Practice Accounts Questions and Answers

• 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? 
• Following information has been provided by a contractor for the year ending 31-3-2020. (a) Total expenditure till 31-3-2020 is Rs. 5,000. (b) Work certifie...
• Financial statements of a company should be prepared as per ________ and they should give true and fair view.
• Which of the following will be shown under the head Other Current Liabilities in Balance Sheet as per Form set out in Part I of Companies Act 2013?
• With respect to working capital operating cycle, which of the following statement is incorrect?
• Which of the following statement is incorrect with respect to income under the head salaries?
• According to section 63 of Companies Act 2013, which of the following cannot be used for issue of bonus shares?
• Shortage in material can be due to normal reasons or due to abnormal reasons. Which of the following will be regarded as shortage due to abnormal reason?
• Idle time can be normal or abnormal. Which of the following will be regarded as abnormal idle time?
• With respect to standard costing, which of the following statement is incorrect?
• Which of the following is regarded as cash flow from financing activity?
• Modigliani-Miller (MM) Approach is based on some assumptions. Which of the following is not an assumption of MM Approach?
• Which of the following statement is correct?
• For Assessment year 2020-21, A security ( other than a unit) listed in a recognized stock exchange, or a unit of equity oriented fund or a unit of the Unit...
• Prime or the most important Objective of financial management is ______.
• Underwriting commission for issue of shares, shall not exceed:
• Contribution to Pension Scheme notified by the Central Government under section 80CCD (1) provides a deduction for the amount paid or deposited by an emplo...
• Income Tax Act, 1961 came into force on _______.
• _______ is a statement of an estimated performance to be achieved in given time, expressed in currency value or quantity or both.
• _______ are denominated in GBP (Great Britain Pound) and issued in London. Issue proceeds can be used to fund UK operation.
• The value of the firm on the basis of Net Income Approach can be ascertained as: V = S + D In the above formulae, S indicates______.