Practice Accounts Questions and Answers

• 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...
• The net profit of a company is 2,00,000, preference dividend € 25,000, and taxes paid 15,000. The number of equity shares is 1,00,000. The earnings per s...
• For the financial year ended 31st March 2023, the figures extracted from the balance sheet of ABC Ltd. are as under: Opening stock 29,000 Closing stock 31,...
• Which of the following statement is not true with regards to a bearer plant as per IND AS 16:
• A shipping company is required by law to bring all ships into dry dock every five years for inspection and overhaul. What is the correct treatment for thes...
• Which of the following cost are not excluded from the cost of inventories as per AS 2: 
• IRR is a rate at which
•   If the PV ratio us 80% and MOS is 20000. Calculate FC if SP per unit is 5 and Contribution is 40000.
• What is the limit amount for deduction in respect of Medical/Health Insurance Premium under Section 80D of the Income Tax Act, 1961?
• Which form is required for preparing the Balance Sheet of an insurance company engaged in life insurance business as per the IRDA Regulations, 2002?
• ABD Limited received 5,90,000 as premium on new policies and 1,20,000 as renewal premium. The company received 90,000 towards reinsurance accepted and paid...
• Section 64VA(1) of the Insurance Act specifies a criteria related to sufficiency of assets that every insurer and re-insurer should at all times maintain a...
• Which of the following functions are not performed by servers?
• What software applications would be the most suitable  for performing numerical and statistical calculations? 
• For which of the following goods, the manufacturer is not allowed to opt for composition scheme:
• According to Ind AS 16 - Property, Plant and Equipment, what is NOT considered when determining the cost of self-constructed assets?
• Fill in the blanks by selecting appropriate word/s the List II. List I: 1.    The _________ ratios are primarily measures of return: 2.&n...
• What is the due date for filing GSTR-9, the annual return, as per GST law?
• Supply of goods packed and transported with insurance. This is a..........
• If you want to record all purchase transactions in the accounting software, which shortcut key should you use?
• What does SAP stand for?