Practice Accounts Questions and Answers

• 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?
• Which type of reinsurance involves one particular risk and is expressed in a reinsurance policy, with each transaction negotiated individually and offering...
• What should be the correct Journal Entry for booking premium income in case of Incoming coinsurance:
• Under which section of the Income Tax Act, 1961, are the provisions related to TDS on interest on securities mentioned?
• Two persons agree to exchange 100 grams of gold three months later at ₹ 400/gram. This is an example of:
• What is the limit amount for deduction in respect of Medical/Health Insurance Premium under Section 80D of the Income Tax Act, 1961?
• If the shareholder has purchased a share when the market price is Rs.50 and sold after a year to Mr. B at 55 and he has received the dividend of Rs.10, wha...
• In GST the transaction value for computation of value of supply can be rejected if-
• What is the maximum deduction allowed under Section 80U of the Income Tax Act, 1961, for an individual with a normal disability?
• According to the CAPM model, Expected Return = Risk free rate + Risk premium. Here, what does the risk free rate compensate the investor for?
• In case goods disposed off by way of free sample:
• What is the primary purpose of GSTR-1 in the GST (Goods and Services Tax) system?
• SA 500 deals with which of the following?
• A long contract requires that the investor
• Which Indian Accounting Standards (Ind AS) deals with "Financial Instruments"?
• For which of the following goods, the manufacturer is not allowed to opt for composition scheme:
• What would be the break even units if the Fixed Cost is Rs.1,00,000 and PV ratio is 25%. The company sells its product at Rs.60 per unit.
• According to the capital-asset pricing model (CAPM), a security's required return is equal to the risk-free rate plus a premium. This premium is _____
• Which Income Computation and Disclosure Standard (ICDS) deals with "The Effects of Changes in Foreign Exchange Rates"?
• What type of comparison involves assessing a company's financial ratios against its own historical performance?
• ……………… cost is a criterion cost which may be used as a yardstick to measure the efficiency with which actual cost has been incurred....
• What financial ratio measures the number of days a company can cover its cash expenses without relying on external financing for a certain period?
• According to Ind AS 16 - Property, Plant and Equipment, what is NOT considered when determining the cost of self-constructed assets?
• There can be variety of budget. Name the budget which relates to a particular function of the business.
• A Ltd owns land and building which are carried in its balance sheet at an aggregate carrying amount of 10 million. The fair value of such asset is 15 milli...
•       What does the acronym "OCI" stand for in accounting and financial reporting?
• Activity Ratios are meant to indicate: