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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?

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