Practice Basic Accounting Concepts Questions and Answers

• Special effects used to introduce slides in a PowerPoint or any other Software presentation are known as ________?
•   On or before 15th December, how much advance tax liability must have been deposited?
• Which article of the Constitution of India prohibits arbitrary collection of tax?
•   The application of audit procedures to less than 100% of items within a population of audit relevance is:
• The Investor and Education Fund is established by the Central Government under ______ of the Companies Act, 2013. The Chairman of this fund is __________.
• Consider the following and select which of them forms a part of capital receipts for the GoI I.          ...
• PQR Ltd consumes a minimum of 1250 units in 4 weeks while the average rate of consumption per week is 625 units. If it takes 4 weeks on average for the sup...
• A s per which concept, total Notional profit should not be transferred to Profit and Loss Accounts but the portion of it should be kept in reserve to meet...
•   Interest paid on Debentures will come in which of the following activities in the Cash Flow Statement?
• ……………….. is the order size that minimizes the sum of ordering and holding costs related to raw material inventories ...
• Which of the following best describes a Bridge Loan?
• As per Schedule III, which of the following is not a current liability?
• The investments which by their nature are readily realizable and are intended to be held for less than a year from the date when such investment is done ar...
• Which of the following function of management requires intellectual ability?
• Which of the following strategy is made by the senior most management in large corporates?
• According to Keynesian, which of the following could lead to high unemployment?
• What are the custodian’s asset servicing charges for Atal Pension Yojana (APY)?
• SEBI has divided the Non-institutional Investors (NII) category into two based on the application size for book-built IPOs. What proportion of NIIs has bee...
• Equity Multiplier allows the Investors to see: (In DuPont Analysis)
• What would be the real rate of interest If the money discount rate is 19% and Inflation is 12%
• What among the following is the item related to off- balance sheet exposure? A.    Deposits B.    Guarantee C.   Call Options ...
• MNP Inc has a gross profit of Rs 75000 on a sale of Rs 350000. The balance sheet shows average total assets of Rs 200000 with an average inventory of Rs 50...
• NMO Inc has the following accounting information Current Assets at the beginning of a year = Rs 580 Current Assets at the end of a year = Rs 620 Current ...
•   ABC Inc’s Income statement shows a sale of Rs 2000, COGS of Rs 800, Pre-Interest Operating Expenses of Rs 600 and Interest expenses of Rs 200. Interes...
• Mr. X has purchased an index option with a strike price of Rs 1500. What will be his net gain or loss if the price of an index at maturity is Rs 1550 and t...
• Owners’ equity is shown as the liability in the balance sheet. This is based on the accounting concept:
• Which one of the following is not a purpose of "credit monitoring"?
• What does cash flow means in accounting parlance?
• In a period of rising prices and stable inventory quantities, which of the following best describes the effect on gross profit of using LIFO as compared to...
• The discount rate that makes the present value of expected cash flows from the project equal to the initial cost of the project is called:
• Which one of the following is a second method of Calculation of Maximum Permissible Bank finance recommded by Tandon Committee?
• Based on the following information- calculate the initial investment in the project. Cost of machine = Rs. 54,00,000 Installation charges = Rs. 12,000 S...
• A company issues 5,00,000 shares in the market. The face value of each share is Rs.2, the book value is Rs.10 and the market value is Rs.15. What is the ne...
• Match the following: Term Feature A.    CDO 1)    Pooled cash-flows sold to investors in discreet tranch...
• Which of the following has a direct impact on human resource objectives?
• Which of the following concepts describes the line of authority should flow from top management to bottom?
• The Reserve Bank of India (RBI) uses the monetary policy to manage liquidity or _____ in a manner that balances inflation and at the same time aids growth....
• What is the difference between GVA and GDP?
• NPS is regulated by _____
• The Bank overdraft repayable on demand will be reported in the cash flow statement as _____