Practice Accounts Questions and Answers

• 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:
• Calculate the number of employees in the beginning and at the end of the year from the following information. Labor turnover rate = 2% No. of employees at ...
• During the year 2016-17, the profit of the business before charging manager's commission was Rs. 1,89,000. If the manager's commission is 5% after charging...
• When the financial statements "give a true and fair view" and the organization under audit has gone in accordance with all requirements, the auditor will i...
• Which item of revenue of the following is covered under Accounting Standard-9?
• According to Companies Act 2013, the first annual general meeting should be held within a period of ________ from the date of closing of the first financia...
• If a company sells its receivable to another party for collection, it is known as:
• As per Section 63(1), a company can issue fully paid up bonus shares to its members out of:
• Government company is defined under which section?
• X & Y share profits in the ratio of 1: 4. Z has been admitted with ½ shares in profits. What will be the new profit sharing ratio of the partners? ...
• Section 126 of the Indian Contract Act refers to:
• NOI approach advocates that the degree of debt financing is:
• Calculate the value of work certified, if cash received is Rs. 480,000, being 80% of work certified.
• In case of amalgamation in the nature of purchase, the excess of purchase consideration over the net assets is debited to:
• What is the maximum age of Presiding Officer of Tribunal under Employees Provident Fund and Miscellaneous Act?
• GK Ltd. forfeited 500 shares of Rs. 10 each, fully called up, and held by Mr. Rakesh for non-payment of allotment money of Rs. 4 per share and first and fi...
• When shares are issued by a company to its employees or its directors, either at a discount or for consideration other than cash, for providing know-how is...
• Which of the following sectors does NOT apply operating costing technique?
• Within how many days an employee can apply for gratuity from the date when gratuity becomes payable?
• SA 230 standard refers to:
• When the liquidation expenses are paid and borne by the transferee company, which of the following entry is made in the books of transferor company?