Practice Accounts Questions and Answers

• Which accounting standard deals with the recognition, measurement, and presentation of Property, Plant and Equipment?
• The section of the companies Act, 2013 which contains provisions regarding remuneration of the auditor is:
• What is the standard TDS rate applicable to interest on securities as per Section 193 of the Income Tax Act, 1961?
• Under which section of the Income Tax Act, 1961, can an individual claim a deduction for the payment of Medical/Health Insurance Premium?
• What is the maximum deduction allowed under Section 80U of the Income Tax Act, 1961, for an individual with a severe disability?
• Which section of the Income Tax Act, 1961, allows a deduction of interest paid on loan taken for purchase of an electric vehicle?
• ICDS IV primarily deals with which aspect of financial reporting
• Under which section of the Income Tax Act, 1961, is the term "person" defined?
• What does CBLO stand for?
• If a firm has 100 in inventories, a current ratio equal to 1.2, and a quick ratio equal to 1.1, what is the firm's Net Working Capital?
•   Which of the following ratios is very important to assess the eligibility of a borrower for a Term Loan?
• Time of supply means
• The value of supply should include:
• Which of the following instrument is subject to counter party risk?
• The difference between the spot price and the future price of a future is called as _____?
• Concurrent audit is a part of:
• …………… is the % by how much % can the sales drop down before the organisation start making losses
•   If the PV ratio us 80% and MOS is 20000. Calculate FC if SP per unit is 5 and Contribution is 40000.
• IND AS 115 prescribes a 5-step model for recognition of revenue, identify the correct sequence of the following steps given below:            ...
• Once the Prospectus is filed with the Registrar of Companies, it is valid for how many days?
• What are the various conditions on the basis of which a retiring auditor may be re-appointed at an annual general meeting as per the Companies Act?
• A person shall be eligible for appointment as an auditor of a company only if he is a _______________
• What is the minimum number of directors which a One Person Company can have?
• The Central Government shall with ­­­­­­­­­­­­­­­­__________________from the receipt of the application allot a Director Identification Num...
• A Private Company can raise funds in how many ways _____________________
• As per section 408 of the Companies Act the National Company Law Tribunal shall consist of ________________
• The Article of a company may be altered by _____________
• A company registered under section 8 of the Companies Act shall not alter the provisions of its memorandum or articles except with the previous approval of...
• The first Annual General Meeting of the company shall be held ______________
• Goods costing ₹ 2,00,000 were insured for ₹ 150000. Out of these goods, 1/3 are destroyed by fire. The amount of claim with average clause will be:
• According to the Executive Committee of the General Insurance Council, what is the minimum amount of unexpired risk reserve required for Marine Insurance?
• What is the minimum amount of unexpired risk reserve mandated by the Executive Committee of the General Insurance Council for Other Insurance?
• Which Ind AS deals with Revenue from Contracts with Customers?
• Which ICDS deals with Accounting Policies?
• GSTN is a -----------
• What is the taxable event under GST?
• A supply comprising of two or more supplies shall be treated as the supply of that particular supply that attracts highest rate of tax.
• ICDS III deals with which of the following: 
• What is the amount which is allowed as standard deduction under section 16 from Gross salary while computing the Income under head salary?
• What is the maximum amount of exemption that is allowed for gratuity if received at the time of retirementby an employee covered under Payment of Gratuity ...