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Practice Accounts Questions and Answers

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___________
The discount factor used to appraise capital investment decisions is a measure of:
Window dressing implies which among the following?
_______ refers to the information collected by an auditor to ascertain the accuracy and compliance of a company's financial statements.
What are the reasons for differences between the bank balance and book balance?
Which of the following is a limitation of accounting that can affect the accuracy and usefulness of financial statements?
Which of the following statements about the accrual basis of accounting is true?
Which of the following statements is true for cash basis accounting?
Which of the following financial statements shows a company's retained earnings over time?
Which financial statement reports a company’s revenues and expenses over a specific period of time?
What is the CAPM?
Which of the following is NOT a common profitability ratio?
Which of the following factors are likely to act as an obstacle for India to be a part of the global assembly chain for the Networked products? ...
With reference to the service sector in India, which of the following statements is/are incorrect? I. The share of Services in GV...
Bank A/c is generally maintained in the ___?
Which of the following represents ownership in a company?
Which of the following is a depreciation method that is not commonly used?
What is the first step in the accounting cycle?
Which of the following is an example of an adjusting journal entry?
In the context of GeM, what is the full form of ‘PAC’?
The first auditor of a company (other than government company) is appointed by the ______ within ______ of registration of the company by passing a valid r...

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