Practice Basic Accounting Concepts Questions and Answers

• The Bank overdraft repayable on demand will be reported in the cash flow statement as _____
• Refer to the following Data. Balance Sheet Amount (Rs.) Fixed Assets 3,00,000 Cash 60,000 Inventory 40,000 Total Assets 4,00,000     Share Capital 2,00,...
• 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...
• Which of the following document provides details of tax and non-tax revenue receipts and capital receipts and explains the estimates?
• Recently SEBI has issued a master circular on the redressal of investor grievances through the which of the following platform?
• Which insurance firm recently launched Emerging Opportunity Fund, which will invest in mid-cap companies and emerging market leaders with the potential to ...
• Which loan does not require the borrower to pay back during their lifetime?
• Which of the following statements about Net Owned Fund (NOF) requirement for ARCs is true?
• What are the eligible investors under the Fully Accessible Route (FAR)?
• If the company earned revenue from operations of Rs.18 lakh, what is the working capital turnover ratio of the company?
• What is LIBOR?
• What is the primary purpose of the money market?
• What is the maturity period for Treasury Bills?
• What is a Private Placement?
• In a Public-Private Partnership (PPP), what is the purpose of Viability Gap Funding (VGF)?
• Which of the following is NOT a component of the CAMELS rating system used for bank evaluation?
• W hich of the following types of account best describes a “Provision for doubtful assets” account ?  
• The Indian Accounting Standard (Ind AS) 1 deals with the requirements for presenting general purpose financial statements consisting of the Balance Sheet, ...
• Which of the following accounting concept is the same as the accrual concept?
• As per the accounting standards, impairment loss on an asset occurs when recoverable amount is less than the carrying amount. Which of the following correc...
• Revenue from Contracts with Customers is detailed by the Ind AS 115 that talks about revenue recognition from a contract with a customer for transfer of go...
• A company initiated the process of raising money by issue of equity shares. It received the share application money, but the allotment is pending. The mone...