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:
Pledge
47. The selection of goodsoffered for sale by an retailer is called:
Assortment
48. What is a person or party to whom an assignment is made called?
Assigne
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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