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?