Business And Commerce - Practice Test

[#216] In a partnership firm the scope of audit and duties of auditor are determined by:

(A) Partnership Act

(B) Partnership Deed

(C) Agreement between partnership firm and auditor

(D) None of the above

Correct Answer

(C) Agreement between partnership firm and auditor

[#217] Which of the following are included in the international liquidity? Indicate the correct option. (i) Foreign exchange reserve (ii) Borrowing capacity of the various countries (iii) Gold reserves Choose the correct answer:

(A) (i) and (ii)

(B) (i) and (iii)

(C) (ii) and (iii)

(D) (i), (ii) and (iii)

Correct Answer

(D) (i), (ii) and (iii)

[#218] Bretton Woods Conference resulted into the establishment of which of the following?

(A) IMF and IDA

(B) IBRD and IFC

(C) IDA and ADB

(D) IMF and IBRD

Correct Answer

(D) IMF and IBRD

[#219] A statutory corporation can be formed by:

(A) Special Act of Parliament

(B) Registered agreement

(C) Registration under Societies Registration Act

(D) All of these

Correct Answer

(A) Special Act of Parliament

[#220] The person whose risk is insured is called __________ .

(A) Insured

(B) Assured

(C) Indemnity

(D) both (a) & (b)

Correct Answer

(D) both (a) & (b)

Explanation

Solution: The person whose risk is insured is called Insured and Assured.

Business And Commerce - Study Mode

[#216] In a partnership firm the scope of audit and duties of auditor are determined by:

Correct Answer

[#217] Which of the following are included in the international liquidity? Indicate the correct option. (i) Foreign exchange reserve (ii) Borrowing capacity of the various countries (iii) Gold reserves Choose the correct answer:

Correct Answer

[#218] Bretton Woods Conference resulted into the establishment of which of the following?

Correct Answer

[#219] A statutory corporation can be formed by:

Correct Answer

[#220] The person whose risk is insured is called __________ .

Correct Answer

Explanation