Practice Accounts Questions and Answers

• Who is called father of modern accountancy who also described the duties and responsibilities of auditor?
• Government audit is conducted by the department maintained by government of India is known as:
• Audit of accounts by the staff of the business is known as:
• Which is not a continuous audit technique?
• According to ISA 500, the strength of audit evidence is determined by which two qualities?
• Process of verifying the documentary evidences of transactions are known as___________
• 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 best describes a journal in accounting?
• 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 is an example of capital expenditure?
• Which of the following financial statements would provide information about a company's income?
• Which of the following statements is true for cash basis accounting?
• Which organization sets the GAAP standards in India?
• Which principle states that transactions should be recorded when they occur, regardless of whether cash has been exchanged or not?
• Which of the following ratios measures a company's profitability?
• Which of the following financial statements shows a company's retained earnings over time?
• Which of the following financial statements shows a company's assets, liabilities, and equity at a specific point in 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...