Practice ESIC Part B Questions and Answers

• Purchase refers to the buying of
• Long term assets having no physical existence but, possessing a value is called as
• Personal accounts are related to:
• In India, the accounting standard board was set up in the year
• Transaction is referred as which event in accounting?
• Which accounting principle states that companies and owners should be treated as separate entities.
• Using 'lower of cost and net realisable value' for the purpose of inventory valuation is the implementation of which of the following concepts?
• The revenue recognition principle dictates that all types of incomes should be recorded or recognized when
• Which of the following statements is true about the accounting equation?
• On January 1st, 2009 an entity's balance sheet showed total assets of Rs. 750 and liabilities of Rs. 250. Owners' equity at January 1st was?
• Which one of the following equations correctly expresses the relationship between assets (A), liabilities (L), revenues (R), expenses (E) and capital (C)?
• Among these statements which one is incorrect regarding journal entry?
• Recording of transaction in a Journal is called 
• A trial balance is a
• P&L statement is also known as? 
• Profit on sale of old plant is shown –
• The profit on sale of old furniture should be credited to:
• An example of intangible asset is:
• Expenditure of installation of a new machinery, is: 
• A prepayment of insurance premium will appear in
• Profit and Loss Account is prepared:
• Which of the following statements is/are correct regarding the “Employees’ pension scheme”? I.            The EPS, administered by the EPF...
• With reference to casual workers employed in India, which of the following statements is/are correct? I.            All casual workers are entit...
• Which of the following statements is/are correct regarding “PM suraksha bima yojana”? I.            Individuals in the age group of 18-70 y...
• How is self-generated goodwill recognized in accounting?
• What is the maximum daily work hour limit fixed under the Occupational Safety, Health and Working Conditions Code, 2020? 
• What is the provision for fixed-term employment in the Code on Industrial Relations, 2020?
• How is the return on debentures determined?
• Which of the following represents ownership in a company?
• Which of the following statements is/are correct regarding “Pension Fund Regulatory and Development Authority? I.            It is the Statut...
• Regarding ‘Atal Pension Yojana’, which of the following statements is/are correct? I.            It is a minimum guaranteed pension scheme m...
• What is the provision made for funeral expenses in addition to compensation, as per the amendment made in 1995?
• According to “Payment of gratuity Act 2018 (Amendment)” what is maximum amount of gratuity is?
• Who is known as an “Administrative Authority” under “Mines act 1952”?
• According to “The bonus Payment Act 1965” what is the definition of “Employee”?
•  The Maximum Bonus that one can get under the “Bonus payment act 1965”is?
•  The members of “Child Labour Technical Advisory Committee” are appointed by?
• Who among the following is responsible for the formulation of the “Internal Complaint Committee” under the Protection of Women from Sexual Harassment (...
• Who among the following coined the term “Social Security”?
• How has globalization impacted Indian culture? I.            Increased homogenization of cultural practices II.            Increased ...