Related InterviewSolutions

• As per the books of X Limited, Capital at the end of a year is Rs. 21,500, Drawings are Rs. 4,300 and Capital in the beginning of the year is Rs. 19,400. What is the amount of profit or loss during the year ? (in Rs.)1. 2,200 (Profit)2. 2,200 (Loss)3. 6,400 (Loss)4. 6,400 (Profit)
• Which of the following statements is INCORRECT?1. It is customer's duty to check the entries and immediately inform the bank of any error that he may notice.2. Bank pass book represents a copy of the ledger account of the bank in the books of the customer.3. These days customers can easily access their bank statement online any time as facilitated by net banking.4. These days, many bank ATMs have automated machines where one gets the passbook updated without any manual intervention
• Which of the following statements is INCORRECT?1. Under self-balancing ledger system, only two ledger accounts are prepared (Debtors Ledger and Nominal Ledger).2. Under self-balancing ledger system, a complete trial balance can also be prepared by taking up the balances of ledger accounts.3. Debtors Ledger is also known as Sold Ledger or Sales Ledger, which is maintained for recording personal accounts of trade debtors.4. Under self-balancing ledger system, each ledger is prepared under double entry system.
• Purchase of computer is recorded as an office expense:The above is regarded as a/an:1. compensating error2. error of omission3. error of commission4. error of principle
• Ramesh draws a bill on Suresh on 01.03.2017 for 2 months for Rs. 10,000 after sight date of acceptance is 06.03.2017. What is the maturity date of the bill?1. 01.05.20172. 09.05.20173. 04.05.20174. 06.05.2017
• Which of the following statement is true?1. The error involves fraud.2. The words fraud and error have the same meaning.3. The words fraud and error have different meanings.4. The word error does not exist at all.
• With respect to the concept of Bank Reconciliation Statement (BRS), which of the following statements is correct?1. BRS is the process of reconciling cash column of the cash book and bank column of the cash book.2. There are 3 types of differences between the cash and pass book, namely timing, transactions and errors.3. Overcasting of the debit side of the cash book is an example of a difference that is due to timing.4. Debit balance in the cash book is same as overdraft as per the pass book.
• Decrease in liability results in 1. Debit 2. Credit 3. No effect 4. Both debit and credit 5. None of the above
• Double entry system of bookkeeping refers to:1. Each transaction is recorded twice, once in journal and then in subsidiary book2. Each transaction is recorded in two sets of account books3. The number of accounts with a debit balance must agree with the number of accounts with the credit balance4. Equal debit and credit entries are made for each transaction
• Which of the following is NOT a characteristic of a Bill of Exchange?1. Bill of Exchange must be in writing.2. Bill of Exchange must be dated.3. The promise to pay must always be conditional.4. Bill of Exchange should be properly stamped.