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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?

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