Practice Accounts Questions and Answers

• The discount factor used to appraise capital investment decisions is a measure of:
• Window dressing implies which among the following?
• _______ refers to the information collected by an auditor to ascertain the accuracy and compliance of a company's financial statements.
• What are the reasons for differences between the bank balance and book balance?
• Which of the following is a limitation of accounting that can affect the accuracy and usefulness of financial statements?
• Which of the following statements about the accrual basis of accounting is true?
• Which of the following statements is true for cash basis accounting?
• Which of the following financial statements shows a company's retained earnings over time?
• Which financial statement reports a company’s revenues and expenses over a specific period of time?
• What is the CAPM?
• Which of the following is NOT a common profitability ratio?
• Which of the following factors are likely to act as an obstacle for India to be a part of the global assembly chain for the Networked products?      ...
• With reference to the service sector in India, which of the following statements is/are incorrect?       I.        The share of Services in GV...
• Bank A/c is generally maintained in the ___?
• Which of the following represents ownership in a company?
• Which of the following is a depreciation method that is not commonly used?
• What is the first step in the accounting cycle?
• Which of the following is an example of an adjusting journal entry?
• In the context of GeM, what is the full form of ‘PAC’?
• The first auditor of a company (other than government company) is appointed by the ______ within ______ of registration of the company by passing a valid r...
• If 6% interest is to be allowed on a capital of ₹10,00,000, what will the adjusting entry be for this will in the books of the partnership firm? ...
• ABC sports material manufacturing company budgeted the following data for the coming year: Sales (1,00,000 units) = ₹1,00,000 Variable cost = ₹40,000 F...
• Which of the following statements is FALSE?
• What is the rate of Tax Deduction at Source from insurance commission? (Commission amount is ₹20,000 and assessee is an individual)
• What is the rate of Tax Deduction at Source for a foreign company getting dividend from units of mutual fund for the assessment year 2021-22?
• Which of the following commodities are kept outside the scope of GST? (i) Fresh milk and pasteurised milk (ii) Soyabeans seeds (iii) Betel leaves (iv) Pras...
•  ______ is a system that focuses on activities as the fundamental cost objects and uses the cost of these activities for compiling the costs of products a...
• Which of the following statements are required to verify trade creditors? Statement 1: Obtain the schedule of creditors and examine it with reference to in...
• For each registration, a separate GST Registration No (i.e., GSTIN) of ______ digits is allotted.
• Which of the following statements are true or false? Statement 1: Management of cash means management of cash inflow. Statement 2: Cash management always a...
• Which of the following statements is true?
• Which of the following is NOT a capital budgeting decision?
• GST Council is an apex constitution body. It was constituted by virtue of Article ______ of the Constitution of India.
• Which of the following is NOT an example of capital receipt?
• Which section of the Income Tax Act, 1961, defines the term ‘Assessee’?
• Appointment of the first auditor of a government company shall be made by the ______ within ______ of registration of the company.
• Who among the following generally maintains the Audit Notebook?
• Section ______ of the Income Tax Act, 1961, defines the term ‘Assessment Year’.
• Which of the following are an auditor’s objectives with regard to verification of assets? (i)  Assets exist (ii) Assets belong to the client (iii) Asset...
• Which of the following transactions is revenue expenditure?