Practice Accounts Questions and Answers

• 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:
• Section 6 of the Negotiable Instrument Act, refers to:
• Which one of the following is exempt income?
• If an employer transfers second hand motor car to the employee, the perquisite is valued at:
• Calculate Economic order quantity from the following data. Annual consumption = 10,000 units Carrying cost = 8% Cost per unit = Rs. 20 Ordering cost = Rs. ...
• The amount of depreciation goes on declining every year, in case of:
• Compute material purchased from the given information. Opening stock of raw material = Rs. 1,00,000 Prime cost = Rs. 10,00,000 Direct wages = Rs. 5,00,000 ...
• An audit which is authorized, governed and made compulsory under law is known as:
• Which one of the following documents is not considered as a negotiable instrument under the Negotiable Instrument Act, 1881?
• A "small shareholder" holds shares of nominal value of less than or equal to ________.
• Section 54(b) of the Income Tax Act, 1961 refers to:
• Which agreement is not opposed to public policy?
• ABC Ltd. projected sales of 45000 jeans trousers for the year 2016. The estimated stock on January 1st, 2016 is 3000 units and the desired stock on 31st De...
• The delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwis...
• Gross working capital refers to:
• In order to convert a proposal into a promise the acceptance must be:
• Section 24(b) of the Income Tax Act refers to:
• A & B are partners sharing profits & losses in the ratio of 3 : 2. They admitted C into partnership with 3/10 share in the future profits of which he requi...
• Calculate margin of safety from the following information. Output = 160000 units Fixed overheads = Rs. 8,00,000 Variable overhead = Rs. 10 per unit Selling...
• Calculate the cost of work uncertified if total cost incurred to date is Rs. 5,00,000 and cost of work certified is Rs. 3,00,000.
• According to section 11 of the Indian Contract Act agreement with a minor is: