Practice Accounts Questions and Answers

• If the fixed cost is Rs.43,500 and the company, the contribution is Rs.500 per unit, how many unit sales would a company need to do to earn a profit of Rs....
• The cost incurred for an additional product is known as ________
• At the end of the accounting year the capital expenditures are shown in the:
• What is the due date for filing GSTR-9, the annual return, as per GST law?
• Which of the following book is both a journal and a ledger?
• Purchase of a laptop for office use wrongly debited to Purchase Account. It is an error of
• The term supply includes:
• Which Statement on Auditing (SA) provides guidance on the overall objectives of the independent auditor and the conduct of an audit in accordance with stan...
• Till when shall the President and every other Member of the Tribunal shall hold office from the date on which he enters upon his office as per the Companie...
• Where a company is formed and registered under this Act for a future project or to hold an asset or intellectual property and has no significant accounting...
• Any member of a company entitled to attend and vote at a meeting of the company shall be entitled to appoint another person as ___________ to attend and vo...
• According to the Companies Act which of the following statement is true regarding set-off against subsequent calls in a company when all creditors have bee...
• How to verify that while sending confidential information over the Internet such as usernames, passwords, or credit card numbers, sent data is encrypted
• ...................... is the creation of  email   messages with a forged sender address - something which is simple to do because the core proto...
• The observation of people at work that would reveal the one best way to do a task is known as
• At what level of an organisation does a corporate manager operate?
• 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?
• Who is the regulator of the corporate sector?
• Which form is required for preparing the Revenue account in insurance company engaged in general insurance business?
• Indian Insurance Co. Ltd. on 31.12.20X1 had reserve for unexpired risk of 20 crores in respect of fire insurance business. During 20X2, the premium collect...
• Which of the following is not a mandatory financial statement of a General Insurance Company as per IRDA regulations?
• What does IBNR stand for in insurance?
• For intra-State sales, the GST is divided between the Centre and the State in the ratio?
• The UTGST Act, 2017 is applicable to Union-Territories except:
• The point at which the liability to charge tax arises is called as the
• The term "Goods" under GST does not include:
• ………… of CGST Act, 2017 lists down the activities which shall be treated neither as supply of goods nor as supply of services.
• The term depletion is used in relation to
• An asset is purchased for Rs.50,000 on which depreciation is provided annually according to the straight-line method, the useful life is 10 years and the s...
• Economic life of an enterprise is split into the periodic interval as per which concept?
• An entry with more than one debit or credit is known as
• If nothing is given in the financial statements about the three accounting assumptions, then it is to be treated as it
• The arrangement of assets and liabilities in accordance with a particular order is known as of balance sheet.
• For a given product, the sales of a company @ ₹ 200 per unit is ₹ 20,00,000. Variable cost is ₹ 12,00,000 and fixed cost is ₹ 6,00,000. The capacit...
• Mr. A of Delhi supplied goods to Mr. B of Chandigarh (Union-Territory). Which law will govern this transaction
• Which of the following is not an objective of management accounting?
• Following information is available regarding an organization: Direct material purchased: 1,50,000 Direct material consumed: 80,000 Direct labour: 50,000 Di...
• Which section of the Companies Act, 2013 deals with an audit of cost accounting records -
• In an organization, profit after interest, tax, and dividend on preference shares is 4,00,000. The number of equity shares is 40,000 and the dividend payou...