Practice Accounts Questions and Answers

• ________ 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"?
• Which accounting method is used for long-duration insurance contracts under IND AS 104?
• In insurance accounting, what does the "claims reserve" represent?
• Which of the following insurance contracts is likely to have a significant insurance risk component?
• In insurance accounting, what is "policyholder surplus"?
• What is the role of a Ceding Company in insurance?
• Which of the following statements about a Ceding Company in insurance is true?
• Which type of insurance contract provides a guaranteed payout to the policyholder regardless of the occurrence of the insured event?
• In insurance accounting, what do insurance companies set aside to account for potential claims that may arise after the closing date but within the policy ...
• Calls in arrear is shown in Balance Sheet as?
•     What will be the net working capital if Current ratio of a concern is 1?
• The DuPont Analysis uses the following ratios except:
• Where to show Share application money received in excess of issued share capital?
• As per Schedule III of the Companies Act, 2013, the current maturities of long term debt have to be shown under which of the following heading?