100 Accounts MCQ Questions in english

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100 Accounts MCQ Questions in english हिन्दी

72. The rate of tax, under the Income Tax Act, 1961, on long-term capital gains received due to the sale of listed equity shares is :

A. 5%

B. 10%

C. 20%

D. 30%

71. The term 'capital employed' refers to:

A. The total liabilities of a company

B. The total equity and long-term borrowings of a company

C. The total assets of a company

D. The fixed assets of a company

70. Which of the following represents a company's long-term financing sources?

A. Retained earnings

B. Bank overdraft

C. Trade creditors

D. Short-term bank loans

69. Which of the following taxes is applicable to the supply of goods and services in India?

A. Excise Duty

B. Service Tax

C. Goods and Services Tax (GST)

D. Value Added Tax (VAT)

68. Which of the following transactions would result in an increase in a company's liabilities?

A. Repayment of a loan

B. Issuance of share capital

C. Purchase of equipment on credit

D. Depreciation of assets

67. Which of the following is NOT classified as a non-current asset?

A. Property, plant, and equipment

B. Intangible assets

C. Investments in subsidiary companies

D. Inventory

66. A firm has to do the audit for its financial audit under Indian GAAP.

A. Every six months

B. When somebody complains

C. Annually, as per the provisions of the Companies Act

D. Biannually

65. 'Net realizable value' is the term for:

A. Cost of any asset minus accumulated depreciation

B. An asset's ability to be sold in the market at a certain value.

C. The quantity of cash expected to be brought in by an asset given a cost that includes carrying value.

D. An amount of asset, after including cost to which the entity expect to recover.

64. The Companies Act, 2013 states that the financial statements need to be signed by how many directors of the company?

A. One

B. Two

C. Three

D. Four

63. Which of the following is true about 'cash basis' of accounting?

A. Revenue is accounted for when it is earned, regardless of when the cash is received.

B. Expenses are accounted for when they are paid, regardless of when the expenses are incurred.

C. Revenues are accounted for when cash is received.

D. The cash basis is required under the accounting standards of India.

62. Which of the following types of income is liable to be called 'capital gains tax' in India?

A. Interest earned on savings

B. Sales proceeds of movables

C. Sales proceeds of shares and securities

D. Business and professional income

61. The accounting treatment of a 'revaluation surplus' under Indian Accounting Standard is:

A. It is reported as income in the profit and loss account.

B. It is transferred to retained earnings.

C. It is presented under a different segment of equity in the balance sheet.

D. It is considered as a provision for future liabilities.

60. Which of the following is a measure of financial leverage?

A. Current ratio

B. Debt-to-equity ratio

C. Return on equity

D. Gross profit margin

59. Which of the following is NOT allowed as an expense in computing the taxable income of a company under the Indian Income Tax Act?

A. Depreciation

B. Donations to charity

C. Salaries to employees

D. Dividend paid to shareholders

58. Which of the following would be an operating activity in a cash flow statement?

A. Issuance of share capital

B. Purchase of machinery

C. Interest paid to creditors

D. Borrowing from banks

57. Which of the following incomes are tax-exempt under Section 10 of the Income Tax Act, 1961 in India?

A. Income from agriculture

B. Interest on loans

C. Rent from property

D. Business profits

56. Under the Companies Act, 2013, the maximum number of directors allowed in a private company is:

A. 5

B. 10

C. 12

D. 15

55. What does 'earnings before interest and tax' (EBIT) represent?

A. Profit before tax

B. Profit after tax

C. Operating income excluding the effect of financing costs and taxes

D. Total income from operations

54. Which of the following is NOT a non-operating expense?

A. Interest on borrowed funds

B. Depreciation

C. Loss on sale of fixed assets

D. Salaries of employees

53. 'Impairment of assets' is the word for:

A. Decrease in asset value due to its physical deterioration

B. The diminution in an asset's recoverable value

C. Gradual decrease in value of an asset that has been used over its useful life

D. A reduction in the useful life of an asset

52. What is the main purpose of 'Cash Flow Statement' in financial reports?

A. To arrive at net income

B. To present the change in shareholders' equity

C. To reflect the inflows and outflows of cash during the reporting period

D. To ascertain whether an enterprise is profitable or not

51. Which of the following is a kind of an 'income for tax purposes' as understood in Indian law?

A. Long-term capital gain

B. Interest income on savings account

C. Dividend from a subsidiary

D. Income from the sale of land

50. Which of the following is treated as an operating lease under Indian GAAP?

A. Lease for an amount of 99 years

B. Lease where the lessee owns the asset at the end of the lease period

C. A lease with a duration less than the life of the asset

D. A lease in which the present value of the lease payments equals to the fair value of the leased asset.

49. Which of the following is an 'internal control' in accounting?

A. Revenue recognition

B. Accounting policies

C. Physical verification of assets

D. Auditing standards

48. A business entity must apply the accounting policy consistently for:

A. Each type of transaction

B. Each accounting period

C. Each class of asset

D. Each source of revenue

47. Which of the following would be reported in the 'Statement of Profit and Loss' under 'Other Income'?

A. Dividend income

B. Interest on loans

C. Sale of assets

D. Depreciation

46. As per Indian accounting standards, which of the following is a non-current liability?

A. Trade payables

B. Short-term borrowings

C. Long-term borrowings

D. Current portion of long term debt

45. If there is an amendment in the Indian Income Tax Act, how soon does the new provision come into force?

A. Immediately after the Budget

B. At the beginning of the next financial year

C. 6 months after the Budget

D. As deemed fit by the CBDT (Central Board of Direct Taxes)

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