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Practice Accounts Questions and Answers

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?
What is the charging section under CGST Act, 2017
Determine a firm's total assets turnover, if its net profits margin is 8%, total assets are 8,00,000 and the return on investment is 14%
As per section 9(1) of CGST Act, 2017, Central Tax on intra-State supplies shall be levied on the transaction value. This value is determined as per of CGS...
Which one of the following is a correct equation?
Which accounting standard provides guidance on how to account for foreign currency transactions and the effects of changes in foreign exchange rates on fin...
What is the full form of CVC written on the credit cards?
What is relevant for determination of whether the supply is Intra-state or inter-state in GST?
Budgeted costing, marginal costing and standard costing are the ________
What does ASP stand for in the context of Goods and Service Tax?
An unfavourable material usage arises because of:
In context of Goods and Service Tax, A supplier registered under composition scheme is required to issue which document at the time of making supply?
Any decrease in the bank balance is recorded on ______ side of Cash Book and in _______ Column of Pass Book.
Capital asset excludes all except-
When an enterprise has an unhedged receivable or payable denominated in a foreign currency and settlement of the obligation has not yet taken pla...
In context of Goods and Service Tax, what does CTP represent?
The death-cum-retirement gratuity received by the Government Employee or employee of local authority is _______________.
Opening work in process inventory can be calculated as under
Calls in arrear Is
In the context of ICDS V, which category of assets does this standard specifically address?
Under marginal costing, which of the following cost will NOT be attributed to the product cost?

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