Practice Accounts Questions and Answers

• 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?
• The GST on used car sales is ____ as per the 55th GST council meeting decisions taken in December 2024.
• The loss of profit policy normally covers the following items: (a) Loss of profit (b) Standing charges (c) Any increased cost of working (d) Machine used i...
• ______ of the Companies Act, 2013 deals with the Powers and Duties of Auditors and Auditing Standards.
• AS 6: Depreciation Accounting has been withdrawn with effect from 1-4-2016 after issuance of revised ________.
• According to section 2(i), “an agreement which is enforceable by law at the option of one or more parties thereto, but not at the option of the other or ...
• Provision of section 139(3) of the income Tax Act, 1961 is relating to ______.
• With respect to AS 11 (The effects of changes in foreign exchange rates), which of the following statement is incorrect?
• With respect to self-balancing ledgers, which of the statement is incorrect?
• Which of the following income is not an exempted income?
• Which of the following statement is correct?
• The main objective of cost accounting is _______.
• According to the decision given in the case of Garner vs. Murray, solvent partners have to bear the loss due to insolvency of a partner and have to categor...
• Which of the following is regarded factory/manufacturing/production overhead?
• With respect to standard costing, which of the following statement is incorrect?
• With respect to Job Costing, which of the following statement is incorrect?
• It is the duty of the company to inform the Registrar of Companies within ________ days of the decision in case the Board of Directors decides to maintain ...
• The objective of ______ is to prescribe principles for determination and presentation of earnings per share which will improve comparison of performance am...
• According to section 10 of Indian Contract Act, 1872, which of the following is not regarded as the essential elements of a valid contract?
• With effect from ______, the historic indirect tax reform- GST was introduced in India.
• After adjusting the advance tax and tax deducted at source, the assesse would arrive at the amount of net tax payable or refundable. Such amount should be ...