100 Accounts MCQ Questions in english

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100 Accounts MCQ Questions in english हिन्दी

16. According to which accounting principle, expenses should be recognized in the same period in which it helped the revenue to be generated?

A. Accrual principle

B. Matching principle

C. Consistency principle

D. Prudence principle

15. Which of the following statements is correct about Indian Accounting Standards (Ind AS)?

A. They are applicable to only public companies.

B. They are in conformity with IFRS (International Financial Reporting Standards).

C. They are mandatory only for large companies.

D. They are a set of tax-related guidelines.

14. What is the maximum time period for the income tax returns for an individual in India under normal circumstances?

A. 31st March

B. 30th June

C. 31st July

D. 31st December

13. Which of the following is NOT treated as current liability?

A. Trade Payables

B. Short-term loans

C. Dividend Payable

D. Long-term debt

12. The term ‘deferred tax liability’ arises due to:

A. Temporary difference between book profit and taxable profit

B. The company's choice to do prepaid taxes

C. Revaluation of fixed assets

D. Tax laws are changed

11. Which of the following is a characteristic of a public company under the Indian Companies Act?

A. It must have at least 2 members.

B. It can offer shares to the public.

C. It must have at least 1 director.

D. It cannot issue debentures.

10. Which of the following bodies regulates the Goods and Services Tax (GST) in India?

A. Ministry of Finance

B. GST Council

C. Reserve Bank of India

D. Securities and Exchange Board of India (SEBI)

9. As per Indian Accounting Standards, an asset is recognized when:

A. It is probable that future economic benefits will flow to the enterprise.

B. The legal title is transferred to the company.

C. The cash is paid for the asset.

D. The asset is held under physical control.

8. Which of the following is NOT a type of accounting error?

A. Error of omission

B. Error of commission

C. Error of principle

D. Error of judgment

7. Which of the following taxes is a direct tax in India?

A. Sales Tax

B. Value Added Tax (VAT)

C. Income Tax

D. Goods and Services Tax (GST)

6. The term 'working capital' refers to:

A. Total assets minus total liabilities

B. Current assets minus current liabilities

C. Fixed assets minus current liabilities

D. Current assets plus fixed assets

5. Which of the following is treated as a contingent liability under Indian GAAP?

A. Outstanding expenses

B. Bills receivable

C. Guarantee given by the company

D. Provision for doubtful debts

4. Under the Companies Act, the minimum number of directors required for a public company is:

A. 1

B. 2

C. 3

D. 4

3. The accounting entry to record the payment of income tax will include:

A. Debit to Income Tax Expense, Credit to Cash

B. Debit to Income Tax Expense, Credit to Bank

C. Debit to Bank, Credit to Income Tax Expense

D. Debit to Bank, Credit to Tax Payable

2. Which of the following taxes is levied by the central government in India?

A. Sales Tax

B. Income Tax

C. Property Tax

D. Entertainment Tax

1. Which of the following is NOT a characteristic of a partnership?

A. Mutual agency

B. Limited liability

C. Profit sharing

D. Contractual relationship

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