Practice Accounts Questions and Answers

• 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______.
• No prospectus shall be valid if it is issued more than ______ days after the date on which a copy thereof is delivered to the Registrar under 26(4) of The ...
• In which year Indian Contract Act was enacted?
• X Ltd. provides you the following information to calculate P/V ratio. Fixed cost = Rs. 40,000, Break-even point = Rs. 1,00,000
• What is the maximum number of companies in which a person can hold directorship?
• Sales book is kept to record:
• A threat to commit suicide may amount to:
• Which one of the following conditions should be fulfilled for an employee to be a specified employee?
• In the proposed budget (2017-2018), MAT credit to be carried forward to:
• Calculate Breakeven point from the following data: Fixed cost = Rs. 1,20,000 Sales = Rs. 2,20,000 Variable cost = Rs. 88,000
• Fixed cost per unit increases when:
• A firm produced goods of Rs. 80,000 and spent Rs. 6,000 on carriage outward. At the end of the year, cost of goods still unsold was Rs. 2,000. Sales during...
• Marginal cost of capital is the cost of:
• Under what heading, "uncalled liability on partly paid up shares" will appear while preparing final accounts of limited liability companies? 
• Which type of prospectus can be used for inviting subscriptions of securities for one or more issues over a certain period of time?
• Which one of the following is not regarded as Indirect material?
• Under the Indian Contract Act, the suggestion as a fact of that which is not true by one who does not believe it to be true and the active concealment of a...
• From the following information calculate interest to be paid: Cash Price: Rs. 1,00,000 Down Payment: Rs. 10,000 Balance in 3 equal installments of Rs. 30,0...
• Holding cash for transaction motive is:
• The average due date technique of payment may be used:
• X acquired a car on hire purchase basis and made a down payment of Rs. 1,00,000. Subsequent payments to be made are Rs. 2,63,000, Rs. 1,85,000, and Rs. 1,1...