10489+ MCQ Questions in english

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10489+ MCQ Questions in english हिन्दी

5505. Which of the following is a characteristic of 'capital reserves' under Indian GAAP?

A. They are created by the transfer of profits.

B. They are used for distributing dividends.

C. They arise from the revaluation of assets or through capital contributions.

D. They are shown under current liabilities in the balance sheet.

5504. What is the proper accounting for a sale and leaseback transaction?

A. The sale is revenue, and the lease is an operating lease.

B. The sale is treated as a capital expenditure, and the lease is treated as a financial lease.

C. The sale is ignored, and the lease is treated as a finance lease.

D. The leaseback transaction does not affect the financial statements.

5503. The ‘extraordinary items’ in the profit and loss account of a company refer to:

A. Income from normal business operations

B. Unusual and infrequent events affecting the profit of the company

C. Recurring investment income

D. Income generated by normal business operations

5502. Which of the following taxes is levied on the purchase of goods or services under the GST regime?

A. Value Added Tax (VAT)

B. Central Sales Tax (CST)

C. Goods and Services Tax (GST)

D. Excise Duty

5501. Under Indian accounting standards, when is a provision recognized in financial statements?

A. When it is probable that an outflow of resources will be required to settle the obligation.

B. When the company is legally obligated to pay.

C. When a specific amount of liability is determined.

D. When payment is made to settle a liability.

5500. Which of the following is NOT a feature of the IFRS (International Financial Reporting Standards) compared to Indian GAAP?

A. IFRS is principle-based rather than rule-based

B. IFRS has a more comprehensive framework

C. IFRS provides detailed guidance for specific industries

D. IFRS is mandatory for all companies in India

5499. Which of the following ratios measures a company's ability to meet its short-term liabilities?

A. Current ratio

B. Return on assets

C. Inventory turnover ratio

D. Price-to-earnings ratio

5498. The treatment of 'contingent liabilities' is:

A. They are recorded as liabilities in the balance sheet.

B. They are disclosed in the notes to the financial statements.

C. They are capitalized.

D. They are ignored in the financial statements.

5497. According to Indian accounting standards, which of the following is to be disclosed in the annual financial statements?

A. Personal information of directors

B. Auditor's report and opinion

C. Future projects and business strategy

D. Revenue projections for the next 3 years

5496. Which of the following would be an 'event after the reporting period' within the context of Indian Accounting Standards (Ind AS)?

A. A major fraud that occurred after the reporting date

B. A change in accounting estimates

C. A seasonal fluctuation in the market

D. Depreciation on fixed assets

5495. 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%

5494. 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

5493. 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

5492. 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)

5491. 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

5490. 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

5489. 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

5488. '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.

5487. 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

5486. 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.

5485. 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

5484. 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.

5483. 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

5482. 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

5481. 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

5480. 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

5479. Under the Companies Act, 2013, the maximum number of directors allowed in a private company is:

A. 5

B. 10

C. 12

D. 15

5478. 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

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10489+ MCQ Questions in english हिन्दी

5505. Which of the following is a characteristic of 'capital reserves' under Indian GAAP?

5504. What is the proper accounting for a sale and leaseback transaction?

5503. The ‘extraordinary items’ in the profit and loss account of a company refer to:

5502. Which of the following taxes is levied on the purchase of goods or services under the GST regime?

5501. Under Indian accounting standards, when is a provision recognized in financial statements?

5500. Which of the following is NOT a feature of the IFRS (International Financial Reporting Standards) compared to Indian GAAP?

5499. Which of the following ratios measures a company's ability to meet its short-term liabilities?

5498. The treatment of 'contingent liabilities' is:

5497. According to Indian accounting standards, which of the following is to be disclosed in the annual financial statements?

5496. Which of the following would be an 'event after the reporting period' within the context of Indian Accounting Standards (Ind AS)?

5495. 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 :

5494. The term 'capital employed' refers to:

5493. Which of the following represents a company's long-term financing sources?

5492. Which of the following taxes is applicable to the supply of goods and services in India?

5491. Which of the following transactions would result in an increase in a company's liabilities?

5490. Which of the following is NOT classified as a non-current asset?

5489. A firm has to do the audit for its financial audit under Indian GAAP.

5488. 'Net realizable value' is the term for:

5487. The Companies Act, 2013 states that the financial statements need to be signed by how many directors of the company?

5486. Which of the following is true about 'cash basis' of accounting?

5485. Which of the following types of income is liable to be called 'capital gains tax' in India?

5484. The accounting treatment of a 'revaluation surplus' under Indian Accounting Standard is:

5483. Which of the following is a measure of financial leverage?

5482. Which of the following is NOT allowed as an expense in computing the taxable income of a company under the Indian Income Tax Act?

5481. Which of the following would be an operating activity in a cash flow statement?

5480. Which of the following incomes are tax-exempt under Section 10 of the Income Tax Act, 1961 in India?

5479. Under the Companies Act, 2013, the maximum number of directors allowed in a private company is:

5478. What does 'earnings before interest and tax' (EBIT) represent?

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