Practice Accounts Questions and Answers

• 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?
• When book profits are less than taxable profits:
• Deferred Tax Liabilities’ is shown under which of the following heads in a Balance sheet as per the format given in Companies Act, 2013?
• Which of the following cost are not excluded from the cost of inventories as per AS 2:
• V Ltd. sells Customer C a water purifier and maintenance service for 2 years for a total consideration of Rs 20,000. As per IND AS 115, determine how many ...
• In the case of a Government company the Comptroller and Auditor-General of India shall, appoint an auditor within a period of _____________ from the commen...
• Any casual vacancy in the office of an auditor shall in the case of a company whose accounts are subject to audit by an auditor appointed by the Comptrolle...
• Journal entry for recording of bad debt expense is which one among the following?
• What is the journal entry for purchasing Machinery from M/S Darjeeling?
• If Selling Price is 9 per unit, variable cost is 5 per unit and fixed cost is 100000, what is the Margin of safety in % if the budgeted units are 1,00,000.
• Who owns the GeM?
• What is the role of GeM in promoting transparency in government procurement?
• The person responsible for paying any income by way of winnings from lottery an amount exceeding ₹ 10,000, shall deduct
• The liability to pay interest u/s 234B would arise when the advance tax plus TDS/TCS to the credit of the assessee is less than
• Calculate the inventory turnover ratio:
• Calculate the average age of inventory(Assume 360 days in a year):
• Operating Margin can be numerically expressed in the form of following equation:-
• Interest coverage ratio can be numerically expressed in the form of the following equation:-
• What is the ideal liquid ratio of any entity?
• If Selling Price is 9 per unit, variable cost is 5 per unit and fixed cost is 100000, calculate PV ratio?
• In the context of GeM, what is the full form of ‘PAC’?