Practice Accounts Questions and Answers

• What type of banking transaction allows a customer to temporarily invest their money with the bank in exchange for higher interest rates, but with limited ...
• What banking transaction involves the exchange of one currency for another at the prevailing exchange rate?
• Which banking transaction provides a secure location for customers to store valuable items such as documents, jewelry, or collectibles?
• What type of banking transaction allows customers to invest in a diverse portfolio of stocks, bonds, and other securities?
• What does a SWIFT Code primarily identify in international banking transactions?
• In international wire transfers, which role does a SWIFT Code play for the sender and the beneficiary?
• What was a significant factor contributing to the decline in Average Revenue per User (ARPU) in the Indian telecom industry?
• Which major factor led to high levels of debt among Indian telecom operators?
• Which telecom operator consolidation occurred in the Indian telecom industry, leading to a reduced number of major players?
• What was a key issue related to regulatory challenges in the Indian telecom industry?
• What is the main focus of Railtel Corporation of India?
• What does the term "NEFT" stand for in the context of Indian banking?
• What is the maximum limit for insurance coverage provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC) in India?
• What is the purpose of a "CIBIL score" in the context of banking in India?
• Which regulatory body in India is responsible for overseeing and regulating the functioning of non-banking financial companies (NBFCs)?
• What is the primary function of the Securities and Exchange Board of India (SEBI)?
• In the context of banking, what does the term "KYC" stand for?
• Which Act in India regulates the negotiation and transfer of negotiable instruments such as promissory notes, bills of exchange, and cheques?
• What is the primary objective of the Reserve Bank of India (RBI)?
• Which type of account is specifically designed for the purpose of encouraging savings among minors in India?
• What is the primary function of the National Payments Corporation of India (NPCI)?
• Under which act does the Securities and Exchange Board of India (SEBI) operate to regulate the securities market in India?
• What is the primary objective of the Fiscal Responsibility and Budget Management (FRBM) Act in India?
• Which institution in India is responsible for the conduct of monetary policy and regulation of the money supply in the economy?
• What is the primary objective of the Insolvency and Bankruptcy Code (IBC) in India?
•   The work of one clerk is automatically check by another clerk is called _________.
• The section of the companies Act, 2013 which contains provisions regarding remuneration of the auditor is:
• What is the standard TDS rate applicable to interest on securities as per Section 193 of the Income Tax Act, 1961?
• Under which section of the Income Tax Act, 1961, are the provisions related to TDS on interest other than interest on securities mentioned?
• Under which section of the Income Tax Act, 1961, can an individual claim a deduction for the payment of Medical/Health Insurance Premium?
• What is the maximum deduction allowed under Section 80U of the Income Tax Act, 1961, for an individual with a severe disability?
• Which section of the Income Tax Act, 1961, allows a deduction of interest paid on loan taken for purchase of an electric vehicle?
• ICDS IV primarily deals with which aspect of financial reporting.
• Under which section of the Income Tax Act, 1961, is the term "person" defined?
• What does CBLO stand for?
• Economic life of an enterprise is split into the periodic interval as per which concept?
• An entry with more than one debit or credit is known as 
• If nothing is given in the financial statements about the three  accounting  assumptions, then it is to be treated as it.  
• The arrangement of assets and liabilities in accordance with a particular order is  known as of balance sheet.  
• If a firm has 100 in inventories, a current ratio equal to 1.2, and a quick ratio  equal to 1.1, what is the firm's Net Working Capital?