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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:

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