Practice Accounts Questions and Answers

• 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?
• Short-term capital gains arising from the transfer of equity shares in a company or units of an equity-oriented fund or units of a business trust charged w...
• Unclaimed dividend is shown in the balance sheet under the head
• Following is/are the feature of Exchange traded contract: I.         It is highly customized II.         It has margin requirements III....
• Match the following:  I.              Test of Liquidity  A. &n...
• Which among the following correctly describes Margin of Safety?
• In the context of auditing standards, which standard is associated with "Agreeing the Terms of Audit Engagements"?
• Price risk is the risk of a decline in the value of a security or a portfolio. How can one transfer price risk?
• An auditor cannot audit a firm if his/her relative is indebted to the company in excess of ______
• From the following information calculate the amount of sales to earn a desired profit of Rs.12,000 Fixed Cost: 24,000 Selling Price: 10 per unit Variabl...
• To study the trends in a firm’s cost of goods sold (COGS), the analyst should standardize the cost of goods sold numbers to common size basis by dividing...
• DuPont analysis is:
• From the below mentioned, IND AS 16 can be applied to which of the following?
• From the below Ind AS 2 is not applicable in which of the following cases?
• A company uses Raw material A to manufacture finished goods, price of the raw material A is on the decline. The finished goods in which the raw material is...
• If rights and beneficial interest in a property is transferred but documentation and legal formalities are pending then seller & purchaser should record in...
• As per Schedule III of the Companies Act, 2013, long term provisions are shown –
• In case of companies depreciation on assets are provided on the basis of -……
• In the context of filing of financial statements by a company, the term “XBRL” means......................
• Share Options Outstanding Account is shown on the liabilities side in the Balance Sheet under the head:
• The format of the Financial Statement of a company is prescribed in: