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Practice Accounts Questions and Answers

If 6% interest is to be allowed on a capital of ₹10,00,000, what will the adjusting entry be for this will in the books of the partnership firm? ...
ABC sports material manufacturing company budgeted the following data for the coming year: Sales (1,00,000 units) = ₹1,00,000 Variable cost = ₹40,000 F...
Which of the following statements is FALSE?
What is the rate of Tax Deduction at Source from insurance commission? (Commission amount is ₹20,000 and assessee is an individual)
What is the rate of Tax Deduction at Source for a foreign company getting dividend from units of mutual fund for the assessment year 2021-22?
Which of the following commodities are kept outside the scope of GST? (i) Fresh milk and pasteurised milk (ii) Soyabeans seeds (iii) Betel leaves (iv) Pras...
______ is a system that focuses on activities as the fundamental cost objects and uses the cost of these activities for compiling the costs of products a...
Which of the following statements are required to verify trade creditors? Statement 1: Obtain the schedule of creditors and examine it with reference to in...
For each registration, a separate GST Registration No (i.e., GSTIN) of ______ digits is allotted.
Which of the following statements are true or false? Statement 1: Management of cash means management of cash inflow. Statement 2: Cash management always a...
Which of the following statements is true?
Which of the following is NOT a capital budgeting decision?
GST Council is an apex constitution body. It was constituted by virtue of Article ______ of the Constitution of India.
Which of the following is NOT an example of capital receipt?
Which section of the Income Tax Act, 1961, defines the term ‘Assessee’?
Appointment of the first auditor of a government company shall be made by the ______ within ______ of registration of the company.
Who among the following generally maintains the Audit Notebook?
Section ______ of the Income Tax Act, 1961, defines the term ‘Assessment Year’.
Which of the following are an auditor’s objectives with regard to verification of assets? (i) Assets exist (ii) Assets belong to the client (iii) Asset...
Which of the following transactions is revenue expenditure?
Which of the following statements is FALSE with regard to working capital management?
Which of the following statements are true or false? (i) Direct material cost: Cost of the material that can be directly allocated to a cost centre or a co...
Who among the following assesses is NOT liable to pay advance tax?
Which of the following statements are true about input tax credit? Statement 1: Input tax credit of SGST can be utilised for payment of SGST first and the ...
Which of the following transactions is capital expenditure?
Application for cancellation of registration shall be submitted electronically in Form ______.
Goods returned by customer will be debited to which account?
Which among the following profitability level is the profit from which the fixed costs are to recovered first to arrive at the profit?
If Selling Price is 9 per unit, variable cost is 5 per unit and fixed cost is 100000, what is the Margin of safety in Qty if the budgeted units are 1,00,00...
GAAP stands for:
Which among the following deals with Accounting for Inventories?
How can we find out the Net Realizable Value on account of Inventory as per the applicable Accounting Standard for valuation of Inventory?
Which section deals with TDS on cash withdrawals?
Which section of the Income Tax Act defines the term Assessee?
In which section of Income Tax Act the term ‘Assessment’ is defined?
The decisions which are concerned with analysing the risks and rewards of equity and debt and raising money through them is known as:
An auditor of a listed company shall not be appointed, if it is an individual as auditor, for?
Company XYZ has purchased a new machinery to expand its production capacity. This purchase of Fixed Asset will _________
In case of redemption of debentures, Debt/equity ratio will:
Capital budgeting involves the evaluation of:

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