Practice Accounts Questions and Answers

• 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...
• According to section 22 of The Negotiable Instruments Act 1881, A note or bill, which is not expressed to be payable on demand, at sight or on presentment;...
• Which of the following is not regarded as a legal rule for a valid acceptance?
• The objective of ______ is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Accounting Standard.
• With respect to ESOP, which of the following statement is incorrect?
• The Companies Act 2013, contains ________.
• For which of the following, Specific Act is applicable for preparation and presentation of financial statement?
• To compute Service cost, it is necessary to understand the unit for which the cost is to be computed. Which of the following statement is incorrect?
• Which of the following statement is incorrect?
• Under section 208, obligation to pay advance tax arises in every case where the advance tax payable is ______.
• With respect to time value of money, which of the following statement is incorrect?
• According to The Companies Act, 2013 ‘Government Company’ means any company in which not less than ________ of the paid-up share capital is held by the...
• In relation to the condition for the issue of equity shares with differential rights: The share with differential rights shall not exceed ______ of the tot...
• Price-Earnings per share (P/E Ratio) is calculated by which of the following formulae?
• Gratuity shall be payable to an employee on the termination of his employment after he has rendered continuous service for not less than ______, except whe...
• Which of the following is not regarded as Time adjusted or Discounted Cash flows technique of capital budgeting?
• While calculating equivalent completed/production units, which of the following statement is incorrect?
• According to The Companies Act 2013, which of the following statement is incorrect with regards to OPC (One Person Company)?
• According to Payment of Bonus (Amendment) Rules, 2019, Every employer shall, on or before the ______ in each year, upload unified annual return in Form D o...
• With respect to Marginal Costing, which of the following statement is incorrect?
• Which of the following is not considered a general consideration before sourcing accounting software?