Practice Accounts Questions and Answers

• 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 ...
• As per the Companies Act, 2013, the audit committee shall have powers: (i) to investigate any activity within its terms of reference (ii) to seek informati...
• Find the gross profit based on the following information. Opening stock ₹10,000 Credit purchase ₹50,000 Cash purchase ₹60,000 Return inward ₹10,000...
• Section 2(88) of the Companies Act, 2013, defines the expression ‘________________’ as such equity shares as are issued by a company to its directors o...
• Virat Ltd. issues 5,000 10% preference shares of ₹100 each at ₹96 each. The company proposes to redeem the preference shares at the end of the 10th yea...
• Which of the following statements is INCORRECT?
• What are the major challenges an organisation may encounter when implementing budgetary control? 
• A company issues 20,000 debentures where only 15,000 debentures are underwritten by Mr. X. After completion of the application process, the company found t...
• What is the maximum time allowed to complete a buyback offer from the date of passing a special resolution? 
• ABC Ltd. wants to conduct a vertical analysis of its income statement. To standardise its financial data, each line item should be presented as a proportio...
• What is the key difference between internal and external reconstruction?
• What is the primary role of the Special Purpose Vehicle (SPV) in debt securitization?
• Which of the following will be considered as the long-term objective of financial management?
• According to RULE 18(7)(C) of the Companies (Share Capital and Debentures) Rules, 2014, every company required to create/maintain debenture redemption rese...
• In relation to Financial Management, which of the following statements are correct? (i) Financial Management as the name suggests is the management of fina...
• A company has a net profit of ₹5,00,000 and 1,00,000 equity shares outstanding at the beginning of the year. During the year, it issued 50,000 additional...
• According to the Banking Regulation Act, 1949, non-banking assets must be disposed off within _____ years from the date of acquisition or period extended b...
• As per the Companies Act, 2013, Sections _____ provide for the qualifications, disqualifications, appointment, removal, rights, duties and liabilities of c...
• Which of the following is NOT regarded as a financing decision under financial management?
• Which of the following incomes is taxable under the head income from other sources?
• In relation to trend analysis, which of the following statements is/are correct? Statement-1: The trend analysis of ratios indicates whether the financial ...