Practice Accounts Questions and Answers

• 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:
• Which of the following forms are used for applicable for registration?
• If the PV ratio us 80% and MOS is 20000. Calculate FC if SP per unit is 5 and  Contribution is 40000.  
• For intra-State sales, the GST is divided between the Centre and the State in the  ratio?  
• The UTGST Act, 2017 is applicable to Union-Territories except:
• The point at which the liability to charge tax arises is called as the  
• The term "Goods" under GST does not include:
• ………… of CGST Act, 2017 lists down the activities which shall be treated neither as  supply of goods nor as supply of services.   ...
• The term depletion is used in relation to: 
• An asset is purchased for Rs.50,000 on which depreciation is provided annually according to  the straight-line method, the useful life is 10 years and the...
• For a given product, the sales of a company @ ₹ 200 per unit is ₹ 20,00,000. Variable cost is Rs 12,00,000 and fixed cost is ₹ 6,00,000. The capacity...
• XYZ Radiology Centre acquired a new imported X-ray machine for Rs.10,50,000. Octroi paid on the machine was Rs. 5,000. Expenses of setting up and starting ...
• Material costing Rs. 700 in the erection of the machinery and the wages paid for it amounting to Rs. 400 should be debited to:
• Withdrawal column of the Pass Book showed a wrong entry of Rs. 112. When the balance as per Cash Book is the starting point.  
• Which of the following statement is incorrect?
• Balance as per pass book is Rs. 50,000/-. Rs 5,000/- were directly deposited by a customer into the bank. Then the balance as per cash book is:
• Cost of goods sold will be:
• Tangible property to be consumed in production of goods or services or held for sale in the ordinary course of business is defined as:
• Which of the followings is a valuation principal?
• Depreciation starts on a machine from the date:
• The expired portion of capital expenditure is shown in the financial statements as: