Practice Accounts Questions and Answers

• 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 ...
• Financial Instruments such as Call Money, commercial paper, Bills of exchange, T-Bills, are traded in which of the following market?
• Donation given by any person except by Indian company to Political Parties or Electoral Trust is allowed under which section?
• Which of the following is the correct full form of REIT?
• When a bank chooses the wrong strategy or follow a long-term business strategy which might lead to its failure, it is called
• Which term refers to the specific rate of interest carried by a bond?
• Who among the following can issue Certificate of Deposits to raise short term resources?
• A type of market where debt and stocks are traded and maturity period is more than a year is known as
• Ind AS 7 deals with which of the following:
• The term ‘Previous year’ is defined under which section of Income Tax Act?
• This kind of audit is conducted generally between two annual audit ______.
• Before the work of audit is commenced, the auditor plans out the whole of audit work is called _________.
• How much deduction under section 80TTA of Income Tax Act is allowed?
• Who will notify the rate of tax to be levied under CGST Act?
• Which of the following is not a type of buyer on the GeM?
• As per the GFR rule applicable for GeM direct buying can be adopted for purchase orders in the range: -
• Which form is required for preparing the Balance Sheet of an insurance company engaged in general insurance business?
• What is another name for the Revenue account in insurance company reporting?
• In which set of regulations are the specified forms (e.g., Form A - BS, Form B - BS Form A – RA, Form B – RA etc.) provided for insurance company repor...
• Which form is used for preparing the Profit and Loss Account of an insurance company carrying out life insurance business under the IRDA Regulations, 2002?
• According to the Insurance Act, who can receive remuneration or reward for soliciting or procuring insurance business in India?