Practice Accounts Questions and Answers

• 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:
• Opening inventory Rs. 1,700/-, Purchases Rs. 27,000/-, Closing inventory Rs. 1,500. Cost of goods sold will be             ...
• On Jan 1, 2017 the position of V. Mathur was as follows:   Inventory in hand Rs. 2400; Bills payable Rs. 400; Cash at Bank Rs. 1800; Plant and machinery...
• The purpose of preparing final accounts is to ascertain          .
• Sales = Rs. 50,000/-, G.P. on sales is 10%, Purchases 40,000/-, Opening Stock = 70,000/-, Find the closing stock.
• A’s acceptance to B for Rs. 5,000 is discharged by a cash payment of Rs.3000 and a new bill is drawn for the balance plus Rs.100 for interest. The amount...
• Ramesh draws a bill on Suresh. Ramesh endorsed the bill to Mukesh. The payee of the bill will be:  
• Sunita accepted a 90 days bill of Rs. 20,000/- drawn by Vinita on 05.02.2017. On 13.03.2017 Sunita wished to retire the bill. Vinita offered rebate @ 10% p...
• Liability for the drawer for the bill discounted is a:
• The following information is available about CrismsonCoporation. Study it carefully to calculate the basic EPS for the year ended Marc,31, 2015. Net income...
• Satyam Ltd. has a WACC of 5%. The sustainable growth rate of the company is 3%. The stock is trading at the price of Rs. 40 in the market. Assuming the mar...
• Aqua Ltd. just declared the earnings of Rs. 23 per share. The company is involved in the manufacture of cars. The average PE of electronics industry is 1.2...
• ABC Ltd purchased raw materials worth Rs.1 lakh during FY19. It had opening stock of raw materials of Rs.12,000 at the beginning of the year and closed the...
• As per the CAPM model, to calculate cost of equity capital, which of the following information is not required? ...
• Every supplier shall be liable to be registered under Central Goods & Services Act, 2017 in the State or Union Territory, other than special category State...
• Goods costing ₹ 60,000 sold to Manish at a profit of 25% on sales less Trade Discount @ 5%. Calculate the amount to be shown in Sales Account:
• Which of the following pair is wrongly matched?
• Which of the following is considered as nominal account?
• The portion of the uncalled capital, which can be called only at the time of winding up of the company, is known as:
• Anil and Baldev are partners sharing profit and losses in the ratio of 3: 2. Anil's capital is ₹ 60,000 and Baldev's capital is ₹ 30,000 before adjustm...
• Which of the following is not an accounting equation?