A. Every six months

B. When somebody complains

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

D. Biannually

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.

A. One

B. Two

C. Three

D. Four

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.

A. Interest earned on savings

B. Sales proceeds of movables

C. Sales proceeds of shares and securities

D. Business and professional income

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.

A. Current ratio

B. Debt-to-equity ratio

C. Return on equity

D. Gross profit margin

A. Depreciation

B. Donations to charity

C. Salaries to employees

D. Dividend paid to shareholders

A. Issuance of share capital

B. Purchase of machinery

C. Interest paid to creditors

D. Borrowing from banks

A. Income from agriculture

B. Interest on loans

C. Rent from property

D. Business profits

A. 5

B. 10

C. 12

D. 15

A. Profit before tax

B. Profit after tax

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

D. Total income from operations

A. Interest on borrowed funds

B. Depreciation

C. Loss on sale of fixed assets

D. Salaries of employees

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

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

A. Long-term capital gain

B. Interest income on savings account

C. Dividend from a subsidiary

D. Income from the sale of land

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.

A. Revenue recognition

B. Accounting policies

C. Physical verification of assets

D. Auditing standards

A. Each type of transaction

B. Each accounting period

C. Each class of asset

D. Each source of revenue

A. Dividend income

B. Interest on loans

C. Sale of assets

D. Depreciation

A. Trade payables

B. Short-term borrowings

C. Long-term borrowings

D. Current portion of long term debt

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)

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

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.

A. 50

B. 100

C. 200

D. 1000

A. Asset accounts

B. Expense accounts

C. Revenue accounts

D. Dividend accounts

A. Current liabilities

B. Fixed assets

C. Shareholders' equity (as a reduction)

D. Contingent liabilities

A. 1

B. 2

C. 3

D. 7