Practice Accounts Questions and Answers

• Journal entry is not made for which of the following?
• In the absence of Partnership Deed, partners are entitled to:
• Who generates contract on GeM?
• Advance amount received from customers is not considered as sale. It is based on which concept?
• The written down value of Machinery is ₹ 12,00,000. The original cost of the Machinery is ₹ 20,00,000. It is sold for ₹ 24,00,000 during the year 202...
• Which of the following formulae is correct for calculation of Cost of Goods Sold?
• Section 28 to 44 D of the Income Tax Act, 1961 is related with:
• The depreciation of assets is computed on their:
• How many parties are involved in a Bill of Exchange?
• Which of the following is a direct tax?
• Amount paid for stationery during 2022-23               ₹ 80,000 Creditors for Stationery on March, 31, 2023              ₹ 7,200 Statio...
• Opening Stock                              ₹ 2,00,000 Closing Stock                                ₹ 2,20,000 Purchases ...
• Which of the following account has a Credit Balance?
• The 'Goods and Service Tax Act came into force on :
• Goods can be purchased through GeM without inviting quotations on the basis of a certificate to be recorded by the competent authority up to the value of �...
• The liability of a sole proprietor is:
• The form of Annual Financial Statement and Demand for Grants shall be laid down to Parliament by whom?
• "Anticipate no profit and provide for all possible losses". It is based on the convention of:
• Opening Stock                    ₹ 17,000 Purchases                            ₹ 61,400 Direct Expenses                ...
• If the amount of any known liability cannot be determined accurately, then:
• The profit is 50% on sales. What is its percentage on cost?
• An amount received from Seema, whose account was previously written off as Bad Debts, should be debited to:
• Which of the following is levied by State Government only?
• A sole proprietor withdrew ₹ 1,00,000 on January 31, 2023 for his personal use from his business. Calculate interest on Drawings @ 12% p.a. for the year ...
• The primary function of Audit is: (i) to verify the accuracy and completeness of accounts. (ii) to secure that all revenue and receipts collected are broug...
• Which of the following is not considered as a Current Liability?
• The manager of a firm is entitled to a commission of 5% of Net profit after charging such commission. Net profit before charging commission is ₹ 42,000. ...
• As per General Financial Rules, 2017 who has been given full powers to make their own arrangements for procurement of goods and services, that are not avai...
• If an accounting information is free from errors, then which qualitative characteristic is reflected?
• Under Section 146 of the Companies Act 2013, an auditor has a right to attend any general meeting:
• Ajay draws a bill on Vinay for ₹ 60,000. Vinay accepts it. Ajay endorses it to Chintu in settlement of ₹ 70,000 at 2% discount and the balance in cash....
• Depreciation is appearing in the 'Trial Balance' of a firm. At the time of preparing 'Annual Accounts', it should be shown in:
• Which of the following transaction will affect the current ratio?
• What is the standard deduction allowed on income from salaries under New Tax regime of Income Tax as announced in the Union Budget 2024-25?
• Which of the following accounting convention states that‘Trivial transactions can be ignored’?
• A company wants to list on the Bombay stock exchange. Which of the following processes will result in this?
• The Board of Directors of a company can appoint additional director, as per the provisions of the Companies Act, 2013, if such power is conferred on them b...
• A company purchased a machinery for Rs.4,50,000. The machine is expected to have a useful life is 7 years after which it can salvage a value of Rs.30,000. ...
• Which of the following best describes the amount by which the carrying amount of an asset exceeds its recoverable amount?
• Which of the following is not a financial regulator in India?