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Practice Basic Accounting Concepts Questions and Answers

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 _____
What is the Current Ratio of JKL Ltd based on given information?
A company reported net profit before tax of Rs.36,100. It has raised debt capital of Rs.250,000 through 13% debentures. What is the interest coverage ratio...
What is the minimum vesting period in case of ESOPs?
An asset bought at Rs.10 lakh was sold for Rs.4 lakh after 3 years. What is the depreciation charged on the asset per year as per straight line method?
A company has opening balance of debtors of Rs.3 lakh. If the doubtful provision is 5% and discount is 2%, what is the net balance of debtors at the end of...
What will be the BEP in units when the sales price is Rs.40 per unit, fixed cost is Rs.60000 and the PV ratio is 40%?
Calculate the valuation of closing stock using simple average method from the following information: · 100 units purchased for 20 each ·�...
As per AS- 2 what should be the valuation of inventory from the following information: Purchase Price = 2000 Trade Discount = 200 Cash Discount = 100 Deliv...
Which of the following statement is incorrect with respect to provisions?
Which of the following is eligible for appointment as an auditor of a company?
How many directors can be appointed by small shareholders in a company?
Which of the following statements is incorrect regarding monopolistic competition?
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) of the Government of India is available to people in the age group of having a bank account who give t...
Which of the following Schemes of Government contributed towards Inclusive Growth of India? I- Mahatma Gandhi National Rural Employment Guarantee Act (MGNR...
Sukanya Samriddhi Account Scheme is one of the major schemes of Government of India targeted at the parents of girl children. The scheme encourages parents...
Which of the following is the major objective of Rashtriya Gram Swaraj Abhiyan?
Income limit for rebate of income tax increased from ₹5 lakh to ____ lakh in the new regime of Budget of 2023-24.
Every individual subscriber is issued a Permanent Retirement Account Number (PRAN) under NPS. How many digits are there in PRAN?
The Union Budget for 2018-19 announced that farmers in India would be given an MSP of at least one and a half times the cost of production. Accordingly, th...
Recently RBI approved five banks to work with it on a pilot project for its digital currency -- the Digital Rupee, which of the following is not in the lis...

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