Practice Accounts Questions and Answers

• 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?  
• Refer to the following information to answer the next 4 questions. If the company earned revenue from operations of Rs.18 lakh, what is the  working  ca...
• Interest received on Bonds will come in which of the following activities in the Cash  Flow  Statement?  
• Interest payable on the bonds is a/an _______
• Which among the following would be classified as a part of Internal Liability?
• Calculate interest coverage ratio from the following: Net Profit after tax = 120000, tax rate = 50%, long term debt @10% = 1500000
• Supply of goods packed and transported with insurance. This is a ___
• Which among the following ratios will be affected because of salaries paid in cash as advance salary?
• Which of the following is NOT an advantage of Bonus issue by a company?
• The costs which were incurred in the past and ignored under capital budgeting are known as_____. 
• Which Schedule of the Companies Act, 2013 deals with the general instructions for preparation and presentation of the final accounts of a company?
• What is the full form of ESOP?
• 5000 kgs of raw material were bought at Rs.2.5 per kg and 10% is normal waste. If recovery value of the normal waste is Rs.1.2 per kg, then find the cost o...
• Time of supply means
• The value of supply should include: