Practice Accounts Questions and Answers

• ‘‘Interest accrued & due on debentures’’ is shown ...................... .
• At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is
• If an employee does not make an intimation to their employer about their selection regarding the tax regime, the employer will:
• Number of days in a month for purposes of computing taxable gratuity in case the employee is covered under the Payment of gratuity Act, 1972, are?
• …………… allowance deduction is allowed only to Government employees.
• CBDT full form:
• Which among the following is a Progressive Tax?
• Which of the following income is agricultural income—
• Section 24 (a) prescribes the standard deduction from NAV of a sum equal to?
• This kind of audit is conducted generally between two annual audit ______.
• Great Insurance Co. Ltd. on 31.12.2022 had reserve for unexpired risk of 5 crores in respect of miscellaneous business. During 2023, the premium collected ...
• Which form is used for preparing the Profit and Loss Account of an General insurance company under the IRDA Regulations, 2002?
• In this reinsurance arrangement, an agreement is made between the ceding company and the reinsurer(s), specifying limits for reinsurances that can pertain ...
• How is the commission on reinsurance accepted typically accounted for by the reinsurer?
• Which of the following is a program that uses a variety of different approaches to identify and eliminate spam?
• In whose favour is the Doctrine of Indoor Management?
• Securities Premium can be used by the company:
•      What does Section 123 of the Companies Act, 2013 primarily deal with?
•      Debenture redemption reserve is transferred to which reserve:
• Which of the following is the regulator of the capital market in India?
•      Which of the following is the correct definition of hedge ratio?
• Which of the following IND AS deals with revenue from contracts with customers?
• The relationship between the operating income and earnings per share is known as
• If the exchange rate between the Indian Rupee and the Japanese Yen is ₹1 = 1.44 ¥, then 1,000 ¥ equals ₹____.
•     A company has average account receivables of Rs 120000 and annual credit sales of Rs 600000, Calculate the average collection period (assume number o...
•  A trader wants to hedge their portfolio, which has a value of 20,00,000 by using S&P 500 futures contracts. The current price of one S&P 500 futures cont...
• What is the lock-in period for ELSS (Equity Linked Savings Scheme) to be eligible for a deduction under Section 80C of the Income Tax Act in India?
• A Credit Note is the basis for recording a transaction in which of the following?
•       A mutual fund has the following assets and liabilities: Assets: Stocks: $100 million Bonds: $50 million Cash: $10 million Liabilities: A...
• If Selling Price is 9 per unit, variable cost is 5 per unit and fixed O/H absorption rate is 1.5 per unit, what is the break even point in Qty if the budge...
• Classify the following under the respective head in balance sheet: Items: I. Current maturities of long-term debt II.   Debentures III. Uncalled lia...
• Which of the following portals was recently launched by IRDAI for grievance redressal?
• What is the primary purpose of the "Canon of financial propriety"?
• Which of the following is a key principle of the "Canon of financial propriety"?
• What best describes a Bank Guarantee?
• In a Bank Guarantee transaction, which parties are typically involved?
• What is the primary purpose of a Bank Guarantee?
• What is the key function of a Letter of Credit (LC) in international trade?
• In a Letter of Credit (LC) transaction, which entities typically play a role in addition to the issuing bank, advising bank, and beneficiary?
• Which is not a characteristic of corporate social responsibility?