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Practice Accounts Questions and Answers

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?
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....

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