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___________