Practice Accounts Questions and Answers

• 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?
• What is the interest rate earned on digital currency e-rupee?
• How many digits are there in a MMID code used for money transfer through mobile devices?
• The government securities market in India is regulated by _______
• The maximum number of directors in a company, without passing a special resolution, can be ________
• How many minimum independent directors should a public company have whose paid up capital is Rs.10 crore?
• The government is considering the increase in FDI limit and easing FDI regulations in insurance. What is the current FDI limit in insurance sector in India...
• Consolidated Financial statements are covered under which of the following accounting standards?
• The accounting rule, "Debit all ___________, credit all gains & income" pertains to ____ accounts.
• How many digits are there in an IFSC code used to transfer money using NEFT?
• The Bharat Bill payment system (BBPS) is a one-stop ecosystem for payment of all bills providing an interoperable and accessible bill payment service acros...
• Which of the following best describes a "nominee director" in a company?
• The MoA of the company specifies the maximum capital that can be raised by a company. This is referred to as the __________
• A public company with paid up capital of Rs.10 crore or more, can appoint an individual as an auditor maximum for ________ consecutive years.
• A belated return can be filed by a taxpayer under Income tax Act, between _______
• Which accounting concept restricts a firm from booking advance amount received from customers as a sale in the books of accounts?
• As per AS-3, these activities are to be classified into following categories. Identify correct categories. 1. Operating, 2. Non Operating 3. Investing 4. F...
• The scheme under which the complaints related to digital payments can be resolved is _______
• All shares in respect of which dividend has not been paid or claimed for seven consecutive years or more shall be transferred by the company to ______
• A company can issue redeemable preference shares for up to what maximum duration?
• Which of the following is not a type of director that can be appointed on the Board of a company?