Commerce Questions and Answers – Part5

41. What is Petty Cash?
A small fund of cash held by an institution which is used to make small and urgent payments

42. Who are entitled to take part in the control and management of business in a company?
The board of directors elected by the shareholders

43. In a company who is responsible for considering the legal aspects of company activities?
The company secretary

44. What is a man hour?
It is an unit for measuring employment equivalent to the employment of one person for one hour

45. Which audit is conducted only once in a while and that also when the client desires?
Occasional audit

46. The bailment of goods as security for payment of a debt is called:

47. The selection of goodsoffered for sale by an retailer is called:

48. What is a person or party to whom an assignment is made called?

49. What is Tenor?
A bill of exchange may be payable sometime in the future

50. Which value was measured in gold or equivalent in US dollars?
Par value

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