Practice Accounts Questions and Answers

• 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...
• What does ERP stand for?
• According to Companies Act 2013, one person company will always be formed as:
• Salary or wages under bonus act includes:
• Under the Companies Act, 2013, the paid-up capital for a small company is:
• ABC analysis is mainly used for:
• Calculate sales to earn a profit of Rs. 150,000, if fixed cost = Rs. 3,00,000 and P/V ratio is 20%:
• In the Budget proposed on 1st February 2017, what is the maximum limit imposed on cash transactions?
• Which of the following directors is NOT appointed by the Board of Directors?
• The balance in the reconstruction account is utilized for:
• Donation received by Non-Profit Organization for constructing college library is called:
• The policy of "anticipating no profits and providing for all possible losses" arises due to:
• In the proposed budget (2017-18), cash donation to a political party is maximum up to:
• A company's shares with a face value of Rs. 10 each are quoted at Rs. 60 in the stock market. Current rate of dividend is 6% and this is expected to grow a...
• An uncovered cost at the start of a year is Rs. 20,000. Full cash flow during the recovery year is Rs. 40,000, and years prior to full recovery are 3. Then...
• What is the formula for calculating Maximum stock level?
• Under which of the following accounting systems, real & nominal accounts are ignored?
• Provision for Bad & Doubtful Debt is created in anticipation of actual bad debts on the basis of:
• SA 500 refers to:
• The document containing the rules and regulations framed by the company for internal management of the company is called:
• An asset is purchased for Rs. 10,000, on which depreciation is to be provided annually according to the straight-line method. The life of the asset is 4 ye...
• Goods worth Rs.100,000 taken by the owner for his personal use should be credited to:
• Calculate the cost of operator per hour per machine from the following information. Total wages of an operator who attends to 4 machines at Rs. 6,00,000 pe...
• Which section of the Companies Act, 2013 defines the condition for redemption of preference shares?
• The maximum period for which an individual can be appointed as an auditor of a company is:
• Calculate cost of goods sold from the following figures: Opening stock = Rs. 3,500 Purchases = Rs. 21,000 Closing stock = Rs. 2,500
• A machine is purchased for $100,000 and $10,000 is spent on its installation. Residual value of the machine is $9,000 and its useful life is 5 years. Calcu...
• A person employed to do any act for another or to represent another in dealings with third person is called:
• Current years’ proposed dividend will be:
• Which person can be appointed as an agent?
• Under which Section appointment of Company Auditor in the government companies define?
• From the following data calculate abnormal gain to be debited to process account. Input introduced in process 1 = 2000 units Output = 1900 units Normal los...
• In the proposed budget (2017-2018), presumptive budget increased to:
• What is the formula for calculating operating leverage?
• Financial accounting is mainly concerned with:
• Which person is not entitled for bonus under The Payment of Bonus Act, 1965?
• Product X requires 10 Kg of material at the rate of Rs. 5 per Kg. The actual consumption of material for the manufacturing of product X came to 12 Kg of ma...
• X, Y and Z are partners sharing profits in the ratio of 3 : 2 : 1. Y retires. X & Z agreed to share profits in the ratio of 3 : 2. Calculate gaining ratio.
• What is the ceiling on the number of audits in case of an individual?
• Depreciation is generally provided on: