Practice Accounts Questions and Answers

• 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?
• Which of the following accounts in insurance company reportingtracks the revenue and expenses related to policyholders?
• A trial balance is an internal financial report, critical to the book-keeping and accounting process. What purpose does a trial balance serve?
• The capital brought into the business is recorded in the capital account. As per the accounting process, what type of a ledger account is Capital account?
• Which GSTR form is primarily used by businesses to summarize their monthly tax liabilities and claim input tax credits under Goods and Services Tax (GST)?�...
• What is the limit of UPI transaction for insurance?
• Which of the following Indian Accounting Standard (Ind AS), deals with the reporting and disclosure of contingent liabilities and contingent assets?  ...
• Under which activity would the payment of dividend be classified as, in a cashflow statement?
• Which of the following is not one of the factors that play a role in charging depreciation?
• As per Companies Act, 2013, out of which of the following reserves can a company declare dividend?
• Which of the following are needed for the analysis of the financial statements of a company?
• A person can hold directorship in ______ companies simultaneously.
• Which of the following is the correct full form of AUM?
• As per the IRDA Regulations, 2002, a life insurance company is required to prepare it’s Balance Sheet in _______ .
• Which of the following is an example of an intangible asset?
• Accounts relating to income, revenue, gain expenses, and losses are termed as:
• What duties are taxes on intra-State supplies?
• Which section of the Companies Act 2013 deals with the provisions of Corporate Social Responsibility?
• Under which method of Depreciation, the written down value of the asset is always more than zero:
• A statutory auditor of a company needs to report fraud/suspected fraud within _____ of his/her knowledge of the fraud.
• Which of the following is not a payment product of NPCI?