Practice Accounts Questions and Answers

• Company A sold machinery having a WDV of ₹ 40 lakh to Company B for ₹ 50 lakh (FV ₹ 50 lakh) and the same machinery was leased back by Company B To C...
• The level at which a fresh order should be placed for the replenishment of the stock is known as ______.
• An interface that allows user to store data in a two-tier architecture is known as _______.
• Offences Committed under the Negotiable Instruments Act can be ________.
• Any long-term capital loss can be carried forward to the next following eight assessment years and can be set off only against _______ in those years.
• The LN function in Ms Excel 2010 returns the ________.
• In which option does the macros feature in MS PowerPoint 2010 exist? 
• For calculation of House Rent Allowance under Section 10(13A), the salary is to be considered the following, EXCEPT:
• As an auditor you came across a situation where related party transactions have taken place. Which AS deals with it?
• The delivery of goods by one person to another as a security for the payment of a debt is called__________.
• Under which menu heading does a balance sheet fall in Tally ERP 9?
• Annual Return is to be filed by every company within ________ days of its Annual general meeting.
• For an assessee required to file transfer pricing report under Section 92 E, the due date is _________ of relevant assessment year.
• ________ is the largest US electronic stock market in terms of shares traded and is the home to leading companies across all industry sectors such as Micro...
• Nitin acquired a machine in exchange of an old machine and paid ₹ 20,000 in cash. The carrying amount of the old machine was ₹ 2,00,000 whereas its fai...
• From the following particulars furnished by Mr X residing in Delhi, find the taxable amount of HRA. Basic Salary (per annum) is ₹ 3,00,000, House Rent Al...
• When will a person, who opted Composition Levy, have to pay tax in GST?
• In GST, the credit of tax paid on the input service used by more than one supplier:
• Following data has been extracted from the records of BCG Ltd. Machine hours: 8,00,000 (Maximum), 3,00,000 (Minimum). Manufacturing Overheads (₹ in lakh)...
• Commuted pension, exempt for other than government employees (who do not receive gratuity), is under section _______.
• Shyam Ltd. acquired a new machinery for ₹ 1,00,000 that is depreciable at 20% as per AS 6 WDV method. The machine has an expected life of 5 years with sa...
• SSL stands for:
• Capital budgeting is done for _________.
• The  _________ generation used integrated circuits.
•  Calculate EOQ from the data given below and select the correct answer from the options given below: ...
• What is the full form of ISDN:
• Which strategic response approach to the environment, does the following statement relates to? They seek to monitor the changes in that environment, analys...
• FIPB stands for:
• Provisions of Section 64(1A) will not be applicable to any income of a minor child suffering from any disability specified under ________. In other words, ...
• _________ is NOT a part of Monte Carlo Simulation.
• To go to the journal vouchers present in gateway of tally > accounting vouchers through function key in Tally, ERP 9 press:
• While computing exemption in respect of gratuity received by a non-Government employee covered by the Payment of Gratuity Act, one of the items to be consi...
• In ABC analysis, A, B and C stand for:
• Intangible Assets under development will be shown under _______ head according to schedule III of Companies act 2013.
• Ramnaresh & traders initiated their business on 1st April 2007 with ₹ 12,000 by 6000 units at the rate of ₹ 2 per unit. During the year he sold these u...
• Sensitivity Analysis is useful in decision making because __________.
• After providing for ___________, Declaration of Dividends for the current year is made.
• The time limit for applying for GST registration is within __________ of becoming liable to obtain GST registration.
• Which IND AS governs accounting for insurance transactions in India?
• In insurance accounting, what is "unearned premium"?