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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 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 Syllabus
ACCOUNTING
Financial Accounting
Introduction to accounting
- 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
- 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
- Marginal costing & break even analysis, standard costing budgetary control, costing for decision making, responsibility accounting.
Financial Management
- Capital structure, financial and operating leverage, cost of capital, capital budgeting, Working capital management, dividend policy,
BUSINESS STUDIES
- 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
- 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
- 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
- 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:
- 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:
- 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.
