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: