Punjab Lecturer Commerce online Coaching

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Subject-wise Tests
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Official Syllabus 2021: Link

Revised Answer Key Punjab Lecturer 2021 Examinations: Link

Question Paper Commerce 2016 : Link

Revised Answer Key Punjab Lecturer 2016 Examinations: Link

Punjab Lecturer Commerce Books

Combo Set of 5 Books in Spiral Bindings

S.No	Books	Author	No. of MCQs	No. of Pages
1	Financial Accounting	Dheeraj Kumar Singh	1929	326
2	Corporate Accounting	Dheeraj Kumar Singh	1496	255
3	Management Accounting, Advance & Miscellaneous Accounting and Financial Management	Dheeraj Kumar Singh	1153	254
4	Business Studies	Dheeraj Kumar Singh
5	Business Economics & Business Statistics	Daniel Robert	858	280
Total

Punjab Lecturer – Financial Accounting

Punjab Lecturer – Corporate Accounting

Punjab Lecturer – Management Accounting

Punjab Lecturer – Miscellaneous Accounting

Punjab Lecturer – Financial Management

Punjab Lecturer – Business Studies

Punjab Lecturer – Business Economics & Business Statistics

Punjab Lecturer Commerce Question Paper– 2021 Analysis

S. No	Subject		No. of MCQs	S. No	Subject	No. of MCQs
1	ACCOUNTING:		25	2	BUSINESS STUDIES	77
	Financial Accounting	11
	Corporate Accounting	8
	Cost & Management Accounting	6
3	STATISTICS		25	4	ECONOMICS	23
Total No. of Commerce Subject Questions = 150

ACCOUNTING:

Financial Accounting

Errors of duplication are errors of ———
(a) Commission
(b) Omission
(c) Principles
(d) None of these
————— is disclosed by trial balance.
(a) Wrong posting in ledger accounts
(b) Errors of omission
(c) Errors of principle
(d) Non-recording of an entry in original books
–––––––––– is generally not shown in trial balance.
(a) Cash in hand
(b) Opening stock
(c) Closing stock
(d) Fixture & Furniture
Distribution of premium for goodwill brought in by new partner is done on basis of ———-
(a) New profit sharing ratio
(b) Old profit sharing ratio
(c) Sacrificing ratio
(d) None of these
Comparison of one accounting period with that of the past is done by following ——— concept.
(a) Consistency
(b) Going concern
(c) Cost
(d) Time period
Accounting Standard———— deals with Depreciation Accounting.
(a) 3
(b) 2
(c) 6
(d) 8
The accounting equation ‘asset = capital + liability’ is part of which of the following concepts?
(a) Going concern concept
(b) Realization concept
(c) Dual Aspect concept
(d) Materiality concept
The concept that recognizes the distinction between the receipt of cash and the right to receive the cash is called
(a) Cash concept
(b) Accrual concept
(c) Materiality concept
(d) None of these
Mr. Ramesh carrying on real estate business sold a piece of land for Rs.10,00,000 (cost Rs.3,80,000) the type of receipt is—————– in nature and profit on sale is
(a) Capital, transferred to P& L A/c
(b) Revenue, transferred to General Reserve
(c) Capital, transferred to capital reserve
(d) Revenue, transferred to P & L A/c
Amount spent for increasing the earning capacity is a —————– expenditure.
(a) Revenue
(b) Deferred revenue
(c) Capital
(d) Capital Loss
Which of the following expenditures is not a capital expenditure?
(a) Purchase of Machinery
(b) Purchase of copyright
(c) Cost of Issue of shares
(d) Premium on Insurance of machinery

Corporate Accounting

For issue of bonus shares, which of the following reserve cannot be used for the purpose:
(a) Dividend Equalisation reserve
(b) Capital redemption reserve
(c) Capital reserve arising due to revaluation
(d) Profit and Loss account
More than ————– shares of another company should be acquired to become a holding company.
(a) 49%,
(b) 50%
(c) 25%
(d) None of these
The financial year of holding and subsidiary company must be —————
(a) Different
(b) Same
(c) Either same or different
(d) None of these
Realisation account is opened in the books of transferor company and following assets are transferred
(a) Underwriting commission
(b) Discount on issue of Debentures
(c) Profit & Loss A/c (Dr.)
(d) None of these
While calculating purchase consideration ———— of the asset is to be considered.
(a) Market price
(b) Fair value
(c) Average price
(d) Book value
Pre- acquisition dividend received by holding company is credited to ————
(a) Investment A/c
(b) Profit & Loss A/c
(c) Capital profit
(d) None of these
Solvency of an organization depends on –––––––
(a) Management Efficiency
(b) Recovery of bad debts
(c) Paying capacity of short term debt
(d) Paying capacity of long term debts
The most precise test of liquidity is ——
(a) Quick Ratio
(b) Absolute Liquid Test Ratio
(c) Current Ratio
(d) None of these

Cost & Management Accounting

An incremental budget is a budget that ——–.
(a) Excludes fixed costs
(b) Is based on previous year, adjusted for known changes
(c) Is prepared from the very beginning
(d) Breaks even
The scarce factor is also known as ———
(a) Abnormal factor
(b) Key factor
(c) Linking factor
(d) None of these
An example of long period budget is—–
(a) Production Budget
(b) Master Budget
(c) R & D Budget
(d) Sales Budget
The standards that require peak efficiency and do not allow any work interruptions are known as
(a) Ideal Standards
(b) Practical Standards
(c) Normal Standards
(d) Budgeted Standards
Which of the following cannot be a reason of unfavourable direct materials price variance?
(a) Quality of material purchased
(b) Inefficient standard setting
(c) Sudden rise in material price
(d) Appointing inexperienced workers
It is easy to distinguish variances as controllable and uncontrollable. The statement is ——-
(a) Partially true
(b) Partially False
(c) True
(d) False

BUSINESS STUDIES

The principle of caveat emptor implies —————–.
(a) Let the Seller Beware
(b) Let the Government Beware
(c) Let the Buyer Beware
(d) All of these
Which of the following is NOT an environmental problem?
(a) Ozone Depletion
(b) Global Warming
(c) Water Pollution
(d) None of these
Producing goods and services, that society wants and selling them at a profit is an example of ——————.
(a) Economic Responsibility
(b) Legal Responsibility
(c) Ethical Responsibility
(d) Discretionary Responsibility
——– refers to a form of business organization that is owned, managed and controlled by an individual who is the recipient of all profits and bearer of all risks.
(a) Sole proprietorship
(b) Partnership
(c) Joint Hindu Business
(d) Co-operative Societies
Joint Hindu Family business is governed by ——————.
(a) Companies Act, 1956
(b) Companies Act, 2013
(c) Hindu Succession Act, 1956
(d) None of these
The liability of Karta in Joint Hindu Family business is—————.
(a) Limited
(b) Unlimited
(c) Joint
(d) Depends on the Agreement
The partnership form of business organization is governed by the ———–
(a) Indian Companies Act, 2013
(b) Indian Partnership Act, 1930
(c) Indian Partnership Act, 1932
(d) None of these
According to section 464 of the Companies Act 2013, maximum number of partners in a partnership firm can be ——–.
(a) 10
(b) 20
(c) 200
(d) 100
Mr. A allows the use of his name by XYZ firm, but does not contribute to its capital. He does not take active part in managing the firm, does not share its profit or losses but is liable, like other partners, to the third parties, for the repayments of the firm’s debts. Mr. A is a/an —————-.
(a) Active Partner
(b) Sleeping Partner
(c) Secret Partner
(d) Nominal Partner
The cooperative society is compulsorily required to get itself registered under the ————-
(a) Cooperatives Societies Act, 1912
(b) Cooperatives Societies Act, 1913
(c) Cooperatives Societies Act, 1915
(d) None of these
The management and control of the affairs of the company is undertaken by the —————
(a) Shareholders
(b) Members
(c) Board of Directors
(d) Promoters
The maximum number of members in a private company is restricted to————
(a) 50
(b) 100
(c) 150
(d) 200
A public company needs to have a minimum of ————– directors.
(a) Two
(b) Three
(c) Four
(d) Five
A private limited company can start business as soon as it receives the ——–
(a) Certificate of Incorporation
(b) Certificate of Commencement
(c) Certificate of Continuation
(d) None of these
Which of the following is NOT a characteristic of company form of organization?
(a) Separate Legal Entity
(b) Perpetual Succession
(c) Unlimited Liability
(d) Common Seal
Railways & Post and Telegraph department are examples of —————-
(a) Departmental Undertakings
(b) Statutory Corporation
(c) Government Company
(d) All of these
A government company means any company in which not less than————of the paid up capital is held by the central government, or by any state government or partly by Central government and partly by one or more State governments and includes a company which is a subsidiary of a government company,
(a) 49 percent
(b) 51 percent
(c) 26 percent
(d) 74 percent
The branches of global enterprises are also known as
(a) Majority Owned Foreign Associates
(b) Majorly Owned Foreign Associates
(c) Majority Owned Foreign Affiliates
(d) None of these
———————– are public enterprises brought into existence by a Special Act of the Parliament.
(a) Departmental Undertakings
(b) Statutory Corporations
(c) Government Company
(d) All of these
BIFR stands for ———————–.
(a) Board for Indian Financial Recovery
(b) Board for Industrial and Financial Reconstruction
(c) Board for Indian Financial Reconstruction
(d) None of these
—————– involves the sale of the equity shares to the private sector and the public.
(a) Disinvestment
(b) Investment
(c) Private placement
(d) None of these
The shares of the government company are purchased in the name of the———–
(a) State Government
(b) Central Government
(c) President of India
(d) None of these
India follows _______economy.
(a) Capitalist
(b) Socialist
(c) Mixed
(d) None of these
Private sector consists of——————
(a) Sole Proprietorship
(b) Partnership
(c) Joint Hindu Family
(d) All of these
MoU in business stands for—————–
(a) Memorandum of Understanding
(b) Memorandum of Undertaking
(c) Memorandum of Underwriting
(d) None of these
Which of the following statements is INCORRECT with respect to Departmental Undertakings?
(a) These enterprises are established as departments of the ministry and are considered part or an extension of the ministry itself.
(b) The Government functions through these departments and the activities performed by them are an integral part of the functioning of the government,
(c) They act through the officers of the Government and its employees are Government employees.
(d) They have been constituted as autonomous or independent institutions and as such are independent legal entities.
A government company has —————-
(a) Memorandum of Association
(b) Articles of Association
(c) Both (a) and (b)
(d) None of these
Employment generation form part of which business objective?
(a) Economic Objectives
(b) Social Objectives
(c) Both (a) and (b)
(d) None of these
Which of the following industries is associated with converting raw material into finishing product?
(a) Primary Industry
(b) Secondary Industry
(c) Tertiary Industry
(d) All of these
Which of the following form part of aids to trade?
(a) Banking and Insurance
(b) Warehousing
(c) Insurance
(d) All of these
An economic activity is an activity that gives a —————
(a) Monetary Return
(b) Significant Return
(c) Windfall Gain
(d) Gain
——————— requires special skills and knowledge to be applied by individuals in their respective occupations.
(a) Profession
(b) Business
(c) Employment
(d) None of these
In case of employment, the capital required is
(a) Limited
(b) Nil
(c) Dependent on the Scale of Operations
(d) None of these
——————- are the risks for which no protection is available.
(a) Insurable Risks
(b) Non-insurable Risks
(c) Monetary Risks
(d) None of these
Mr. X is an employee in ABC Company. He leaked a secret of the company to the competitor resulting in huge losses to the ABC Company. This is an example of risk arising due to ——– causes.
(a) Economic
(b) Natural
(c) Human
(d) Physical
An earthquake occurring in the region damaged the factory outlet of XYZ Company. This is an example of risk arising due to ———– causes.
(a) Natural
(b) Economic
(c) Human
(d) None of these
Which of the following is NOT a characteristic of business?
(a) Profit Earning
(b) Economic Activity
(c) Sale or Exchange of Goods and Services
(d) Certainty of Returns
Which of the following is NOT an example of primary industry?
(a) Farming
(b) Mining
(c) Fishing
(d) Construction of Roads
Which of the following industry is concerned with providing services that help in smooth flow of goods & services?
(a) Primary Industry
(b) Secondary Industry
(c) Tertiary Industry
(d) All of these
———- involves converting information into some special code.
(a) Encryption
(b) Decryption
(c) Both (a) and (b)
(d) Neither (a) nor (b)
EDI stands for ————–
(a) Electronic Data Interchange
(b) Electric Data Interchange
(c) Electronic Digital Interface
(d) Electronic Digital Interchange
Which of the following is NOT a threat to e-commerce?
(a) Hacking
(b) Viruses
(c) Dishonest Trading
(d) Digital Signatures
Which of the following statements is NOT TRUE with regard to e-commerce?
(a) A customer can get information about a product to be purchased on the Internet.
(b) A customer can place an order on the Internet.
(c) Payment cannot be made over the internet.
(d) E-commerce involves both online distribution and physical delivery.
Which of the following resources are not required for successful implementation of e-commerce?
(a) Computer System
(b) Internet Connection
(c) Technically Qualified Workforce
(d) None of these
ATM stands for
(a) Any Time Money
(b) Automated Teller Mechanism
(c) Automated Teller Machine
(d) None of these
Amazon is an example of which type of e-commerce?
(a) B2B
(b) B2C
(c) B2G
(d) C2C
OLX is an example of which type of e-commerce?
(a) B2B
(b) B2C
(c) B2G
(d) C2C
—————– involves outsourcing internal business functions like billing.
(a) Back Office Outsourcing
(b) Front Office Outsourcing
(c) Offshore Outsourcing
(d) Onshore Outsourcing
What is the full form of ITES?
(a) Information Technology Enabled Services
(b) Information Technology Empanelled Services
(c) Information Technology Empowered Services
(d) None of these
Which of the following is NOT an example of outsourcing?
(a) A company entering into contract with a third party for delegating its sanitation and housekeeping functions.
(b) A school tying up with some computer training institute to impart computer education to its students.
(c) A company delegating activities related to recruitment, selection, training etc., to third party service providers.
(d) None of these
Outsourcing enables a company to concentrate on its —————– activities by contracting out ————– activities to outsiders.
(a) Core, Non-core
(b) Non-core, Core
(c) Non-core, Routine
(d) Core, Critical
———— is the rate of interest that a bank offers to its depositors.
(a) Lending Rate
(b) Borrowing Rate
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Cash credit is classified under which function of commercial banks?
(a) Primary Functions
(b) Secondary Functions
(c) Both (a) and (b)
(d) Neither (a) nor (b)
HDFC Bank is which type of a bank?
(a) Public Limited Public Sector Bank
(b) Public Limited Private Sector Bank
(c) Private Limited Private Sector bank
(d) None of these
Overdraft is a facility in which the bank allows the ———————– account holders to overdraw their accounts by a specified limit.
(a) Fixed
(b) Salary
(c) Saving
(d) Current
In this type of life insurance policy, the amount is paid in regular instalments (rather than in lump sum) once the policy gets matured.
(a) Whole Life Assurance
(b) Term Life Assurance
(c) Annuity
(d) All of these
Mr. A took a health insurance policy. When he purchased the policy, he used to chew tobacco. Which principle of insurance was violated in the given situation?
(a) Principle of Proximate cause
(b) Principle of Insurable interest
(c) Principle of Utmost Good Faith
(d) Principle of Indemnity
According to……………………., after the insured has been compensated by the insurer for the loss suffered by him on the subject matter that was insured, the rights of the ownership of that Property goes to the insurer.
(a) Principle of Indemnity
(b) Principle of Loss Minimization
(c) Principle of Contribution
(d) Principle of Subrogation
_____ states that the insured should be compensated for the amount equal to the actual loss and not the amount exceeding the loss.
(a) Principle of Indemnity
(b) Principle of Loss Minimization
(c) Principle of Contribution
(d) Principle of Subrogation
——– are owned and operated by big manufacturers and merchants to fulfill their own storage needs.
(a) Private Warehouses
(b) Public Warehouses
(c) Bonded Warehouses
(d) None of these
—————— are licensed by the government to accept imported goods for storage until the payment of custom duty.
(a) Private Warehouses
(b) Public Warehouses
(c) Bonded Warehouses
(d) None of these
Warehousing helps in creating———– utility.
(a) Time
(b) Place
(c) Both (a) and (b)
(d) Neither (a) nor (b)
—————- is a business insurance product that provides protection against business losses caused due to employee dishonesty, theft or fraud.
(a) Life Insurance
(b) Fire Insurance
(c) Marine Insurance
(d) Fidelity Insurance
Respecting the religious sentiments and dignity of people while advertising for a product is
(a) Economic Responsibility
(b) Legal Responsibility
(c) Ethical Responsibility
(d) Discretionary Responsibility
A company helping the affected people during floods or earthquakes is an example of
(a) Economic Responsibility
(b) Legal Responsibility
(c) Ethical Responsibility
(d) Discretionary Responsibility
Which of the following is NOT an element of business ethics?
(a) Top Management Commitment
(b) Publication of a ‘Code’
(c) Establishment of Compliance Mechanism
(d) Involving Top Level Employees Only
The Environment Protection Act was passed in which year?
(a) 1986
(b) 1974
(c) 1972
(d) 1988
In India, the concept of CSR is governed by ——— of the Companies Act, 2013.
(a) Clause 125
(b) Clause 135
(c) Clause 140
(d) Clause 145
The Companies Act, 2013 encourages companies to spend —————- of their average net profit in the previous three years on CSR activities.
(a) 1 percent
(b) 1.5 percent
(c) 2 percent
(d) 2.5 percent
The CSR provisions within the Act is applicable to companies with an annual turnover of ———— and more, or a net worth of Rs. 500 crore and more, or a net profit of Rs. 5 crore and more.
(a) Rs. 1000 crore
(b) Rs. 1500 crore
(c) Rs. 2000 crore
(d) Rs. 2500 crore
Which of the following is NOT an example of socially desirable practices?
(a) Supplying Good Quality Products
(b) Tax planning
(c) Sincerely Attending to Customer Complaints
(d) Exploiting Workers
Social responsibility involves an element of ——————- action on the part of business people for the benefit of society.
(a) Compulsory
(b) Voluntary
(c) Legal
(d) None of these

Money and Banking:

————— refers to a certain percentage of total deposits the commercial banks are required to maintain in the form of reserve with the central bank.
(a) Statutory Liquidity Ratio
(b) Cash Reserve Ratio
(c) Monetary Ratio
(d) None of the above
Dena and Vijaya Bank were merged with ————— with effect from April 1, 2019.
(a) Punjab National Bank
(b) Canara Bank
(c) Union Bank of India
(d) Bank of Baroda

Government budget and Economy:

Capital expenditure of the government is that expenditure which —————
(a) Does not create any asset for the government Punjab
(b) Does not cause any reduction in liabilities of the government
(c) Creates assets for the government
(d) None of these
—————— is equal to the excess of total expenditure over the sum of revenue receipts and capital receipts excluding borrowing.
(a) Revenue Deficit
(b) Primary Deficit
(c) Fiscal Deficit
(d) None of these
Borrowings, recovery of loans and receipts from disinvestment by government are classified as ———–
(a) Revenue Receipts
(b) Capital Receipts
(c) Both (a) and (b)
(d) Neither (a) nor (b)

STATISTICS

Data collected in a population census by the Office of the Registrar General and Census Commissioner is classified as
(a) Primary Data
(b) Secondary Data
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Under this method of collecting primary data, the investigator contacts third parties called witnesses capable of supplying the necessary information. This method is called ————–
(a) Direct Personal Interviews
(b) Indirect Oral Interviews
(c) Mailed Questionnaire Method
(d) None of these
When questionnaires are constructed with the idea that the objective is clear to the respondents, such questionnaires are called
(a) Non-disguised
(b) Disguised
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Which of the following is NOT a method of non-probability sampling?
(a) Judgment Sampling
(b) Convenience Sampling
(c) Quota Sampling
(d) Cluster Sampling
—————- are those methods of sampling in which each and every item in the universe has a known chance of being chosen in the sample.
(a) Non-probability Sampling Methods
(b) Probability Sampling Methods
(c) Judgment Sampling Methods
(d) Convenience Sampling Methods
Under this method of sampling, a sample is formed by selecting one unit at random and then selecting additional units at evenly spaced intervals until the sample has been formed.
(a) Simple Random Sampling
(b) Stratified Sampling
(c) Systematic Sampling
(d) Quota Sampling
——————– occurs because the particular sample selected is an imperfect representation of the population of interest.
(a) Random Sampling Error
(b) Non-sampling Error
(c) Response Error
(d) Non-Response Error
————– is that value in a series that occurs with the greatest frequency.
(a) Mean
(b) Median
(c) Mode
(d) Standard Deviation
The values which divide an ordered data set into ten equal parts are called ———.
(a) Quartiles
(b) Deciles
(c) Percentiles
(d) None of these
————- is used where we want to compare the variability of two or more than two series.
(a) Range
(b) Quartile Deviation
(c) Standard Deviation
(d) Coefficient of Variation
In positively skewed distribution, the value of mean ————-.
(a) Is Maximum
(b) Is Minimum
(c) Lies Between Mode and Median
(d) Cannot be Determined
Skewness tells us about the —————- of variation
(a) Amount
(b) Direction
(c) Magnitude
(d) None of these
What is the formula for calculating Karl Pearson’s Coefficient of Skewness?
(a) Skp = (Median -Mean)/(Standard Deviation)
(b) Skp = ( Mean – Median)/(Coefficient of Variation )
(c) Skp = (Median -Moad)/(Standard Deviation)
(d) None of these
In symmetrical distribution, the values of mean, median and mode —————-.
(a) Coincide
(b) Vary
(c) Can coincide or vary
(d) Cannot be determined
What is the formula for calculating Kelly’s coefficient of Skewness?
(a) Skk = (P90+ P10 – 2 Median)/(P90+ P10 )
(b) Skk = (D9+ D1 – 2 D5)/(D9– D1 )
(c) Both (a) and (b)
(d) None of these
If both the variables in a data set are varying in the same direction, correlation between the variables is said to be ——-.
(a) Positive
(b) Negative
(c) Zero
(d) Cannot be determined
If the amount of change in one variable does not bear a current ratio to the amount of change in the other variable, correlation would be called —————-
(a) Linear Correlation
(b) Non-linear Correlation
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Which of the following is NOT an assumption of Karl Pearson’s Coefficient of Correlation?
(a) There is linear relationship between the variables under study.
(b) There is a cause and effect relationship between the forces affecting the distribution of the items in the two series.
(c) The variables under study need not be normally distributed.
(d) None of these
Laspeyre’s index measures change in a ______ of goods and services.
(a) Fixed Market Basket
(b) Variable Market Basket
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Consumer price index is also known as –––––––––––
(a) Wholesale Price Index
(b) Cost of Living Index
(c) Index of Industrial Production
(d) None of these
Which of the following is an example of continuous variable?
(a) Number of machines in a factory
(b) Number of rooms in a house
(c) Height
(d) None of these
When the class intervals are so fixed that the upper limit of one class is the lower limit of the next class, it is known as the –––––––––––––––––
(a) Inclusive Method of Classification
(b) Exclusive Method of Classification
(c) Both (a) and (b)
(d) Neither (a) nor (b)
The median is the ———— percentile value.
(a) 5th
(b) 10th
(c) 25th
(d) 50th
Chi-square is a———— test.
(a) Parametric
(b) Non-parametric
(c) Both (a) and (b)
(d) Neither (a) nor (b)
——————– is used to find out whether the two samples may be regarded as drawn from the normal populations having the same variance.
(a) T-test
(b) Chi-square Test
(c) F-test
(d) None of these

ECONOMICS

—————– is the study of Day of a national economy as a whole.
(a) Microeconomics
(b) Macroeconomics
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Which of the following is NOT a central problem of an economy?
(a) What to Produce
(b) How to Produce
(c) Where to Produce
(d) For Whom to Produce
The value of the next best alternative to any decision you make is called ———–
(a) Production Possibility Frontier
(b) Opportunity Cost
(c) Efficiency Cost
(d) None of these
The additional benefit, which a person derives from a given stock of a thing, reduces with every increase in the stock that he already has. This law is called —.
(a) Law of Diminishing Marginal Utility
(b) Law of Equi-Marginal Utility
(c) Law of Demand
(d) Law of Supply
Which of the following is NOT a property of Indifference Curve?
(a) An indifference curve has a negative slope.
(b) Two indifference curves never cut each other.
(c) Higher indifference curve represents lesser satisfaction
(d) Indifference curve touches neither X-axis nor Y-axis.
————- shows the combination of goods that can be purchased if the entire money income is spent.
(a) Budget Line
(b) Consumption Possibility Line
(c) Line of Attainable Combinations
(d) All of these
One of the conditions of consumer’s equilibrium is
(a) Price line should not be tangent to indifference curve.
(b) Price line should be tangent to budget line.
(c) Indifference curve should be convex to the point of origin.
(d) Indifference curve should be concave to the point of origin.
———————- is one in which a percentage change in price produces relatively more percentage change in demand.
(a) Perfectly Elastic Demand
(b) Unitary Elastic Demand
(c) Lesser than Unitary Elastic Demand
(d) Greater than Unitary Elastic Demand
136. If the price of substitute goods decreases, it will cause ––––––––––
(a) A rightward shift in demand curve
(b) A leftward shift in demand curve
(c) No shift in demand curve
(d) None of these
A decrease in income will cause a ——-shift in demand curve for inferior goods.
(a) Rightward
(b) Leftward
(c) No Shift
(d) None of these
—– relates to the behaviour of total output as all inputs are varied and is a long run concept.
(a) Returns to Factor
(b) Returns to Scale
(c) Law of Variable Proportions
(d) None of these
Addition made to the total cost by the production of one more unit of a commodity is called ———–
(a) Average
(b) Total Cost
(c) Fixed Cost
(d) Marginal Cost
——— cuts ————– at its lowest point.
(a) Average Cost, Total Cost
(b) Marginal Cost, Total Cost
(c) Marginal Cost, Average Cost
(d) Average Cost, Marginal Cost
Which of the following is NOT an assumption of law of diminishing returns?
(a) Short Period
(b) No Change in Technique of Production
(c) Change in the Proportion of the Factors
(d) None of the above
One of the conditions that need to be fulfilled for obtaining producer’s equilibrium is ———
(a) Average Revenue = Average Cost
(b) Marginal Cost should cut Marginal Revenue from below
(c) Average Revenue = Marginal Cost
(d) Marginal Revenue should cut Marginal Cost from below
Which of the following is NOT a characteristic of monopoly?
(a) One Seller and Large Number of Buyers
(b) Close Substitutes
(c) Monopoly is also an Industry
(d) Price Maker
Which of the following is NOT a characteristic of perfect competition?
(a) Homogenous Products
(b) Perfect Knowledge
(c) Free Entry and Exit of Firms
(d) Restricted Mobility
—————– is a market structure in which a few firms dominate.
(a) Oligopoly
(b) Monopolistic Competition
(c) Monopoly
(d) Perfect Competition
Product differentiation is a characteristic of which market?
(a) Perfect Competition
(b) Monopoly
(c) Monopolistic Competition
(d) None of these
——————– are those goods which compete the demand for each other.
(a) Substitute Goods
(c) Giffen Goods
(b) Complementary Goods
(d) Veblen Goods
—————- is the aggregate of the market value of all the final goods and services produced in any given period usually in a year including net factor income earned from abroad.
(a) Gross Domestic Product
(b) Gross National Product
(c) Net Domestic Product
(d) None of these
Disposable income can be represented as ——————
(a) Personal Income less Saving
(b) Personal Income less Consumption
(c) Consumption + Saving
(d) None of these
Net National Product (NNP) at Market Price (MP) can be calculated as
(a) NNP at Factor Cost + Indirect Taxes – Subsidies
(b) NNP at Factor Cost – Indirect Taxes + Subsidies
(c) NNP at Factor Cost + Indirect Taxes + Subsidies
(d) None of these

Punjab Lecturer Commerce Question Paper– 2016 Analysis

S. No	Subject		No. of MCQs	S. No	Subject	No. of MCQs
1	ACCOUNTING:		31	2	BUSINESS STUDIES	51
	Financial Accounting	12
	Corporate Accounting	6
	Cost & Management Accounting	5
	Business Finance	8
3	STATISTICS		25	4	ECONOMICS	43
Total No. of Commerce Subject Questions = 150

ACCOUNTING:

Financial Accounting

Which of these is not included as a separate item in the basic accounting equation?
(a) Assets
(b) Revenues
(c) Liabilities
(d) Stock-holders’ equity
The accrual basis of accounting records revenues when they are:
(a) Collected
(b) Earned
(c) Contracted
(d) Readily available for use
The unfavorable balance of P & L account should be:
(a) Added in Liabilities
(b) Subtracted from Current Assets
(c) Subtracted from Capital
(d) Subtracted from Liabilities
Which type of Expenses are paid out of gross Profit?
(a) General expenses
(b) Financed Expenses
(c) Selling expenses
(d) All of the above
Sale of goods to Taman is wrongly debited to Daman’s account. Both are debtors of business. This is an example of:
(a) Error of Omission
(b) Error of Commission
(c) Error of Principle
(d) Error of Original Entry
The process of allocating the cost of an intangible asset over its useful life is called:
(a) Depletion
(b) Impairment
(c) Depreciation
(d) Amortization
Which one of the following is a method of Goodwill Evaluation?
(a) Average Capital Method
(b) Super-Capital Method
(c) Capital-Intensity Method
(d) Super-Profit Method
Garner Vs Murray rule applies in case of:
(a) Admission of a partner
(b) Retirement of a partner
(c) Death of a partner
(d) Dissolution of a firm
Average cost method of inventory valuation is suitable when there are
(a) Fall in prices
(b) Rise in prices
(c) Fluctuation in prices
(d) None of the above
Stock is:
(a) Included in the category of fixed assets
(b) Part of current assets
(c) Intangible
(d) Tangible
IFRS stands for:
(a) Indian Financial Reporting Standards
(b) Indian Financial Reporting System
(c) International Financial Reporting Standards
(d) International Financial Reporting System
The capital of a non-profit organization is generally known as:
(a) Equity
(b) Accumulated Funds
(c) Cash Fund
(d) Financial Reserve

Corporate Accounting

Which of the following item will not appear in the cash-flow from operating activities section when using director method?
(a) Payment of Suppliers
(b) Payment of Employees
(c) Net Income
(d) Collection from Customers
What does EBITDA mean?
(a) Earnings Before Income-Tax, Depletion & Amortization
(b) Earnings Between Income-Tax, Depreciation & Amortization
(c) Earnings Before Income-Tax, Depreciation & Amortization
(d) Earnings Before Interest, Taxes, Depreciation & Amortization
How is Working- Capital calculated?
(a) WC = Shareholders’ Equity & long-term debts – Fixed Assets
(b) WC = Fixed Assets – Current Assets
(c) WC = Shareholders’ Equity and Long-term debts + Fixed Assets
(d) WC = Fixed Assets + Current Assets
How is interest-coverage ratio calculated?
(a) Operating Income (before interest & income-tax)/ Interest expense
(b) Net Income/ Interest expense
(c) Shareholders’ Equity/ Interest expense
(d) Long term Debts/ Interest expense
Legal cost incurred in case of disputed land and building is classified as:
(a) Operating activity
(b) Investing activity
(c) Financing activity
(d) All of the above
Identify the item that is not taken into account in computing the current ratio:
(a) Land
(b) Bills recoverable
(c) Cash
(d) Bank

Cost & Management Accounting

An Opportunity Cost is:
(a) The difference between the total-cost of one alternative and total-cost of another alternative.
(b) The benefit foregone when one alternative is selected rather than another.
(c) A cost that is saved by not adopting a given alternative.
(d) A cost that continues to be incurred even if there is no activity.
Using Marginal-costing method, ‘contribution’ is equal to sales revenue less:
(a) Direct Labour Costs
(b) Total costs
(c) Variable Costs
(d) Fixed Costs
Which of the following would be included in the Cash Budget?
(a) Depreciation charges
(b) Dividends
(c) Goodwill
(d) Patent amortization
EOQ is the order quantity that –––––––––––– over one planning period.
(a) Minimizes total ordering costs
(b) Minimizes total carrying costs
(c) Minimizes total inventory costs
(d) Minimizes the required safety stock
A very important component of management accounting is
(a) Financial Accounting
(b) Contract Accounting
(c) Cost Accounting
(d) None of these

Business Finance

Shareholders’ wealth in a firm is represented by
(a) Number of people employed in a firm.
(b) Book-value of a firm’s assets less the book-value of its liabilities.
(c) The amount of salary paid to its employees.
(d) The market price per share of common stock.
The long-term objective of financial management is to
(a) Maximize earning per share
(b) Maximize value of firm’s common stock
(c) Maximize ROI
(d) Maximize market-share
Which of the following is part of capital structure?
(a) Equity Capital
(b) Preference share capital
(c) Debt capital
(d) All of the above
Capital budgeting can be used for the purpose of
(a) Machinery
(b) Goodwill
(c) Raw materials
(d) Land and Building
Dividend is the portion of
(a) Current Assets of the company
(b) Debt
(c) Assets of the company
(d) Profit
Which is the determinant of Capital structure ?
(a) Government policy
(b) Control
(c) Tax
(d) Requirement of investors
The term ‘Capital – Structure’ refers to:
(a) Long-term debt, preferred stock and common stock equity’
(b) Current assets and Liabilities
(c) Total Assets – Liabilities
(d) Shareholders’ equity
The dividend payout ratio is equal to:
(a) The dividend yield plus the capital gains yield.
(b) Dividends per share divided by earning per share.
(c) Dividends per share divided by par-value per share.
(d) Dividends per share divided by Current-Price per share.

BUSINESS STUDIES

Which of the following does not characterize business activity?
(a) Production of goods and services
(b) Presence of risk
(c) Sale and exchange of goods and service
(d) Salary or wages
PSE’s are organizations owned by:
(a) Joint Hindu Family
(b) Government
(c) Foreign Company
(d) Private Entrepreneur
The minimum number of members required for registration of a co-operative society are:
(a) Two
(b) Seven
(c) Ten
(d) Twenty
A public limited company can start business after
(a) Incorporation
(b) After promotion
(c) After registration
(d) After certificate of commencement of business
Which of the following types of business organizations has a ‘separate legal entity’?
(a) Joint Hindu Family Business
(b) Partnership
(c) Joint Stock Company
(d) None of the above
Registration is not essential in case of
(a) Company
(b) Co-operative organization
(c) Co-operative society
(d) Business of Hindu Undivided Family
In a private company, there are restrictions regarding:
(a) Transfer of shares
(b) Issue of prospectus
(c) Number of members
(d) All of the above
The maximum number of members of a Private company under The Companies Act 2013, has been changed from 50 to
(a) 75
(b) 100
(c) 125
(d) 200
A co-operative society is required to be registered under the Co-operative Societies Act ————-.
(a) 1932
(b) 1952
(c) 1956
(d) 1912
Which of the following cannot be classified as objectives of business?
(a) Investment
(b) Productivity
(c) Profit-earning
(d) Innovation
BPO Stands for:
(a) Business Process Outsourcing
(b) Business Process Output
(c) Business Privileges Outsourcing
(d) Business Privileges Output
The industries which provide support service to other industries are known as:
(a) Primary industries
(b) Secondary industries
(c) Commercial industries.
(d) Tertiary industries
Which of the following is a definition of Multinational Enterprise?
(a) A company headquartered in one country, but, having operations in other countries.
(b) A company operating in emerging economies.
(c) A company employing foreign nationals.
(d) None of the above
An outsourcer:
(a) Is always located in a foreign country.
(b) Generates its revenue by producing for another company.
(c) Provides recycling capabilities to the organization.
(d) Only produces standardized parts.
Expanded form of IRDA is:
(a) Insurance Regulatory and Development Authority
(b) Insurance Reforms Development Authority
(c) Insurance Restructure Development Act
(d) Indian Re-insurance Development Authority
Which of the following Public Sector companies provides insurance cover to exporters ?
(a) ECGC
(b) NABARD
(c) SIDBI
(d) IRDA
Reconstruction of a sick public sector unit is taken up by
(a) MOFA
(b) MOU
(c) BIFR
(d) NRP
Disinvestment of PSEs implies:
(a) Sale of equity shares to private sector/ public
(b) Closing down
(c) Investing in new areas
(d) Buying shares
What is mortgage?
(a) A security created on immovable property for a deposit received by the bank.
(b) A security created on immovable property for a loan given by the bank.
(c) A security created on movable property for a deposit received by the bank.
(d) A security created on movable property for a loan given by the bank.
Milton Friedman said that there is only one social responsibility’ for a company to use its resources for
(a) Give as much to charitable causes as possible
(b) Ensure Employment
(c) Increase profits as long as it remains within the rules of the game
(d) Provide good facilities for the workers
Management of social responsibilities includes all of the following except
(a) Economic
(b) Caretaker
(c) Legal
(d) Ethical
Mechanism to protect private networks from an external cyber-attack is
(a) Firewall
(b) Digital signature
(c) Anti-virus
(d) Formatting
Which type of advertisement appears on a web-page?
(a) Pop-up ad
(b) Pop-under ad
(c) Banner-ad
(d) Discount ad
The Environment (Protection) Act was enacted in the year
(a) 1986
(b) 1992
(c) 1984
(d) 1974
World Environment Day is celebrated on:
(a) December 1
(b) June 5
(c) November 5
(d) August 10
What is the purpose of a ‘balanced score-card’ ?
(a) To combine a range of qualitative and quantitative indicators of performance.
(b) To relate business performance to customer satisfaction.
(c) To measure contribution of people to business growth.
(d) To relate business performance to financial measures.
What is COPRA?
(a) Consumer Operating Protection Regulation Authority.
(b) Consumer Protection Act.
(c) Consumer Protection Authority.
(d) All of the above
Marine Insurance may cover loss or damage to the
(a) Ship
(b) Cargo
(c) Any other subject of marine adventure
(d) All of these
Which of the following is sequential model used to explain how advertising works?
(a) ADD
(b) AIDA
(c) PESTLE
(d) SWOT
What is the monetary limit to file a complaint for compensation before the National Commission under Consumer Protection Act, 1986
(a) Upto 25 lakh
(b) Upto 50 lakh
(c) Upto 75 lakh
(d) More than 1 crore
A person aggrieved by an order made by National Commission can appeal against such order to the:
(a) District court
(b) High court
(c) Supreme court
(d) None of the above
Which of the following is relevant with respect to commercial bank?
(a) Non-performing assets
(b) Debit card
(c) Home loans
(d) All of these
Trial balance is prepared to check:
(a) Equality of all assets and liabilities
(b) Arithmetic accuracy of accounting
(c) Valuation of closing account
(d) All types of errors
Some assets easily convertible into cash are called
(a) Liquid Assets
(b) Current assets
(c) Fixed assets
(d) Floating assets
The reward a businessman gets for bearing the risks is called:
(a) Remuneration
(b) Commission
(c) Bonus
(d) Profit
Construction industry belongs to
(a) Primary sector
(b) Secondary sector
(c) Tertiary sector
(d) None of these
In a co-operative society, the principle followed is:
(a) One share one vote
(b) One person one vote
(c) Multiple votes
(d) No vote
Steel Authority of India limited has which form of organisation
(a) Statutory Corporation
(b) Departmental undertaking
(c) Government Company
(d) Multinational Corporation
Which of the following is not part of General Insurance?
(a) Marine Insurance
(b) Fidelity Insurance
(c) Fire Insurance
(d) Life Insurance
Which of the following is not covered under the contract of indemnity?
(a) Life Insurance
(b) Fire Insurance
(c) Marine Insurance
(d) All of the above
Which of the following alone can ensure effective ethics programme in a business enterprise?
(a) Replication of code
(c) Establishment of compliance
(b) Involvement of employees
(d) None of these
Which factors influence ethical behaviour in business?
(a) Public disclosure
(b) Pressure from top executives
(c) Inspiration from leaders
(d) All of the above
360 method relates to
(a) Performance appraisal
(b) Organization climate
(c) Employer’s morale
(d) Retrenchment
Environment Protection Act is applicable to
(a) Private sector enterprises
(b) Public sector enterprises
(c) Both (a) and (b)
(d) None of these

Banking & Finance

Who is the custodian of monetary reserves in India?
(a) SBI
(b) SIDBI
(c) NABARD
(d) RBI
Which of the following is not an instrument of monetary policy?
(a) Deficit financing
(b) Statutory liquidity ratio
(c) Cash Reserve Ratio
(d) Open market operation
The Gold Standard exchange system prevailed in
(a) Between 1860 and 1910
(b) Between 1910 and 1939
(c) Between 1880 and 1940
(d) Between 1914 and 1939
Which of the following is the most volatile flow of foreign exchange?
(a) Foreign direct investment
(b) External assistance
(c) Foreign Institutional Investors
(d) External commercial borrowings
Which of the rate is not determined by RBI ?
(a) Bank rate
(b) CRR
(c) SLR
(d) PLR
What is ‘Green Banking’?
(a) Bank financing on pro-environment projects
(b) Bank financing to agriculture
(c) Bank financing to irrigation
(d) All bank financing to farmers
RuPay’ is
(a) New Currency of RBI
(b) Card Payment Network
(c) New name of credit cards of bank
(d) Credit card to farmers

STATISTICS

A theory is
(a) An assumption
(b) An ‘if-then’ proposition
(c) A hypothesis
(d) A validated hypothesis
Multiple stratified random sampling is
(a) Probability sampling
(b) Selective sampling
(c) Non probability sampling
(d) None of the above
If the sample size increases the sampling error
(a) Decreases
(b) Increases
(c) Remains constant
(d) None of the above
F-test is used to test the significance of the difference between/ among
(a) Two sample mean
(b) More than two sample mean
(c) Variable of two sample
(d) (b) and (c)
Which of the following are the characteristics of a data
(a) Aggregate of fact
(b) Numerical expression
(c) Affected by varying cause
(d) All of the above
Chi-square test is expressed as
(a) x^2
(b) X2
(c) y^2
(d) r^2
Co-efficient of correlatives will always be
(a) More than 0
(b) More than – 1
(c) Less than –1
(d) Between – 1 and + 1
Which of the following are not the limitations of statistics?
(a) Homogeneous statistical data
(b) Analysis of data
(c) Presentation of means
(d) Statistics are true in the long run and on average
Which of the following is/are the characteristics of Karl Pearson’s coefficient of co relation
(a) Indication of degree
(b) Indicators of the direction
(c) Satisfactory measure
(d) All of the above
T-test is a
(a) Parametric test
(b) Non parametric test
(c) Large sample test
(d) None of the above
Data collected from the published books are called
(a) Primary data
(b) Secondary data
(c) Tertiary data
(d) None of the above
Data integrity refers to the
(a) Simplicity of data
(b) Privacy of data
(c) Validity of data
(d) Security of data
As the value of x increases and the value of y decreases, then the coefficient of correlation will be
(a) Positive
(b) Negative
(c) Zero
(d) None of the above
Which average would be suitable to find the average size of readymade garments?
(a) Mean
(b) Mode
(c) Median
(d) Arithmetic mean
Which average would be suitable when quantities of variable are in ratios:
(a) Mean
(b) Mode
(c) Median
(d) None of these
Median can be calculated from
(a) Individual series
(b) Discrete series
(c) Continuous series
(d) All of the above
From which formula mode can be calculated
(a) 2 median – 3 mean
(b) 3 median – 2 mean
(c) 3 median –2 median
(d) 2 mean – 2 median
Semi interquartile range is also known as:
(a) Mean deviation
(b) Standard deviation
(c) Quartile deviation
(d) Quartile range
Which of the following is the characteristic of index number?
(a) Expressed in percentage
(b) Comparative measurement
(c) Measure of changes
(d) All of the above
The synonymous of consumer price index is:
(a) Weighted index
(b) Comparative measurement
(c) Cost of living index
(d) All of the above
If the two regression co efficient are 0.8 and 0.2, then the value of coefficient of correlation is:
(a) + 0.16
(b) – 0.40
(c) – 0.16
(d) + 0.40
Which of the following is not a measure of dispersion?
(a) Skewness
(b) Mean deviation
(c) Standard deviation
(d) Quartile deviation
Which average is better for the construction of index numbers out of the following?
(a) Arithmetic mean
(b) Geometric mean
(c) Median
(d) Both (a) and (c)
Which price index formula is considered ideal among the following
(a) Paasche’s price index
(b) Dorbish-bowley price index
(c) Fisher’s price index
(d) None of the above
Which of the following is the relative measure of the skewness?
(a) Mean – median
(b) Mean – mode
(c) Q3 + Q1 – 2 MD
(d) Mean – mode / S. D.

ECONOMICS

In drawing a farmers supply curve for a Commodity all but which one of the following are kept constant
(a) Technology
(b) Price of inputs
(c) Features of nature such as climate and weather
(d) The price of the commodity under consideration
If the income elasticity of demand is greater than 1, the commodity is
(a) A necessity
(b) A luxury
(c) An inferior good
(d) A non related good
If the amount of commodity purchased remains unchanged when the price of another commodity changes, the cross elasticity of demand between them is:
(a) Negative
(b) Positive
(c) Zero
(d) 1
If MRSxy for individual A exceed the MRSxy for B, it is possible for individual A to gain by giving up
(a) X in exchange of more Y from B
(b) Y in exchange for more X from B
(c) Either X or Y
(d) We cannot say without additional information
Consider the following types of income
1. Personal Income
3. Private Income
2. Disposable Income
4. National Income
The correct sequence in descending order of their magnitude is
(a) 4, 2, 1, 3
(b) 4, 2, 3, 1
(c) 2, 4, 3, 1
(d) 2, 4, 1, 3
The burden of a tax on monopoly profit will be:
(a) Entirely on the product
(b) Entirely on the consumer
(c) Equally distributed among the producer and the consumer
(d) More on the consumer than the producer
Identify the items which are not as opening expenses:
(a) Loss on sale of motor car
(b) General management salaries
(c) Depreciation of office equipments
(d) Advertising expenses
A primary reason why nations conduct international trade is because:
(a) Some nations prefer to produce one thing while others produce other things.
(b) Resources are not equally distributed among all trading partners.
(c) Trade enhances opportunities to accumulate profits.
(d) Interest rates are not identical in all trading nations.
Relative to Countries with low ratios of exports to GDP, Countries having high exports to GDP ratios are ————— vulnerable to changes in world market.
(a) Less
(b) More
(c) Equally
(d) Any of the above
Contradiction to Hecksher-Ohlin theory is
(a) Smith Paradox
(b) Leontief Paradox
(c) Arrow’s Paradox
(d) Veblen Paradox
Let elasticity of demand for exports for a certain country be e_xand elasticity of demand for imports bee_m. Assume that the country devalues its currency. Its balance of payment will certainly show an improvement if
(a) e_x= e_m = 1
(b) e_x + e_m > 1
(c) e_x + e_m < 1
(d) e_x + e_m = 1
If prices rise, the direct real burden of public debt will:
(a) also increase
(b) fall
(c) remain unchanged
(d) be uncertain
For a monopolist price is 16 and marginal revenue is 4, the elasticity of demand will be
(a) 4/3
(b) 3/4
(c) 4
(d) 1/4
A perfectly competitive firm faces Profit = Rs. 4 and Total Cost = Q3 – 7Q2 + 12Q + 5 where Q is the quantity sold. The profit earned when 4 units of quantity are sold is:
(a) 10
(b) 11
(c) 20
(d) 24
The short run supply curve of the perfectly competitive firm is given by:
(a) The rising portion of its MC curve over and above the shut-down point
(b) The rising portion of its MC curve over and above the break-even point
(c) The rising portion of its MC curve over and above the AC curve
(d) The rising portion of its MC curve
If the demand curve for a monopolist’s commodity are identical in two separate markets, then by practicing third degree price discrimination the monopolist:
(a) Will increase TR and Total profits
(b) Can increase TR and Total profits
(c) Cannot increase TR and Total Profits
(d) Will charge a different price in different markets
When TP falls:
(a) The AP labour is zero
(b) The MP labour is zero
(c) The AP labour is negative
(d) The AP labour is declining
All the following curves are U shaped except
(a) The AVC curve
(b) The AFC curve
(c) The AC curve
(d) The MC curve
An entrepreneur running a business takes out Rs. 20,000 year as ‘salary from the total receipts of the firm. The implicit cost of this entrepreneur is:
(a) Rs. 20,000 year
(b) More than Rs.20,000 year
(c) Less than Rs.20,000 year
(d) Any of the above is possible
If MU of the last unit of X consumed is twice the MU of the last unit of Y consumed, the consumer is in equilibrium only if
(a) The price of X is twice the price of Y
(b) The price of X is equal to the price of Y
(c) The price of X is half the price of Y
(d) Any of the above is possible
Sales of fixed assets to foreigners is:
(a) Export of goods
(b) Unrequired receipts
(c) Capital receipts
(d) None of the above
The law of reciprocal demand is associated with
(a) Alfred Marshall
(b) J. S. Mill
(c) David Ricardo
(d) None of the above
IMF deals with
(a) Developmental finance
(b) Managing balance of payment
(c) Free Trade
(d) Maintain of peace among nations
Budgetary deficit does not take into account:
(a) Revenue deficit
(b) Capital budget deficit
(c) Balance of payment deficit
(d) Interest payment on public debt
Keynesians favour
(a) Fiscal policy
(b) Monetary policy
(c) Credit policy
(d) Income policy
‘Sensitive Sector’ as defined by RI includes:
(a) Capital market
(b) Real estate
(c) Commodities
(d) All of the above
Which of the following is termed as Money Multiplier?
(a) Ratio of M0 to M1
(b) Ratio of M3 to M0
(c) Ratio of M4 to M1
(d) Ratio of M0 to M4
Which of the following is not helpful in controlling money supply?
(a) Free market policy
(b) CRR
(c) Bank rate
(d) Change in margin requirements
An empirical study on relationship between the rate of money increase and rate of unemployment in the economy was given by
(a) A. W. Phillips
(b) J. M. Keynes
(c) R. F. Kahn
(d) Ernst Engel
In Nominal GDP is equal to real GDP, then
(a) The GDP deflator is equal to zero
(b) The GDP deflator is equal to one
(c) The GDP deflator is less than one
(d) None of the above
Inflationary gap measures the excess of aggregate expenditure over the aggregate supply:
(a) Before full employment
(b) At full employment
(c) Beyond full employment
(d) Both (a) and (b)
In Cobb-Douglas production function the elasticity of substitution between factors
(a) Zero
(b) Equal to one
(c) Greater than one
(d) Less than one
A fall in the price of X from Rs.12 to Rs.8 causes an increase in the quantity of Y demanded from 900 to 1100 units, X and Y are:
(a) Compliments
(b) Normal goods
(c) Substitutes
(d) Inferior goods
A horizontal supply curve indicates an elasticity of supply that equals
(a) Zero
(b) Infinity
(c) One
(d) – 1
Taxes which levied entirely on the basis of the money value of the goods are:
(a) Specific taxes
(b) Advalorem taxes
(c) Income tax
(d) Excise duty
The administrative aspect of a tax are:
(a) Canons of taxation
(b) Principles of taxation
(c) Characteristics of taxation
(d) Concepts of taxation
Expenditure tax was imposed in 1958 on the recommendations of:
(a) Adam Smith
(b) H Dalton
(c) Prof Kaldor
(d) Prof Pigon
In both the Chamberlin and the Kinked Demand Curve models, the Oligopolists:
(a) Recognizes their interdependence
(b) Do not collude
(c) Tend to keep prices constant
(d) All of the above
When the perfectly competitive firm and industry are both in long run equilibrium?
(a) P = MR = SMC = LMC
(b) P = MR = SAC = LAC
(c) P = MR Lowest point on LAC curve
(d) All of the above
When α = 3/4 and β = 1/4 for the Cobb-Douglas production function, returns to scale are:
(a) Constant
(c) Decreasing
(b) Increasing
(d) First increasing then decreasing
The LAC curve is tangent to the lowest point on the SAC curve when LAC curve is falling
(a) Always
(b) Never
(c) Sometimes
(d) Cannot say
Kinked demand curve is related with
(a) Monopoly
(b) Discriminating monopoly
(c) Oligopoly
(d) Perfect Competition
Balance of invisible includes
(a) Export of services
(b) Import of services
(c) Both (a) and (b)
(d) None of these

Punjab Lecturer Commerce Syllabus

ACCOUNTING

Financial Accounting

Introduction to accounting

1. - Accounting, objectives, advantages and limitations, types of accounting information, uses of accounting Information and their needs. Basic accounting terms, accounting concepts, capital and revenue cash basis and accrual basis accounting standards and IFRS.
  - Accounting Principles, recording of transactions, origin of transactions, source documents, books of original entry
  - Journal, cash books and subsidiary books ledger & trail balance, depreciation, provisions & reserves. Accounting for Bills of exchange, rectification of errors, bank reconciliation statement Financial statements of sole proprietorship, complete & incomplete records, profit & loss accounts, gross profit, net profit, balance sheet, adjustments in preparation of financial statements.
  - Financial statements of not for profit organization, receipt & payment account & income and expenditure account & balance sheet.
  - Introduction to computer & accounting information system
  - Introduction to operating software, utility software & application software. Stages in automation, accounting for partnership firms; Admission, retirement, death, & dissolution & cash distribution.
  - Hire purchase, consignment & joint venture.

Corporate Accounting

Advance Company Accounts

1. - Accounting for share capital & debentures (share capital, issue & allotment, forfeiture, purchase of business, liquidations, valuation of shares, amalgamation, absorption & reconstruction, holding company accounts.
  - Balance sheet of a company in the prescribed form with major heading (Schedule VI) Financial analysis
  - Ratio analysis, Funds flow analysis, cash flow analysis,

Cost & Management Accounting

Cost & Management Accounting

1. - Marginal costing & break even analysis, standard costing budgetary control, costing for decision making, responsibility accounting.

Financial Management

1. - Capital structure, financial and operating leverage, cost of capital, capital budgeting, Working capital management, dividend policy,

BUSINESS STUDIES

1. - Nature & Purpose of Business: Concept & Characteristics Business profession & Employment-Distinctive Features; Objectives of Business-Economic, Social & Human
    Business Risks-Nature & Causes ; Role of profit in Business; A brief outline of the evolution of Business Activities In India
  - Structure of Business :Classifications of Business activities, Industry & Commerce, Industry & Types: Primary & Secondary
  - E-Commerce-Meaning, Opportunities & benefits, Resources required for successful E-Commerce implementation, Security & safety for Business Transactions.
  - Outsourcing of Services: Nature, Need & Types, Financial services, Advertising, Customer Support services.

Service Sector & Business

1. - Banking: Types of Banks & Functions of Commercial banks.
  - Insurance: Principles, Types: Life & General, Fire & marine and insurance of other Risks, Health Insurance, Fidelity Insurance.
  - Communication: Postal & Telecommunications
  - Warehousing: Types & Functions

Social Responsibility Of Business And Business Ethics

1. - Concept of Social Responsibility.
  - Case of Social Responsibility & Human Rights.
  - Responsibility towards Consumers, Government & community in General.
  - Business & Environment Protection.
  - Business Ethics: Concepts & Elements.

Forms And Formation Of Business Enterprises

1. - Meaning, Features, Merits & Limitations of following Forms:
    Sole Proprietorship
    Joint Hindu Business
    Partnership: Partnership Deed (main clauses), Types of Partners & Partnership formation, Registration.
    Co-operative Societies.
    Company: Types of Companies-Private, Public & Deemed public Company, Privileges of private Company.
  - Choice of Form of Business Enterprise
  - Factors to be considered for starting a Business
  - Scope of setting up a Small Business Enterprises

Sectoral Organisation of Business

Meaning, Features, Merits & Limitations of Following:

1. - Private Sector, Public Sector & Joint Sector.
  - Forms of public Sector Enterprises
  - Departmental Undertaking
  - Co-Operative Organisation
  - Government Company
  - Global Enterprise (Multi national Company)

BUSINESS STATISTICS:

1. - Introduction to Statistics: Statistics: Meaning, Definition; Its Need and Importance in Business, Functions and Distrust of Statistics. Statistical tools used in economical analysis.
  - Collection of Data: Meaning of Data, Sources of Data, types of data, Methods of Collecting Data, Construction of Questionnaire
  - Theory of Sampling: Census and Sampling Methods, Principles of Sampling, Qualities of Good Sampling, Methods or Techniques of Sampling, need and error of sampling, normal distribution, hypothesis testing, analysis and interpretation of data, Census of India and National Sample Survey Organisation
  - Organisation of Data: Meaning and types of variables; Frequency Distribution
  - Presentation of Data: Tabular Presentation and Diagrammatic Presentation of Data:
    (i) Geometric forms (bar Diagrams and pie diagrams)
    (ii) Frequency diagrams (histogram, polygon and ogive)
    (ii) Arithmetic line Graphs (time series graph).
  - Statistical Tools and Interpretation:
    Measures of Central Tendency mean (simple and weighted), median and mode.
    Measures of Dispersion-absolute dispersion (range Deciles, Percentile, quartile deviation, mean deviation and standard Deviation)
    Relative dispersion (co-efficient of quartile-deviation, co-efficient of mean deviation, co-efficient of Variation)
    Lorenz Curve: Meaning and its application.
  - Skewness:
    Meaning of Measures of Skewness
    Difference between Dispersion & Skewness
  - Measures of Skewness:
    a) Absolute measures
    b) Relative Measures & Coefficient of Skewness
    (1) Bowley’s Coefficient of Skewness
    (ii) Kelly’s Coefficient of Skewness
    (iii) Karl Pearson’s Coefficient of Skewness
  - Introduction to Index Numbers:
    Meaning, types, features and uses of index numbers
    Wholesale price index
    Consumer price index and index of industrial production
    Problems of construction of index numbers
    Inflation and index numbers.
    Methods of Construction of Index Number, Cost of Living Index Numbers, Choice of base for Computing Index Numbers, Base Shifting.
  - Some Mathematical tools used in Economics: Equation of a ling, slope of a line, slope of a curve.
  - Correlation & Regression Analysis
  - Small sample test-T-test, f-test and chi-square test.
  - Data processing-elements, data entry, data processing and computer applications.

BUSSINESS ECONOMICS:

Nature and uses of business economics: Concept of profit and wealth maximisation, Definition,
Characteristics of Managerial Economics Difference between Managerial Economics and Economics-Its Scope, Uses and Role & Responsibility of Managerial Economies.

Microeconomics
Meaning of microeconomics and macroeconomics
What is an economy
Central problems of an economy, what, how and for whom to produce.
Concepts of production possibility frontier and opportunity cost.
Consumer Equilibrium and Demand
Consumer’s equilibrium – meaning of utility, marginal utility, law of diminishing marginal utility, law of equi-marginal utility, conditions of consumer’s equilibrium using marginal utility analysis.
Indifference curve analysis of consumer’s equilibrium-the consumer’s budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map) and conditions of consumer’s equilibrium (one and two commodity cases).
Demand, market demand, determinants of demand, law of demand, demand schedule, demand curve, movement along and shifts in the demand curve; price elasticity of demand factors affecting price elasticity of demand; measurement of price elasticity of demand-(a) percentage-change method and (b) geometric method (linear demand curve); relationship between price elasticity of demand and total expenditure.
Producer Behaviour and Supply
Production function: returns to factor and returns to scale;
Total Product, Average Product and Marginal Product.
Returns to a Factor.
Cost and Revenue: Short run costs total cost, total fixed cost, total variable cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationship.
Revenue-total, average and marginal revenue.
Producer’s equilibrium-meaning and its conditions in terms of marginal revenue-marginal cost.
Supply, market supply, determinants of supply, law of supply, supply schedule, supply curve, movements along and shifts in supply curve, price elasticity of supply; measurement of price elasticity of supply-(a) percentage change method and (b) geometric method.
Forms of Market and Price Determination
Forms of Market-Perfect Competition, Monopoly, Monopolistic Competition-Their Meaning and Features, Price Determination in different, market situations: Perfect competition, monopolistic competition, monopoly price discrimination and oligopoly, pricing strategies.

Macroeconomics:

National Income And Related Aggregates :
Basic Concepts and Measurement of National Income.

(i)Macro Economics-Meaning, Circular Flow of income, Concepts of GDP, GNP, NDP, NNP, (At Market Price and Factor Cost) National Disposable Income (Gross and Net) Private Income, Personal Income and Formonal Disposable Income.
(ii) Measurement of National Income-Value Added Method, Income Method and Expenditure Method.

Money and Banking:
(i) Money-Meaning, Evolution and Functions. Supply of money-Currency held by the public and net demand deposits held by commercial banks, Money creation by the commercial banking system.

(ii) Central Bank-Meaning and Functions
(iii) Commercial Banks-Meaning and Functions
(iv) Recent Significant Reforms and Issue in Indian Banking System, Privatization and Modernization.

Government budget and Economy:

(i) Government Budget-Meaning and its Components, Objectives of Government Budget.
(ii) Classification of Receipts-Revenue and Capital
(iii) Classification of Expenditure-Revenue and Capital, Plan and Non-Plan and Developmental and Non-Developmental.
(iv) Balanced Budget-Surplus Budget and Deficit Budget; Meaning and Implications.
(v) Revenue Deficit, Fiscal Deficit and Primary Deficit; Meaning and implications; Measures to correct different Deficits. Fiscal Policy and its role

Balance of Trade and Balance of payments:

(i) Foreign Exchange Rate-Meaning (Flexible and Fixed and managed floating) Merits and Demerits, Determination in a free market.
(ii) Balance of Payment Accounts-Meaning and Components,
A Brief Analysis about recent Exchange Rate issues.

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