Practice Accounts Questions and Answers

• 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• AS 6: Depreciation Accounting has been withdrawn with effect from 1-4-2016 after issuance of revised ________.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 ...
• Under process costing, which of the following is considered as normal loss? 
• For Assessment year 2020-2021, The maximum loss from house property which can be set-off against income from any other head is ______.
• Ricky Ponting, an Australian Cricket Player visits India for 90 days in every financial year. This has been his practice for the past 11 financial years (i...
• Employees Provident Funds and Miscellaneous Provisions Act, 1952 applies to every establishment which is a factory engaged in any industry specified in Sch...
• According to The Companies Act 2013, which of the following is not regarded as a feature of a Company?
• Which of the following not regarded as external source of finance?
• In relation to Accounting Standards, Which of the following statement is incorrect?
• Which of the following statement is incorrect?
• A ________ is not an actual contract but it resembles a contract. In other words, it is a contract in which there is no intention on part of either party t...
• ______ is levied on the import of goods and/or services.
• When a transaction of supply of goods/services is made between two persons who are not related to each other and price is the sole consideration for the su...
• Which of the following in not a correct base adopted for apportionment of expenses over each department?
• _______ Ratio is the indicator of firm’s financial leverage.
• With respect to AS 13 relating to Accounting for Investments, which of the following statement is incorrect?
• With respect to AS: 19 (Leases), which of the following statement is incorrect?
• Where an Assesse incurs any expenditure for acquisition of any asset or part thereof in respect of which a payment or aggregate of payment made to a person...
• The reasons for employee turnover in an organization can be classified under 3 heads: (a) Personal causes, (b) Unavoidable causes and (c) Avoidable causes....
• While determining the Material Cost, _______ is not deducted from the purchase price. It is treated as interest and finance charges. It is ignored.
• A company earned a profit of Rs. 10,000 during the year. If the marginal cost and selling price of the product are Rs. 2 per unit and Rs. 4 per unit respec...
• The Objective of ______ is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities and t...