Practice Accounts Questions and Answers

• 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?
• An implied contract is created by the:
• From the following data calculate Labor rate variance. Actual production = 1000 units. Actual hours = 15,300. Actual rate = Rs. 3.90 per hour, Standard rat...
• Which Ind AS deals with Revenue from Contracts with Customers?
• Which ICDS deals with Accounting Policies?
• Which ICDS deals with Accounting Policies?
• GSTN is a?
• What is the taxable event under GST?
• A supply comprising of two or more supplies shall be treated as the supply of that particular supply that attracts the highest rate of tax.
• In case a company considers a discounting factor higher than the cost of capital for arriving at present values, the present values of cash inflows will be...
• Which of the following accounting rules can roughly estimate how many years a given sum of money must earn at a given compound annual interest rate in orde...
• Which of the following accounting rules can roughly estimate how many years a given sum of money must earn at a given compound annual interest rate in orde...
• Capital structure of a firm influences the:
• What method is used to calculate the Sensex and Nifty indices in India?
• This kind of audit is conducted generally between two annual audits is known as which among the following?
• 1  Auditing begins where ______ ends.
• The audit that is made compulsory under statute is called _________.
• ICDS IV primarily deals with which aspect of financial reporting
• Which among the following ratios will be affected because of salaries paid in cash as advance salary?
• Which of the following is NOT an advantage of Bonus issue by a company?
• Time of supply means
• In relation to Accounting for Investments, which of the following statements is/are correct? Statement-1: The carrying amount for long-term investments is ...
• Which of the following statements is correct?
• Section _____ of the Companies Act, 2013, provides the matters to be stated in a prospectus.
• The cost that is concerned with the determination of the cost of each activity rather than the process is called:
• Which of the following is NOT classified as a financing activity under AS 3? 
• Which form of financing involves selling accounts receivable at a discount to a third party?
• Under what circumstances does a drop lock bond convert from a floating rate to a fixed rate bond?
• According to GST Laws, from 1 August 2023, the e-invoicing is mandatory for businesses with annual aggregate turnover of over _______ in any previous finan...
• Under section 194D of the Income Tax Act, 1961, what is the rate of Tax Deducted at Source (TDS) on insurance commission, if the payee is a domestic compan...
• Mr. Rohit and Mrs. Rohit hold 20% and 30% equity shares in Virat Ltd., respectively. They are employed in Virat Ltd. (taxable salary being ₹2,20,000 p.a....
• Which of the following items does NOT appear under 'Current Assets' in a Balance Sheet? 
• Match the following Auditing and Assurance Standards (AAS) with their titles. ...
• Section 4(1) of the Payment of Gratuity Act, 1972, provides that gratuity shall be payable to an employee on the termination of his employment after he has...
• Under Section 194B of the Income Tax Act, 1961, any person responsible for paying any person any income by way of winning from any lottery or crossword puz...
• What is the net present value of the project with a 3-year life and a cost of ₹2,00,000 that generates revenues of ₹50,000 in year 1; ₹1,00,000 in ye...
• If net profit is ₹1,20,000 and total sales is ₹8,00,000, what is the Net Profit Margin, as per Vertical Analysis?
• An investment of ₹20,00,000 is projected to yield the following annual net incomes: Year 1: ₹3,00,000; Year 2: ₹4,00,000; Year 3: ₹5,00,000. Calcul...
• In relation to Employee Stock Option Plans, which of the following statements are correct? (i) Employee Stock Option Plans are increasingly being accepted ...
• A company limited by shares may issue equity shares with differential rights by passing a/an _____ at a general meeting, provided that the voting power of ...