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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:

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