgeting meaning, comparison, types, utility and limitations of budgets public finance, budget and fiscal policy public expenditure and public revenue

A system by which budgets are used as a means of planning and controlling all aspects of a business is called _____________.

  1. Programme

  2. Budget Manual

  3. Budgetary control

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

Budgetary control is a system of procedures used to ensure that an organization's actual revenues and expenditures adhere closely to its financial plan.

Multiple choice commercial studies budgeting meaning, comparison, types, utility and limitations of budgets public finance, budget and fiscal policy public expenditure and public revenue

A detailed plan of operation for some specific future period is called _____________.

  1. Budget

  2. Execution

  3. Decision making

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

A budget is a financial plan for a defined period, often one year. It may also include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows.

Multiple choice commercial studies budgeting meaning, comparison, types, utility and limitations of budgets public finance, budget and fiscal policy public expenditure and public revenue

_________ is a document which sets out the utilisation of the persons engaged in budgetary control.

  1. Organisational chart

  2. Budget manual

  3. Chart of accounts

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

CIMA London defines a budget manual as “a document schedule or booklet which sets out, inter alia, the responsibilities of the persons engaged in the routine of and the forms and records required for budgetary control”. Thus, it is a written document which guides the executives in preparing various budgets.

Multiple choice commercial studies budgeting meaning, comparison, types, utility and limitations of budgets public finance, budget and fiscal policy public expenditure and public revenue

The first step in the system of introducing zero base budgeting is _____________.

  1. Determinations of the extent to which the zero base budgeting is to be introduced

  2. Determination of the objective of budgeting

  3. Preparation of budgets

  4. Development of decision units
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

First and foremost step involved in the zero-based budgeting process is, identifying the decision unit. A decision unit can be a single activity or a cluster of activities which can be independently and meaningfully identified.

Multiple choice commercial studies budgeting meaning, comparison, types, utility and limitations of budgets public finance, budget and fiscal policy public expenditure and public revenue

The most important step involved in the ZBB process.

  1. Preparation of budgets

  2. Developments of decision packages

  3. Development of decision units

  4. Review and ranking of decision packages
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

There are any number of ways to rank decision packages managers will no doubt employ various methods of ranking. The main point is that the ranking of decision packages is an important process of ZBB. An important element of the ZBB process is that it forces prioritization of all programs and activities.

Multiple choice commercial studies budgeting meaning, comparison, types, utility and limitations of budgets public finance, budget and fiscal policy public expenditure and public revenue

The last stage involved in the ZBB process is _____________.

  1. Development of decision units

  2. Preparation of budgets

  3. Control & Monitoring of decision packages

  4. Determination of the objective of budgeting
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

CONTROLLING AND MONITORING

This is the last step in preparing zero-based budgeting. In this step, decision packages are monitored and evaluated for their performance and output. Measuring the performance of the decision packages helps the management to understand whether the allocation of resources is done accurately or not.

Multiple choice commercial studies budgeting meaning, comparison, types, utility and limitations of budgets public finance, budget and fiscal policy public expenditure and public revenue

Arrange the following steps involved in capital budgeting in order of their occurrence:
i. Project selection
ii. Project appraisal
iii. Project generation
iv.Follow up
v. Project execution

  1. $ii, iii, i, v, iv$
  2. $iii, ii, i, v, iv$
  3. $i, iii, ii, v, iv$
  4. $i, ii, iii, v, iv$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Steps involved in capital budgeting in order of their occurrence:-

1. Identify and evaluate potential opportunities
2.Project appraisal

3.Project selection
4.Project execution
5.Follow up

Multiple choice elements of accounts ratio analysis activity (or turnover) ratios accounting ratio's accounting ratios

The turnover ratio helps management for                        .

  1. Managing resources

  2. Managing debt

  3. Evaluating performance

  4. None of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Turnover ratios are used by management to evaluate the efficiency with which the firm manages and utilizes its assets. For example Fixed asset turnover ratio measures how efficiently the assets are used to generate sales.

Multiple choice political science transgender / third gender transgender achieving equality moving towards equality

Why rules are followed?

  1. Maintains discipline

  2. Efficiency in work

  3. Specifies each person's duties and responsibilities

  4. All of above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

There are rules of social life that tell us what each person should be doing. Rules need to be made to specify each person's duties and responsibilities. Day to day life becomes very disciplined and we can work more efficiently.

Multiple choice business organisation and correspondence joint stock company 6 - meetings, proposal and winding up of a company meetings and other aspects of a company joint stock companies joint stock company

Select which information should be included in minutes?
$1$. Date and venue of the meeting
$2$. Decisions made at the meeting
$3$. Comments from the members.
$4$. Action to be taken by the members.

  1. All of the above
  2. All except $(2)$
  3. All except $(3)$
  4. All except $(4)$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Minutes of a meeting must provide a comprehensive record of the proceedings, including the date, venue, decisions made, and often the actions to be taken or member comments/dissent, to ensure transparency and accountability.

Multiple choice commercial applications meaning and fundamentals of double entry book-keeping double entry system meaning, definition, and advantages of double entry book-keeping meaning, definition, need, objectives and limitations of double entry system introduction to single entry system and difference between single entry and double entry system meaning and featuresof incomplete records

Book-keeping helps the management in _____________.

  1. Planning

  2. Decision making

  3. Controlling

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Bookkeeping enables the small business owner to support expenditures made for the business in order to claim all available tax credits and deductions. It also provides detailed, accurate, and timely records that can prove invaluable to management decision-making, or in the event of an audit.

Multiple choice accountancy accounting software - tally concept of entity and relationship designing and creating simple tables, forms, and queries objective in dbms

To manage a business well is to manage it's future and to manage the future is to manage information is termed as____________.

  1. Management information system

  2. Marketing information system

  3. Future information system

  4. General information system
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

MIS is the acronym for Management Information Systems. In a nutshell, MIS is a collection of systems, hardware, procedures and people that all work together to process, store, and produce information that is useful to the organization.

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

Which of the following is example of producers' co-operative society?

  1. Haryana handloom

  2. Gujarat co-operative milk marketing federation

  3. Apna Bazar

  4. Urban Cooperative Banks
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Producers co-operative societies is an artificial voluntary association of people who work together to protect the interest of small producers by making available all the materials, tools and equipment needed for production at a reasonable rate. For example- Haryana handloom.