List of top Accountancy Questions

As per the Financial Statement of X ltd, its shareholder's funds are ₹ 25,00,000. Non current liabilities are ₹ 4,80,000 and current liabilities are ₹ 10,00,000. Non current assets are ₹ 13,80,000. Working capital of the company is :

Alia and Deepika are partners in a firm. They admitted Priyanka into partnership giving her \(\frac{1}{5}\)th share which she acquired from Alia and Deepika in the ratio of 1:2. What will be the new profit sharing ratio ?

Radhika and Raman are the partners in a firm sharing Profits in the ratio of 7:3. They admitted Kamal as a new partner for \(\frac{1}{10}\)th share. Kamal brings ₹ 19,75,000 as his capital and necessary share for premium for goodwill. It was agreed to value the goodwill at 3 years purchase of super profit. During the year, the firm earned a profit of ₹ 4,50,000 and capital employed ₹ 17,50,000. If normal rate of return is 15%, calculate the amount that Kamal should bring in for goodwill.

At the time of admission of a new partner, general reserve appearing in the old Balance Sheet is transformed to :-

At the time of retirement of a Partner, gain on revaluation will be credited to :

Under which system of Branch Accounting, branch account is opened for each branch separately in the books of the head office?

Which element of auditing establishes the correspondence of actual facts or details with those represented in accounts?

Mr. Amit is a charted accountant in practice. His sister's husband holds equity shares in ABC limited. State whether Mr. Amit is qualified or disqualified to be an auditor of ABC limited as per which section of companies Act, 2013?

Which of the following in not a type of flow represented in a channel of distribution?

Which among the following is not the element of prime cost?

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as-

It is defined as any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor. What is it?

From the trial balance and other information provided by school for the year ended 31st March 2017.Answer the question.

Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Building	6,25,000	Admissions fees	12,500
Furniture	1,00,000	Tuition fees received	5,00,000
Library Books	1,50,000	Creditors for supplies	15,000
Investment @12%	5,00,000	Rent for the school hall	10,000
Salaries	5,00,000	Miscellaneous receipts	30,000
Stationery	40,000	Government grant	3,50,000
General expenses	18,000	General fund	10,00,000
Sports expenses	15,000	Donation for library books	62,500
Cash at bank	50,000	Sale of old furniture	20,000
Cash in hand	2,000
	20,00,000		20,00,000

Additional Information:
i. Tuition fee yet to be received for the year are ₹25,000.
ii. Salaries yet to be paid amount to ₹30,000.
iii. Furniture costing 40,000 was purchased on October 1,2016.
iv. The book value of the furniture sold was ₹50,000 on April 1, 2016
v. Depreciation is to be charged @ 10%p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.

Eicher Ltd. issued 50,000 shares of 10 each at a premium of 15 per share payable as follows:
On application     ₹3 per share
 On allotment       ₹5 (including 3 Premium)
 On First Call         ₹5 (including 2 Premium)
On Final Call          Balance amount
Application were received for 72,000 shares. Directors allotted 50,000 shares to the applicants applying for 65,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sum due on allotment. All the money was duly received with the exception of first call from Rahul, who applied for 2,600 shares. Due to nonpayment of I^st call his share were forfeited immediately. Later on these share were re-issued at minimum issue price. 
  On the basis of following case study, answer the question.

Match List I with List II

List I		List II
A.	Laplace Principle	I.	View point falls between extreme pessimism and extreme optimism.
B.	Savage B. II. Principle	II.	Uncertain about events then treat them equally probable.
C.	Hurwitz principle	III.	Choosing the best option from set of worst options.
D.	Maximin principle	IV.	Selecting course of action that minimizes the maximum regret.

Choose the correct answer from the options given below:

Match List I with List II

List I		List II
A.	Buffer inventory	I.	Transportation time is involved in transferring the resources.
B.	Anticipation Inventory	II.	Works as shock absorber in case of contingency.
C.	Decoupling Inventory	III.	Held according to anticipation of future demand
D.	Movement Inventory	IV.	Protection against the uncertainties of demand and supply

Choose the correct answer from the options given below:

The Gross Domestic Product (GDP) may be defined as :

Which one of the following is quantitative model of time series analysis for business forecasting.

The Government appointed an Inter ministerial - Task force on Agricultural marketing reforms. The Recommendation of the committee (2002) are :
A. Exemption of Agricultural Income from taxation.
B. Introduction of priority Loan to be sanctioned to the farmers.
C. Promotion of direct marketing and contract farming.
D. Development of Agricultural markets in private and co-operative sectors.
E. Expansion of future trading to cover all agriculture markets.
Choose the correct answer from the options given below:

_______is a function of the costumer's perception, his/her attitude towards it, and the economic value or price that the customer attaches to the brand:

The LM curve is a locus of points showing equilibrium points of the money market at different levels of:
A. Interest
B. Supply of money
C. Income
D. Consumption
E. Demand for money
Choose the correct answer from the options given below:

The cost audit is important for management because :
A. Cost audit helps in determination and allocation of cost of product.
B. It helps to identify wastage, inconsistency and irregularity in production.
C. It helps in proper valuation of inventory.
D. It facilitates settlement of industrial disputes.
E. It serves as a basis to charge tax on the cost of finished goods.
Choose the most appropriate answer from the options given below :

v

Which of the following is not a tangible customer value ?

Arrange the steps involved in product life cycle in correct sequence:
A. Introduction
B. Growth
C. optimum sales Realization
.D. Maturity
E. Decline
Choose the correct answer from the options given below: