University Grants Commission Model Question Paper Commerce : www.ugcnetonline.in

[hemalathaijt]

University Grants Commission
Model Question Paper
PAPER-II
COMMERCE
Note : This paper contains fifty (50) objective type questions, each question carrying two
(2) marks. Attempt all the questions.

Model Question List : http://ugcnetonline.in/question_papers_june2011.php
Model Question Paper : http://ugcnetonline.in/question_pape...II/J-08-11.pdf

1. Match the following components of Business Environment :
(a) Economic Environment (i) Exim Policy
(b) Social Environment (ii) Customs
(c) Political Environment (iii) Social Values
(d) Legal Environment (iv) Business Law and Banking Act
(a) (b) (c) (d)
(A) (i) (ii) (iii) (iv)
(B) (iii) (iv) (ii) (i)
(C) (iii) (i) (ii) (iv)
(D) (i) (ii) (iv) (iii)

2. Planning is a ______ process.
(A) Goal oriented
(B) Flexible
(C) Time bound
(D) All of the above

3. Which among the following have not been opened for private sector participation ?
(A) Power Sector
(B) Telecommunication Sector
(C) Education Sector
(D) Railways

4. VAT is imposed
(A) Directly on consumers
(B) On final stage of production
(C) On all stages from production to final sales
(D) None of the above

5. In which of the following countries the Industrial Revolution took place first ?
(A) France (B) Germany
(C) England (D) U.S.A.

6. Accounting Standards Board of India was established in the year
(A) 1970 (B) 1972
(C) 1973 (D) 1977

7. X and Y are partners in a firm. They withdrew @ ` 1,500 and ` 1,000 respectively on 15th day of every months for all the twelve months during 2009. Interest on drawings is chargeable @ 10% per annum. What would be the interest on drawings respectively ?
(A) ` 1,800 and ` 1,200
(B) ` 900 and ` 600
(C) ` 18,000 and ` 12,000
(D) ` 150 and ` 100

8. If the purchase consideration is calculated by adding the various payments to be made, the method is called
(A) Lump-sum method
(B) Net-worth method
(C) Net-payments method
(D) Value of shares method

9. The following relate to the shares of a company. What is the correct order ?
(A) Issue, Application, Call and Forfeiture.
(B) Application, Call, Forfeiture and Issue.
(C) Call, Issue, Application and Forfeiture.
(D) Forfeiture, Application, Issue and Call.

10. The final accounts of a manufacturing company generally include the following statements :
(i) Balance Sheet
(ii) Manufacturing Account
(iii) Profit and Loss Account
(iv) Trading Account
(v) Profit and Loss Appropriation Account
The correct sequence in which the statements are prepared is :
(A) (i), (ii), (iii), (iv), (v)
(B) (ii), (iv), (iii), (v), (i)
(C) (v), (ii), (iv), (iii), (i)
(D) (i), (iv), (iii), (ii), (v)

11. The theory of Revealed Preference was propounded by
(A) A. Marshall
(B) P.F. Drucker
(C) Paul Samuelson
(D) J.R. Hicks

12. Which of the following concepts is considered as a myth ?
(A) Oligopoly
(B) Perfect competition
(C) Monopoly
(D) Imperfect competition

13. A perfectly competitive market in the short run will be in equilibrium where
(A) MC = AC
(B) MC = MR
(C) MC = Zero
(D) None of the above

14. Match the following :
(a) Perfect competition (i) No control
(b) Monopolistic competition (ii) Some Control
(c) Oligopoly (iii) Practically Some Control
(d) Monopoly (iv) Usual control
(a) (b) (c) (d)
(A) (i) (ii) (iii) (iv)
(B) (ii) (iii) (iv) (i)
(C) (iii) (ii) (iv) (i)
(D) (iv) (iii) (ii) (i)

15. Statement (A) : The demand for the product of a firm under Oligopoly is at prices higher than the prevailing market prices.
Reason (R) : The Oligopolistic firm faces a kinked demand curve.
(A) Both (A) and (R) are false.
(B) Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(C) (A) is true, but (R) is false.
(D) (A) is false, but (R) is true.

[Unregistered]

Which of the following is a myth?
a]oligopoly
b]perfect competition
c] monopoly
d] imperfect competition