Practice Accounts Questions and Answers

• 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:
• The value of derivative is determined by
• 1  What is a special purpose vehicle (SPV) in project finance?
• A hotel provides a 4-D/3-N package with the facility of breakfast. This is a ..........
• If revenue from operations is Rs.60,00,000 Gross Profit ratio is 60%, Operating expenses are Rs.40,000 and Income tax rate is 30%, what will be the Gross P...
• As per AS-13, Long Term Investments are carried in the balance sheet at what value?
• If the organisation has Budgeted sales > the Break-Even level of Sales, then Margin of Safety, would be:
• Fill in the blanks by selecting appropriate word/s the List II. List I: 1.    The _________ ratios are primarily measures of return: 2.    The __...
• Identify correct full forms of ESOP and ESPP.
• If the Opening Debtors were Rs.50,000 and Closing debtors are Rs.40,000, what effect will it have on the cash flow statement?
• What is project financing?
• Gifts not exceeding_____in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.
• The Bank overdraft repayable on demand will be reported in the cash flow statement as _____
• A company reported net profit before tax of Rs.36,100. It has raised debt capital of Rs.250,000 through 13% debentures. What is the interest coverage ratio...
• Who is the regulator of the corporate sector?