Practice Accounts Questions and Answers

• Which of the following statements is FALSE with regard to working capital management?
• Which of the following statements are true or false? (i) Direct material cost: Cost of the material that can be directly allocated to a cost centre or a co...
• Who among the following assesses is NOT liable to pay advance tax?
• Which of the following statements are true about input tax credit? Statement 1: Input tax credit of SGST can be utilised for payment of SGST first and the ...
• Which of the following transactions is capital expenditure?
• Application for cancellation of registration shall be submitted electronically in Form ______.
• Goods returned by customer will be debited to which account?
• Which among the following profitability level is the profit from which the fixed costs are to recovered first to arrive at the profit?
• If Selling Price is 9 per unit, variable cost is 5 per unit and fixed cost is 100000, what is the Margin of safety in Qty if the budgeted units are 1,00,00...
• GAAP stands for:
• Which among the following deals with Accounting for Inventories?
• How can we find out the Net Realizable Value on account of Inventory as per the applicable Accounting Standard for valuation of Inventory?
• Which section deals with TDS on cash withdrawals?
• Which section of the Income Tax Act defines the term Assessee?
• In which section of Income Tax Act the term ‘Assessment’ is defined?
• The decisions which are concerned with analysing the risks and rewards of equity and debt and raising money through them is known as:
• An auditor of a listed company shall not be appointed, if it is an individual as auditor, for?
• Company XYZ has purchased a new machinery to expand its production capacity. This purchase of Fixed Asset will _________
• In case of redemption of debentures, Debt/equity ratio will:
• Capital budgeting involves the evaluation of:
• Use of cash to underrate a capital expenditure in an organisation involves an outflow of cash. This transaction will be reflected in the Cash Flow Statemen...
• In India, the GST is based on the dual model GST adopted in:
• An assessee liable to pay advance tax is not liable to pay interest u/s 234B if the advance tax paid by him is not less than
• Drawings made by an owner belongs to:
• The life of the business is split into smaller intervals as per which of the following accounting concepts?
• The return forgone for the undertaking an investment is known as?
• When was the Government e-Marketplace (GeM) launched in India?
• If the organization has redeemed its preference shares, then this transaction will be reflected in the Cash Flow Statement under which of the activities?
• What is the journal entry for charging Depreciation under Cost Method?
• Which GFR (2017) rule is applicable for GeM?
• What is Government e-Marketplace (GeM)?
• Which among the following ratios is a part of Liquidity Analysis?
• A person shall be eligible for appointment as an auditor of a company only if he is a _______________
•   Interest for default in payment of installments of advance tax is levied u/s
• GST is a consumption of goods and service tax based on
• Taxes that are levied on any Intra-State purchase are?
• Revenue as per Ind AS -18 is not categorised into which one of the following types:
• The lower a manager is in the organisational hierarchy, the more important his/her _______ skills are
• The Hawthorne experiments were conducted by 
• Consider the following information. What will be the Economic Ordering Quantity (EOQ)?...