Top 100+ Commerce Interview Questions And Answers
Question 1. What Is Commerce?
Answer :
Commerce refers to and includes all the ones sports which are essential to deliver goods and services from the region of their beginning to the vicinity of their consumption.
Question 2. Into How Many Departments Is Commerce Mainly Divided Into? Which Are They?
Answer :
Into two.
They are:
Trade
Aids of alternate
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Question 3. The Trade Is Sub Divided Into Two Divisions, Which Are They?
Answer :
Home change and Foreign exchange.
Question 4. Into How Many Divisions The Home Trade Is Divided?
Answer :
Into they may be, Whole sale and retail
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Question five. Which Are The Two Divisions Of Whole Sale?
Answer :
They are import exchange and export change
General Accounting Interview Questions
Question 6. When Did The Commerce Begin To Grow?
Answer :
It is commenced to grow only after the division of labour and improvement of trade. Once it started out growing, it unfold its invisible thread at some point of the length and breadth of the arena.
Question 7. What Is A Company?
Answer :
A organisation is an included affiliation which is an artificial man or woman, having an impartial criminal entity, with a perpetual succession, a common seal, a commonplace capital created from transferable stocks and carrying limited legal responsibility.
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Question 8. What Is Audit?
Answer :
An audit may be stated to be such an exam of books, debts and vouchers of a business, whether it's far in a right way for the economic length.
Question nine. What Is The Minimum Number Of Directors In A Public Company?
Answer :
Atleast administrators
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Question 10. What Is Public Sector?
Answer :
Central government,
neighborhood authorities and
the public organizations that run nationalized industries
Question 11. What Is Plant Layout?
Answer :
‘Plant format’ way the association and location of various departments and of the equipment and system within a branch
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Question 12. What Is Protocol?
Answer :
The mins or facts of a diplomatic convention; mainly a word of agreement on a subsidiary topics which supplements a treaty.
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Question thirteen. What Is Mortgage?
Answer :
It is a transaction by way of which land or another assets may be given as safety for compensation of a loan
Question 14. What Is Loan?
Answer :
Something lent for the borrower’s transient use, specifically money lent with situations approximately compensation and the payment of interest
Question 15. What Is An Account?
Answer :
An account is a book-preserving device used in summarizing the increases and reduces in every asset or fairness object
Question sixteen. What Is A Balance Sheet?
Answer :
It is the declaration of account which is prepared on the end of every financial year. It offers the total photograph of enterprise on the point of time.
Question 17. What Is Business?
Answer :
Business is the sum of sports comprising shopping for and sellinggoods, production goods or presenting offerings inorder to make profit.
Question 18. What Is Guarantor?
Answer :
A character who guarantees that if a 2nd fails to meet a few duty, then he will fulfill it as a substitute or pay money upto a designated limit to make amends for any loss resulting from the second one character’s failure
General Accounting Interview Questions
Question 19. What Is Quoted Price?
Answer :
It is the fee of a proportion commodity as said within the reputable listing of the stock alternate commodity market.
Question 20. What Is Share?
Answer :
A unit for reckoning traders pastimes in the contributed capital of a corporation
Question 21. What Is The Other Name For Creditorship ?
Answer :
securities Debentures
Question 22. Who Is Called An Arbitrator?
Answer :
A person selected by the parties to a dispute to signify a manner of settling the dispute
Question 23. What Is A Capital?
Answer :
The tangible sources of a person or agency, together with coins, equipment, land, building, raw material and so forth. Are known as capital
Question 24. Who Is Sleeping Partner?
Answer :
A partner who contributes capital but will no longer take partin commercial enterprise sports is called a slumbering companion.
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Question 25. When Did The Government Institute The Companies Amendment Act?
Answer :
In February 1963.
Question 26. What Is Debit?
Answer :
It is the term the use of in double entry e-book keeping for an entry made at the left-hand aspect of an account
Question 27. Who Is A Floor Trader?
Answer :
A character, typically a member of the stock trade entitled to exchange on the floor of that trade is known as floor Trader
Accounting Principles Interview Questions
Question 28. What Is Liquid Asset?
Answer :
The asset of the commercial enterprise which accommodates cash or object which could easily and fast be converted into coins within a length of one year
Question 29. Name The Brand Mark Which Has Legal Restrictions?
Answer :
Trademark
Question 30. What Is Stock Market?
Answer :
An prepared market for securities. Also referred to as a ‘inventory trade’
The tangible assets of a person or employer, which include coins, machinery, land, constructing, raw cloth and so forth. Are called capital
Question 31. What Is Tap?
Answer :
A massive amount of securities held with the aid of a few one who's able to promote to any one who needs to buy is called a tap.
Question 32. What Is Value Added Tax(v.A.T.)?
Answer :
The precept of V.A.T. Is that tax is levied at every stage of the production of products or services and at the value delivered at every stage of the production
Question 33. What Is Vital Statistics?
Answer :
It is the statistics involved with births, deaths, a long time, fitness, marriages, sicknesses and many others…
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Question 34. What Is Gratuity?
Answer :
A gift given mainly of a small amount of cash given in response to ther carrier acquired or anticipated
Question 35. What Is Gross National Product (g.N.P)?
Answer :
It is the full price of all goods and services which can be produced with the aid of the humans of a certain usa in an 12 months
Question 36. What Is Wage?
Answer :
It is the remuneration paid to the operative personnel whoe output may be directly in an yr
Question 37. What Is A By-product?
Answer :
A typically which may be sold, produced inside the method of producing the primary product.
Question 38. Which Is Called A Barometer Of Financial Health Of A Country?
Answer :
Stock-Exchange
Question 39. A Document Issued By A Vendor Giving Credit To The Debtor Is Called......
Answer :
Credit word
Question forty. What Is The Term Used With Reference To Assurance Policies?
Answer :
Endowment
Question 41. What Is Petty Cash?
Answer :
A small fund of cash held by way of an organization which is used to make small and pressing payments
Question 42. Who Are Entitled To Take Part In The Control And Management Of Business In A Company?
Answer :
The board of administrators elected via the shareholders
Question forty three. In A Company Who Is Responsible For Considering The Legal Aspects Of Company Activities?
Answer :
The enterprise secretary
Question 44. What Is A Man Hour?
Answer :
It is an unit for measuring employment equivalent to the employment of 1 man or woman for one hour
Question 45. Which Audit Is Conducted Only Once In A While And That Also When The Client Desires?
Answer :
Occasional audit
Question 46. The Bailment Of Goods As Security For Payment Of A Debt Is Called.......
Answer :
Pledge
Question 47. The Selection Of Goods Offered For Sale By A Retailer Is Called........
Answer :
Assortment
Question 48. What Is A Person Or Party To Whom An Assignment Is Made Called?
Answer :
Assignee
Question 49. What Is Tenor?
Answer :
A bill of exchange can be payable someday in the destiny
Question 50. Which Value Was Measured In Gold Or Equivalent In Us Dollars?
Answer :
Par value
Question fifty one. What Is The Name Of Entry Which Is Used In Bank Column Cash Book To Record The Money Transaction?
Answer :
Contra access
Question fifty two. The Fixed Cost Of Producing A Quantity Of A Good Divided By The Quantity Produced Is……
Answer :
Average fixed cost
Question fifty three. Which Is The Basic Document Of A Company?
Answer :
Memorandum of affiliation
Question 54. Minimum Number Of Persons Who Has To Sign The Memorandum Of Association?
Answer :
Seven folks in the presence of one witness
Question fifty five. In The Charter Of The Company While Choosing A Name Which Word Should Not Be Included?
Answer :
Co-operative
Question fifty six. In The Name Of A Company Which Word Should Be Used At The End?
Answer :
Limited
Question fifty seven. Which Is The Most Important Clauses Of The Memorandum?
Answer :
The item clause
Question fifty eight. Which Is A Document Containing A Rules And Regulations For The Internal Management Of The Company?
Answer :
The article of affiliation
Question 59. What Is The Maximum Number Of Partners In Banking Business?
Answer :
Ten
Question 60. What Is The Minimum Number Of Members In A Public Company?
Answer :
Seven
Question 61. Which Bank Note Gives The Bearer The Right To Have Its Face Value Converted Into Gold Or Some Other Commodity Of Value Equivalent To The Amount Stated?
Answer :
Convertible financial institution-note
Question sixty two. In Which Form The Co-operative Society, Distributes Its Surplus Dividends To Its Members?
Answer :
In the shape of bonus
Question 63. Which Is The Technique Designed To Create An Artificial Market To Benefit A Businessman?
Answer :
Rigging the marketplace
Question 64. What Is Dead Time?
Answer :
Time misplaced thru no fault of the employee and for which he is generally paid at the full price
Question sixty five. What Is A Decision Tree?
Answer :
A diagram of a chain of decisions, each of which includes choosing between a regarded number of alternatives and depends on the resultants of the preceding selections
Question 66. What Is Syndicate?
Answer :
A organization of people running collectively towards a common goal commonly earnings is called a syndicate.
Question 67. In The Aspect Of Banking Business What Is The Term Used Of Giving Loans To Companies On A Large Scale?
Answer :
Wholesale banking
Question 68. The Profit Margin Which A Retailer Of Goods Obtains From His Supplier Is Called........
Answer :
Trade discount
Question 69. What Is The Main Distinction Between An Auditor And An Accountant?
Answer :
It is the responsibility of the auditor to prepare the accounts, The money owed must be organized by using the accountant wherein because the auditor is worried with the certain and crucial exam of the account e-book
Question 70. What Is The Term Used To Indicate A Statement Of What Is Owned And What Is Owed?
Answer :
Assets and Liability statements
Question seventy one. How Is An Asset Expressed?
Answer :
Assets Liabilities = proprietor’s fairness
Question 72. What Is Subsidy?
Answer :
It is a method followed by way of the government or a organisation of supporting a price
Question seventy three. In Which Organization, Every Subordinate Must Obey His Superior, Whether Be Likes It Or Not?
Answer :
Formal agency
Question seventy four. Which Department Is Maintained In Every Modern Business House To Obtain The Good Will Of The People?
Answer :
Public family members departments
Question 75. What Is Quasi-loan?
Answer :
It is an arrangement among individuals underneath which one has the same opinion to satisfy a number of the other’s monetary obligations on circumstance that the later reimburses him.
Question seventy six. Which Are The Main Principles In Allocation Of Office Work?
Answer :
They are specialization, correlation and business connection
Question seventy seven. Who First Suggested The Separation Of Manual Work From Mental Labour Through The Establishment Of Two Department?
Answer :
Taylor
Question seventy eight. Which Are The Two Departments Suggested By Taylor?
Answer :
Planning and Operation
Question seventy nine. Which Is A Chief Subsidiary Object Of Auditing?
Answer :
Detection of Frauds and errors
Question eighty. What Is Freight?
Answer :
The money paid to a ship owner for carrying items by an exporter
Question eighty one. Who Is A Journeyman?
Answer :
A craftsman who, having completed his length of apprenticeship
Question 82. What Is A Questionnaire?
Answer :
A file mainly produced in big numbers containing a fixed of questions intended to elicit useful statistics
Question 83. Give Another Name For Parent Company?
Answer :
Holding enterprise
Question 84. What Function Of The Computer Ensures That The Data Are Not Distorted During Processing?
Answer :
Parity test
Question eighty five. What Is The Term Used With Particular Reference To Bills Of Exchange?
Answer :
Endorsement
Question 86. What Is The Price At Which The Supply Curve For A Good And Its Demand Curve Intersect Called?
Answer :
Equilibrium charge
Question 87. What Is Similar To Overdraft Except That It Is Comparatively For A Longer Period?
Answer :
Cash credit
Question 88. What Is The Term Ad Referendum Means?
Answer :
This time period means that even though the contract has been signed, positive subjects had been left over for consideration when they virtually arise
Question 89. What Is S.A.Y.E.?
Answer :
Save While You Earn
Question 90. Who Are Plural Executives?
Answer :
A organization of humans (a committee or board) who were given duty to workout authority jointly over Specified activities of others.
Question 91. What Is Boomboggling?
Answer :
It is the wasteful or uneconomic labour indulged in by way of a firm to boost price of production.
Question 92. What Is Quid Proquo?
Answer :
One factor in return for some other attention
Question ninety three. What Is A Paper Gold?
Answer :
Colloquial call for special drawing rights or comparable advised schemes
Question 94. What Is Kennedy Round?
Answer :
A vast negotiations of multilateral tariff agreements, inside the limits set by means of the General Agreement on Tariffs and Trade, investigated with the aid of the past due American President Kennedy.
Question ninety five. What Is The Hot Money?
Answer :
It refers to funds that flow quick from one us of a to any other in search of the very best fee of hobby.
Question 96. What Is A Garnishee Order?
Answer :
It is a courtroom order attaching the budget of the judgement debtor inside the hands of a third birthday party in favour of the judgement-creditor.
Question ninety seven. What Is A Dead Rent?
Answer :
A minimum quantity payable, for example, at the hire of mine.
Question ninety eight. What Is A Kite?
Answer :
A cheque drawn with the aid of some one who knows there's no money in the bank account he's drawing on.
Question 99. What Is Future Market?
Answer :
An organized market for getting and selling future contracts
Question 100. What Is Free Trade?
Answer :
The unrestricted global change both without a customs obligations or with customs duties which are used to create revenue.
Question one hundred and one. What Is Business Cycle?
Answer :
A routine series of changes commercial enterprise interest.
Question 102. What Is A Bank?
Answer :
According to Prof: John pagets “nobody or no person company or otherwise may be a banker who does not open modern-day accounts; pay cheques drawn on himself and acquire cheques for clients”.
Question 103. What Is An Exchange Bank?
Answer :
Exchange banks increase economic help to overseas alternate and deal in foreign exchange.
Question 104. What Is Quantitative Credit Control?
Answer :
Quantitative credit score controls are used while it wants to manage the whole supply of money
Question one zero five. What Is Qualitative Credit Control?
Answer :
Qualitative credit score controls are used when it wants to control the usage of finances made available by using the commercial banks to clients
Question 106. What Is Open Market Operation?
Answer :
Open marketplace operations imply the purchase and sale of government securities via the Central Bank within the open market.
Question 107. What Is V.R.R.?
Answer :
Variable Reserve Ratio
Question 108. Define Endorsement?
Answer :
’Endorsement’ or ‘indorsement’ is the act of signing the name of the maker of the holder of a negotiable instrument for the purposes of negotiation.
Question 109. What Is Sans Frais Endorsement?
Answer :
It is an endorsement wherein the endorser specifies that the endorsee or any subsequent holder want now not incur any cost at the device on his account.
Question a hundred and ten. What Is Facultative Endorsement?
Answer :
In a facultative endorsement, the endorser waives some of his rights, just like the right to receive be aware of dishonor.
Question 111. Define Bill Of Exchange?
Answer :
The negotiable contraptions act, 1881 defines a ‘invoice of exchange’ as “an tool in writing containing an unconditional order, signed by means of the maker, directing a sure individual to pay a sure amount of cash simplest to, or to the order of a certain man or woman or to the bearer of the device.
Question 112. What Is Maturity Date?
Answer :
A invoice is stated to be matured at the date which it falls due for charge. This date identity called the ‘due date’ or the ‘maturity date’ of the invoice.
Question 113. What Is Days Of Grace?
Answer :
A bill falls due handiest at the 0.33 day after the day on which it is stated to be payable. These extra days allowed for the payment of a invoice is called the ‘Days of Grace’.
Question 114. What Is Inland Bill?
Answer :
Bill drawn and made payable in India as well as invoice drawn upon someone living in India is referred to as an Inland Bill.
Question one hundred fifteen. What Is Foreign Bill?
Answer :
A foreign bill is one which is drawn in India and made payable out of the country or drawn on one who's a resident of a overseas usa.
Question 116. Define Promissory Note?
Answer :
Negotiable instrument act 1881 defines a promissory be aware as “an instrument in writing containing an unconditional undertaking signed by the maker to pay a sure sum of money most effective, to or to the order of a positive person”.
Question 117. What Is Insurance?
Answer :
Insurance is a mechanism through which the sufferings of 1 man is one man is minimized by using sharing it with many men.
Question 118. What Is Causa Proxima (proximate Cause)?
Answer :
According to this doctrine while there are numerous reasons, simplest the proximate or nearest reason must be considered. The remote and far flung cause shall be unnoticed.
Question 119. What Is Re-coverage?
Answer :
Re-insurance manner insuring an already insured risk via the insurer. It is performed specifically to lessen the risk of the insurance agency via sharing it with different corporations.
Question one hundred twenty. What Is Double Insurance?
Answer :
It is totally one-of-a-kind from re-coverage. In this case the insured insures the same concern count with extra than on coverage agency.
Question 121. What Is The Definition Of Chambers Of Commerce?
Answer :
“Chambers of trade is an voluntary association of merchants, financiers, manufactures and different engaged in commercial enterprise for the reason of selling and protecting the pursuits of its contributors and of the exchange of the country as a whole”.
Question 122. Who Is An Agent?
Answer :
An agent is a person who's employed by another to symbolize him in handling other parties. The person why is so represented by an agent is referred to as the principle.
Question 123. Into How Many Types Are The Agents Classifieds?
Answer :
Into two
General
Special
Question 124. Who Is An General Agent?
Answer :
General agent is one who's authorized to undertake work of a standard nature. Eg. Managing Director or General Manager of a corporation.
Question 125. Who Is An Special Agent?
Answer :
Special agent is one who is appointed to adopt some unique work Eg. Agent appointed to promote a vehicle by means of its proprietor
Question 126. Who Is Broker?
Answer :
Brokers acts as intermediaries between two parties, in alternate contracts.
Question 127. Who Is A Produce Broker?
Answer :
These agents set up for the sale and purchase of agricultural products along with espresso, tea and many others..
Question 128. Who Is A Stock And Share Broker?
Answer :
They are engaged in the acquisition and sale of stocks and other securities, of companies in addition to Government securities on a inventory trade.
Question 129. Who Is A Shipping Broker?
Answer :
They are agents who transact enterprise connected with ship. They set up charter parties, procure cargo etc., at the behalf in their concepts.
Question one hundred thirty. Who Is A Insurance Broker?
Answer :
They arrange numerous types of insurance in connection with exchange.
Question 131. Who Is A Property Broker?
Answer :
They are in particular engaged in buying and selling fixed belongings like land, buildings etc.
Question 132. What Is Loco Or Ex-manufacturing unit?
Answer :
This means the charge quoted consists of cost of goods plus a nominal earnings. The vicinity of delivery would be the suppliers manufacturing facility or godown. The fee of transport, insurance and other costs must be met by way of the customer.
Question 133. What Is F.O.R. (unfastened On Rail)?
Answer :
This suggests that the charge covers the fee of goods and all other prices until the products are positioned into the railway wagon.
Question 134. What Is F.O.B (loose On Board)?
Answer :
This includes cost of the products and all different costs to be incurred in putting the products on board the ship.
Question 135. What Is F.A.S.(loose Along Side)?
Answer :
This consists of all charges like packing fees, shipping of products to the side of the ship and so on. But it doesn’t consist of costs for placing them on board.
Question 136. What Is C & F (price & Freight)?
Answer :
This consists of the price of products plus the freight costs and different expenses for turning in the goods on the importer’s port.
Question 137. What Is C.I.F. (value Insurance Freight)?
Answer :
This includes the cost of goods, insurance, freight and all costs upto to the port of import.
Question 138. What Is Marine Insurance?
Answer :
Marine insurance is the oldest sort of insurance. It is that department of insurance which relates to ships and their cargoes.
Question 139. Which Is The Oldest Stock Exchange In India?
Answer :
Bombay Stock Exchange which was setup in 1887.
Question one hundred forty. What Is The Stock Exchange Functioning In Kerala Called?
Answer :
Kochi Stock Exchange