Practice Accounts Questions and Answers

• 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...
• When the day on which a promissory note or bill of exchange is at maturity (after including days of grace) is a public holiday (except emergency or unfores...
• _______ is also known as General Ledger Adjustment Account.
• Focus of financial management is to address three major financial decision areas. Which of the following in not the major financial decision area?
• With respect to AS 5 (Net profit or loss for the period, prior period items and changes in accounting policies), which of the following statement is incorr...
• With respect to AS: 16 (Borrowing Costs), which of the following statement is incorrect?
• Which of the following is not regarded as advantage of computerized accounting system?
• There are three types of single entry systems. Which of the following is not a type of single entry systems?
• For Goods Transport Organisation, which of the cost will be regarded as Fixed or Standing Charges?
• In India, ________ took upon itself the leadership role by constituting the Accounting Standards Board (ASB) in 1977.
• With respect to hire purchase and installment sale transactions, which of the following statement is incorrect?
• Income arising from the transfer of an asset before 1- 4 - 61, which was not revocable for a period exceeding ______, is not includible in the total income...
• With respect to AS 4 (relating to Contingencies and Events), which of the following statement is incorrect?
• With respect to time value of money, which of the following statement is incorrect?
• With respect to receipt and payments account, which of the following statement is incorrect?
• Under the head Income from other sources, Family pension received is exempted upto ______.
• ________ deals with Disclosure of Accounting Policies.
• With respect to AS 12 (Accounting for Government grants), which of the following statement is incorrect?
• Which of the following statement is incorrect with respect to Valuation of Inventories?
• Find Gross Annual Value of House property from the following information: Municipal Value Rs. 1,10,000 Fair Rent Rs. 1,20,000 Standard Rent Rs. 1,50,000 Ac...
• According to the provisions of section 194B, every person responsible for paying to any person, whether resident or non-resident, any income by way of winn...