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Practice Accounts Questions and Answers

For a manufacturing concern, what will be the effect of increase in creditors on the Cash flow Statement?
A security is a freely marketable and the investor has an intention to hold it for dividend income purposes for a period of 15 months only. Under which ...
Investment in debt instrument for which the company has intention to receive contractual cash flows and for which, the debt gives contractual cash flows fo...
S, an entity had 500 units of product X at 30 June 2015. The product had been purchased at a cost of $18 per unit and normally sells for $24 per unit. Rece...
The coefficient of correlation takes the value in which of the following ranges?
Internal auditor is removed and appointed by which among the following?
Which among the following would be classified as a part of Internal Liability?
What is the primary purpose of bookkeeping in business?
Which of the following best describes the double-entry system in accounting?
Which of the following best describes "Ind-AS" in accounting?
Which of the following is an example of “Non-current liabilities”?
Which of the following is an example of “tangible assets”?
Which of the following is an example of capital expenditure?
Which of the following financial statements would provide information about a company's income?
Revenue should be recognized at the point of sale. Which principle is applied here?
During a reporting period, a company’s assets increase by Rs. 80,000,000. Liabilities decrease by Rs. 20,000,000. Equity must therefore?
Transactions are posted into Ledger Account from
Fixed assets are held by business for __________
Change in the capital A/c of proprietor may occur due to _____________
Which of the following is not a fixed asset?
For every debit there will be an equal credit according to
We can say that the business is in profit, when:
Accounting has been referred to as the__________of business.
Long term assets without any physical existence but, possessing a value are called
What is Bank Overdraft?
Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?
Office equipment is a______________asset for a computer manufacturer and the same office equipment is a _____ ____asset for a company that deals in these ...
GOODS DESTROYED IN FIRE . THE JOURNAL ENTRY WILL BE A. PURCHASE DR. TO LOSS ON FIRE A/C B. LOSS IN FIRE A/C DR. TO PURC...
The ledger column that links the entry with the journal is called as.
The respective normal account balances of Sales, Sales Returns and Allowances, and Sales Discounts are?
When the total of debit and credit are equal, it represents
What is used in preparing trial balance?
A cheque is received from a creditor and paid into the bank on the same day. How will this transaction be recorded in the cashbook?
The balance of cash book shows
Who is called father of modern accountancy who also described the duties and responsibilities of auditor?
Government audit is conducted by the department maintained by government of India is known as:
Audit of accounts by the staff of the business is known as:
Which is not a continuous audit technique?
According to ISA 500, the strength of audit evidence is determined by which two qualities?
Process of verifying the documentary evidences of transactions are known as___________

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