accounting questions with answers
2,134 multiple-choice questions. Open any question for its answer and explanation.
- Which of the following statement is/are true? 1. Tax shield on depreciation and interest is an important variable both for the lessor and the lessee. 2. Lease transactions in India are governed by the lease act. 3. A lessee should evaluate the lease options against the buying option. 4. As per AS-19, financial lease is shown in the balance sheet of the lessee as an asset.
- When all the debentures are redeemed, the balance left in the Debenture Sinking Fund Account is transferred to
- In what order following items should be shown in company's balance sheet? i. Goodwill ii. Investment iii. Creditors iv. Preliminary expenses Choose answer from one of the options
- "Make sufficient provisions for future losses, but do not anticipate future profits." The statement is in accordance to the concept of
- Which account will be debited with the nominal value of shares, when shares are issued to promoters for the service offered by them?
- Whom of the following is paid at last on the dissolution of a company?
- Functions of managerial accounting and cost accounting interacting with each other
- Liquidity ratios are used
- A, B, Co. Ltd. forfeited 20 shares of Rs. 10 each, Rs. 7 called up on which C had paid application and allotment money of Rs. 5 per share. Of these, 15 shares were reissued to D @Rs. 6 per share as fully paid-up for Capital Reserve account would be
- Secret reserves may result by
- A debenture holder gets
- Which one of the following is not an example of 'financing activities' with reference to cash flow statement?
- The first accounting standard issued by the Accounting Standard Board of India (ASBI) relates to
- Double Entry System was propounded by
- Sale of furniture by a furniture dealer for cash is debited to
- Both of the old companies willnot exist in . . . . . . . .
- Which one is the principle of 'double entry system'?
- Purchases of a firm during the year is Rs. 60,000. Opening stock and closing stock for the year is Rs. 12,000 and Rs. 9,000 respectively. Gross profit is $${\frac{1}{5}^{{\text{th}}}}$$ of sales. Amount of gross profit is
- A department transferred goods to B department at cost + 25%. Out of it, stock of Rs. 10,000 remains with B department. Therefore, the amount of stock reserve will be
- Rights shares are the shares
- Balance of petty cash book represents
- A limited company issued equity shares of Rs. 100 each. It has called-up Rs. 75 on each share, but received only Rs. 60 per share. The share capital account will be credited with
- Which of the following is not correct
- Rearrange the following items on Asset side of the Balance Sheet of Company Account according to the Schedule VI of Part I 1. Current Assets 2. Investments 3. Fixed Assets 4. Miscellaneous expenditure
- Prepaid rent appearing in trial balance should be shown in
