100 Accounts MCQ Questions in english

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100 Accounts MCQ Questions in english हिन्दी

44. Which of the following is NOT a characteristic of a 'non-profit organization'?

A. They do not distribute profits to members

B. They are mainly engaged in charitable, religious, or social activities

C. They generate income for their members

D. They keep a fund or reserve for future operations

43. What is correct regarding the 'provision for doubtful debts'?

A. It is an asset.

B. It decreases the total assets in the balance sheet.

C. It increases the total income.

D. It is stated in the liabilities section of the balance sheet.

42. According to the Companies Act, 2013, a private company has the maximum members as:

A. 50

B. 100

C. 200

D. 1000

41. Which of the following types of accounts will carry a credit balance?

A. Asset accounts

B. Expense accounts

C. Revenue accounts

D. Dividend accounts

40. 'Discount on Issue of Shares' is presented in the balance sheet under which of the following?

A. Current liabilities

B. Fixed assets

C. Shareholders' equity (as a reduction)

D. Contingent liabilities

39. According to the Companies Act, 2013, the minimum number of shareholders for a private company is:

A. 1

B. 2

C. 3

D. 7

38. The 'Accounting Year' for taxation purposes in India is usually:

A. A calendar year

B. A financial year from 1st April to 31st March

C. A financial year from 1st January to 31st December

D. Any 12-month period as determined by the business

37. The 'Assessee' under the Income Tax Act means:

A. Any person liable to pay tax or any other sum of money

B. Only individuals who earn income

C. Only companies

D. Only public sector units

36. Which of the following is a capital expenditure?

A. Salary expenses

B. Rent expenses

C. Purchase of machinery

D. Office supplies

35. The financial year in India for income tax purposes runs from:

A. 1st January to 31st December

B. 1st April to 31st March

C. 1st June to 31st May

D. 1st October to 30th September

34. In the case of a limited liability partnership (LLP), the liability of the partners is:

A. Unlimited

B. Limited to the extent of their capital contribution

C. Limited to the personal assets of the partners

D. Limited to the amount guaranteed by the LLP

33. Which of the following is a characteristic of 'Ind AS 109 - Financial Instruments'?

A. It deals with the classification and measurement of financial assets

B. It prescribes the accounting treatment for lease transactions

C. It deals with the treatment of goodwill

D. It provides guidelines for preparing the statement of cash flows

32. The Goods and Services Tax (GST) was introduced in India on:

A. 1st April 2017

B. 1st July 2017

C. 1st August 2017

D. 1st January 2018

31. Which of the following is a characteristic of a statutory audit?

A. It is done at the discretion of the company

B. It is done according to the provision of the Companies Act, 2013

C. It is optional for small companies

D. It is only concerned with the profitability of the company

30. The term 'carrying amount' is referred to as:

A. Market value of an asset

B. The cost of an asset in the historical period

C. The net value of an asset after the depreciation

D. The amount paid for an asset

29. Which of the following statements is correct for 'prepaid expenses'?

A. They are current assets.

B. They are current liabilities.

C. They are long-term assets.

D. They are income.

28. What does 'provision' refer to, in accounting language?

A. Future expense that is certain

B. Uncertain future expense

C. Liability due to uncertain future events

D. Current liability of routine expenses

27. Which of the following is the rate of GST on most goods and services in India under the GST regime?

A. 5%

B. 12%

C. 18%

D. 28%

26. A partnership firm must keep the books of accounts for how many years under the Indian Income Tax Act?

A. 2 years

B. 5 years

C. 8 years

D. 10 years

25. A company has to present its financial statements under which of the following?

A. Indian Accounting Standards (Ind AS)

B. IFRS (International Financial Reporting Standards)

C. Generally Accepted Accounting Principles (GAAP)

D. Companies Act, 2013

24. Which of the following is an indirect tax?

A. Corporate Tax

B. Income Tax

C. GST

D. Property Tax

23. Of the following, which is NOT included in COGS?

A. Direct labor costs

B. Manufacturing overhead

C. Selling and distribution expenses

D. Direct material costs

22. What are some of the main reasons for preparing financial accounting?

A. To determine tax liability

B. To get financial statements for use by the entity's management

C. To include day-to-day transactions

D. To get financial statements for use by outsiders

21. Which of the following is an example of a non-operating income item?

A. Sale of goods

B. Sale of fixed assets

C. Income from services

D. Interest income

20. The Income Tax Act, 1961 in India applies to:

A. Companies only

B. Individuals and businesses

C. Individuals only

D. Businesses and government organizations

19. The audit of a company is carried out as per which of the following Acts?

A. Companies Act, 2013

B. Indian Partnership Act, 1932

C. Income Tax Act, 1961

D. Goods and Services Tax Act, 2017

18. Which of the following is NOT a characteristic of Indian VAT?

A. It is a multi-stage tax

B. It is charged on the value added at each stage of production

C. It is a direct tax

D. It is levied by state governments

17. The word 'capital employed' means

A. Equity capital plus reserves

B. Total assets minus current liabilities

C. Total liabilities minus fixed liabilities

D. Fixed assets plus working capital

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