InterviewSolution
Saved Bookmarks
InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
M/s ABC Enterprises purchased a machine in the start of the year amounting to Rs 10,00,000. But as on 31st March i.e. end of the Financial Year, the market price of the machine falls to Rs 8,00,000. According to Historical cost/ cost principle, at which value will the machine will be shown in the balance sheet? |
|
Answer» M/s ABC Enterprises purchased a machine in the start of the year amounting to Rs 10,00,000. But as on 31st March i.e. end of the Financial Year, the market price of the machine falls to Rs 8,00,000. According to Historical cost/ cost principle, at which value will the machine will be shown in the balance sheet? |
|
| 2. |
Which of the following is taken into account while determining the materiality of an amount? |
|
Answer» Which of the following is taken into account while determining the materiality of an amount? |
|
| 3. |
Write any three objectives of Accounting Standards (AS). |
|
Answer» Write any three objectives of Accounting Standards (AS). |
|
| 4. |
On 1st January, 2018, A drew a bill on B for ₹ 10,000 payable after 3 months. B accepted the bill and returned it to A. After 10 days, A endorsed the bill to his creditor C. On the due date, the bill was dishonoured and C paid ₹ 50 as noting charges.Record the transactions in the books of A, B and C. |
|
Answer» On 1st January, 2018, A drew a bill on B for ₹ 10,000 payable after 3 months. B accepted the bill and returned it to A. After 10 days, A endorsed the bill to his creditor C. On the due date, the bill was dishonoured and C paid ₹ 50 as noting charges. Record the transactions in the books of A, B and C. |
|
| 5. |
What ismeant by a ‘statement of affairs’? How can the profit orloss of a trader be ascertained with the help of a statement ofaffairs? |
|
Answer» What is |
|
| 6. |
Smt. Mita Agrawal invested Rs 10,200 when MV of the share is Rs 100. She sold 60 shares when the MV was Rs 125 and sold remaining shares when the MV wasRs 90. She paid 0.1% brokerage for each trading. Find whether she made profit or loss ? and how much? |
| Answer» Smt. Mita Agrawal invested Rs 10,200 when MV of the share is Rs 100. She sold 60 shares when the MV was Rs 125 and sold remaining shares when the MV wasRs 90. She paid 0.1% brokerage for each trading. Find whether she made profit or loss ? and how much? | |
| 7. |
Reality is what is directly experienced through the senses. |
|
Answer» Reality is what is directly experienced through the senses. |
|
| 8. |
When all the errors have been completely rectified the suspense Account will show ___ balance. |
|
Answer» When all the errors have been completely rectified the suspense Account will show |
|
| 9. |
How are maintenance rehearsals different from elaborative rehearsals? |
|
Answer» How
|
|
| 10. |
Rectifythe following errors: (i) Credit sales to Mohan Rs 7,000 were recorded as Rs 7,200. (ii) Credit purchases from Rohan Rs 9,000 were recorded as Rs 9,900. (iii) Goods returned to Rakesh Rs 4,000 were recorded as Rs 4,040. (iv) Goods returned from Mahesh Rs 1,000 were recorded as Rs 1,600. |
||||||||
|
Answer» Rectify
|
|||||||||
| 11. |
Total error calculation formula? |
| Answer» Total error calculation formula? | |
| 12. |
0.3\overline2\overline{} can be expressed as |
| Answer» 0.3\overline2\overline{} can be expressed as | |
| 13. |
Rectifythe following errors: (i) Credit sales to Mohan Rs 7,000 were recorded as Rs 700. (ii) Credit purchases from Rohan Rs 9,000 were recorded. as Rs 900. (iii) Goods returned to Rakesh Rs 4,000 were recorded as Rs 400. (iv) Goods returned from Mahesh Rs 1,000 were recorded as Rs 100. |
||||||||
|
Answer» Rectify
|
|||||||||
| 14. |
From the details given below find out the Credit Sales and Total Sales : ₹ Opening Debtors 60,000 Closing Debtors 75,000 Discount allowed 4,400 Sales Return 12,000 Bad-Debts 5,600 Provision for Bad-Debts 3,800 B/R received from Debtors 16,000 B/R dishonoured 4,000 B/R discounted 10,000 Discounted bills dishonoured 3,000 Cash Sales 1,05,000 Cash received from Debtors (including ₹ 6,000 against a debt previously written off) 3,08,000 Cheques received from Debtors 32,000 |
||||||||||||||||||||||||||||
Answer» From the details given below find out the Credit Sales and Total Sales :
|
|||||||||||||||||||||||||||||
| 15. |
Which of the following is an operating activity? |
|
Answer» Which of the following is an operating activity? |
|
| 16. |
The term ______ usually refers to accounts receivable that will not be collected. |
|
Answer» The term ______ usually refers to accounts receivable that will not be collected. |
|
| 17. |
Considerthe demand for a good. At price Rs 4, the demand for the good is 25units. Suppose the price of the good increases to Rs 5, and as aresult, the demand for the good falls to 20 units. Calculate theprice elasticity. |
|
Answer» Consider |
|
| 18. |
On 1.1.2011, Pawan sold goods to Harish on credit for Rs. 25,000. Pawan drew a bill for the same amount for two months and sent it to Harish for his acceptance on the same day. On 5.1.2011 Pawan got the acceptance of Harish. In this case, before 5.1.2011 what is the status of the bill? |
|
Answer» On 1.1.2011, Pawan sold goods to Harish on credit for Rs. 25,000. Pawan drew a bill for the same amount for two months and sent it to Harish for his acceptance on the same day. On 5.1.2011 Pawan got the acceptance of Harish. In this case, before 5.1.2011 what is the status of the bill? |
|
| 19. |
Discounting Charges = |
|
Answer» Discounting Charges = |
|
| 20. |
Fromthe following balances extracted from the books of M/s Ahuja and Nanda.Calculate the amount of: (a) Cost of goods available for sale (b) Cost of goods sold during the year (c) Gross Profit Rs Opening stock 25,000 Credit purchases 7,50,000 Cash purchases 3,00,000 Credit sales 12,00,000 Cash sales 4,00,000 Wages 1,00,000 Salaries 1,40,000 Closing stock 30,000 Sales return 50,000 Purchases return 10,000 |
||||||||||||||||||||||||||||
|
Answer» From
|
|||||||||||||||||||||||||||||
| 21. |
Prepare a Trial Balance with the following information: Sr. No Name of Account Balance (₹) Sr. No Name of Account Balance (₹) (i) (iii) (v) (vii) Capital Cash Creditors Sales 2,00,000 1,80,000 1,00,000 3,00,000 (ii) (iv) (vi) (viii) Stock Debtors Bank Loan Purchases 70,000 3,00,000 1,50,000 2,00,000 |
||||||||||||
Answer» Prepare a Trial Balance with the following information:
|
|||||||||||||
| 22. |
Solve the following problems.An agent received Rs. 3,000 commission by selling a land worth Rs. 30,000. Find the rate of commission. |
|
Answer» Solve the following problems. An agent received Rs. 3,000 commission by selling a land worth Rs. 30,000. Find the rate of commission. |
|
| 23. |
Do you think the value of transparency is important while preparation of financial statements of a company? |
|
Answer» Do you think the value of transparency is important while preparation of financial statements of a company? |
|
| 24. |
Advanced technology gives us conclusive evidence of past events. |
| Answer» Advanced technology gives us conclusive evidence of past events. | |
| 25. |
The bank collected a note receivable on the behalf of a company amounting to Rs 5,500 & it includes the interest of Rs 500. Bank also charged a collection fee of Rs 100. What adjustment shall be done in cash book while preparing BRS? |
|
Answer» The bank collected a note receivable on the behalf of a company amounting to Rs 5,500 & it includes the interest of Rs 500. Bank also charged a collection fee of Rs 100. What adjustment shall be done in cash book while preparing BRS? |
|
| 26. |
नीचे लिखी कविता की पंक्तियाँ पढ़ो। जिन शब्दों के नीचे रेखा खिंची है, उनका अर्थ आपस में चर्चा करके बताओ।(क) कभी खलीता पर बन आतीअनजाने पैसा गिर जाता(ख) रोज़ टाँगता धो-धोकर मैंकौन उठा ले जाता छन्ने(ग) रोज़ रात-भर जगता रहताखुर-खुर इधर-उधर है धाता |
|
Answer» नीचे लिखी कविता की पंक्तियाँ पढ़ो। जिन शब्दों के नीचे रेखा खिंची है, उनका अर्थ आपस में चर्चा करके बताओ। (क) कभी खलीता पर बन आती अनजाने पैसा गिर जाता (ख) रोज़ टाँगता धो-धोकर मैं कौन उठा ले जाता छन्ने (ग) रोज़ रात-भर जगता रहता खुर-खुर इधर-उधर है धाता |
|
| 27. |
When accumulated depreciation is transferred to asset disposal account, Which of the following is correct? |
|
Answer» When accumulated depreciation is transferred to asset disposal account, Which of the following is correct? |
|
| 28. |
4. A sum money put at 11% per annum ants to rupees 4491 in 2 years 3 months . What will it amount to in 3 years at the same rate. |
| Answer» 4. A sum money put at 11% per annum ants to rupees 4491 in 2 years 3 months . What will it amount to in 3 years at the same rate. | |
| 29. |
Rectify the following errors (a) Credit sales to Mohan Rs. 7,000 were not recorded. (b) Credit purchase from Rohan Rs. 9,000 were not recorded. (c) Goods returned to Rakesh Rs. 4,000 were not recorded. (d) Goods returned from Mahesh Rs. 1,000 were not recorded. |
|
Answer» Rectify the following errors (a) Credit sales to Mohan Rs. 7,000 were not recorded. (b) Credit purchase from Rohan Rs. 9,000 were not recorded. (c) Goods returned to Rakesh Rs. 4,000 were not recorded. (d) Goods returned from Mahesh Rs. 1,000 were not recorded. |
|
| 30. |
लेखक ने 'कुटज' को ही क्यों चुना? उसको अपनी रचना के लिए जंगल में पेड़-पौधे तथा फूलों-वनस्पतियों की कोई कमी नहीं थी। |
| Answer» लेखक ने 'कुटज' को ही क्यों चुना? उसको अपनी रचना के लिए जंगल में पेड़-पौधे तथा फूलों-वनस्पतियों की कोई कमी नहीं थी। | |
| 31. |
Why is it necessary to record the adjusting entries in the preparation of final accounts? |
|
Answer» Why is it necessary to record the adjusting entries in the preparation of final accounts? |
|
| 32. |
Give four examples each of 'Provision' and 'reserves'. |
|
Answer» Give four examples each of 'Provision' and 'reserves'. |
|
| 33. |
Calculate the gross profit /loss if: Sales Rs. 60,000; Closing stock Rs. 50,000; Opening stock Rs. 10,000; Purchases Rs. 40,000; Wages Rs. 20,000. |
|
Answer» Calculate the gross profit /loss if: Sales Rs. 60,000; Closing stock Rs. 50,000; Opening stock Rs. 10,000; Purchases Rs. 40,000; Wages Rs. 20,000. |
|
| 34. |
From the following information extracted from the books of Howrach Ltd., prepare Balance Sheet of the company as at 31st March, 2019 as per Schedule III of the Companies Act, 2013: (₹ in '000) (₹ in '000) Long-term Borrowings 1,000 Fixed Assets (Tangible) 1,600 Trade Payable 60 Inventories 40 Share Capital 800 Trade Receivables 160 Reserves and Surplus 180 Cash and Cash Equivalents 240 |
||||||||||||||||||||
|
Answer» From the following information extracted from the books of Howrach Ltd., prepare Balance Sheet of the company as at 31st March, 2019 as per Schedule III of the Companies Act, 2013:
|
|||||||||||||||||||||
| 35. |
What do you understand by relationship type? How is it different from relationship instance and relatioship set? |
|
Answer» What do you understand by relationship type? How is it different from relationship instance and relatioship set? |
|
| 36. |
What do you understand by imprest amount in petty cash book? |
|
Answer» What do you understand by imprest amount in petty cash book? |
|
| 37. |
आंबेडकर ने जाति प्रथा के भीतर पेशे के मामले में लचीलापन न होने की जो बात की है- उस संदर्भ में शेखर जोशी की कहानी 'गलता लोहा' पर पुनर्विचार कीजिए। |
|
Answer» आंबेडकर ने जाति प्रथा के भीतर पेशे के मामले में लचीलापन न होने की जो बात की है- उस संदर्भ में शेखर जोशी की कहानी 'गलता लोहा' पर पुनर्विचार कीजिए।
|
|
| 38. |
A manufacturing concern, whose books are closed on 31st Dec, purchased machinery for Rs 50,000 on 1st January, 2008. Additional machinery was acquired for Rs 10,000 on 1st July, 2010 and for Rs 16,000 on 1st January, 2012. Machinery purchased for Rs 10,000 on 1st July, 2010 was sold for Rs 5,000 on 30th June, 2012. Show the machinery account for 5 years, writing off Depreciation 10% per annum on written down value. |
|
Answer» A manufacturing concern, whose books are closed on 31st Dec, purchased machinery for Rs 50,000 on 1st January, 2008. Additional machinery was acquired for Rs 10,000 on 1st July, 2010 and for Rs 16,000 on 1st January, 2012. Machinery purchased for Rs 10,000 on 1st July, 2010 was sold for Rs 5,000 on 30th June, 2012. Show the machinery account for 5 years, writing off Depreciation 10% per annum on written down value. |
|
| 39. |
Total opening balances of assets and liabilities are Rs. 10,000 and Rs. 5,000 respectively. Find out the opening capital of the business? |
|
Answer» Total opening balances of assets and liabilities are Rs. 10,000 and Rs. 5,000 respectively. |
|
| 40. |
Whatis petty cash book? Write the advantages of petty cash book? |
|
Answer» What |
|
| 41. |
Q57. ‘TaihuLight’ was recently seen in news. It is related to: |
|
Answer» Q57. ‘TaihuLight’ was recently seen in news. It is related to: |
|
| 42. |
State the four basic requirements of a Database Applications. |
|
Answer» State the four basic requirements of a Database Applications. |
|
| 43. |
Withdrawals of cash by a proprietor for personal use shall be debited to ___. |
|
Answer» Withdrawals of cash by a proprietor for personal use shall be debited to |
|
| 44. |
Taking 2004 as base year, construct the index numbers of the years 2005 and 2009. Year 2004 2005 2006 2007 2008 2009 Prices (₹) 10 14 16 20 22 24 |
||||||||||||||
Answer» Taking 2004 as base year, construct the index numbers of the years 2005 and 2009.
|
|||||||||||||||
| 45. |
Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real and Nominal Accounts: (i) Land and Building (vii) Investments (xiv) Ramesh, a debtor (ii) Excise Duty (viii) Salary (xv) Interest Received (iii) Creditors (ix) Debtors (xvi) Bank Overdraft (iv) Capital (x) Bad Debts (xvii) Purchase Returns (v) Motor Vehicles (xi) Depreciation (xviii) Drawings (vi) Goodwill (xii) Wages (xix) Freight (xiii) Repairs (xx) Return Inwards. |
|||||||||||||||||||||
Answer» Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real and Nominal Accounts:
|
||||||||||||||||||||||
| 46. |
On October 1, 2001, Juneja Transport Company purchased 2 trucks for Rs. 10,00,000 each. On July 1, 2003, one truck was involved in an accident and was completely destroyed and Rs. 6,00,000 were received from the insurance company in full settlement. On December 31, 2003, another truck was involved in an accident and destroyed partially, which was not insured. It was sold off for Rs. 1,50,000. On January 31, 2004, company purchased a fresh truck for Rs. 12,00,000. Depreciation is to be provided at 10 % per aunnm on the written down value every year. The books are closed every year on March 31. Give the Truck account from 2001 to 2004. |
|
Answer» On October 1, 2001, Juneja Transport Company purchased 2 trucks for Rs. 10,00,000 each. On July 1, 2003, one truck was involved in an accident and was completely destroyed and Rs. 6,00,000 were received from the insurance company in full settlement. On December 31, 2003, another truck was involved in an accident and destroyed partially, which was not insured. It was sold off for Rs. 1,50,000. On January 31, 2004, company purchased a fresh truck for Rs. 12,00,000. Depreciation is to be provided at 10 % per aunnm on the written down value every year. The books are closed every year on March 31. Give the Truck account from 2001 to 2004. |
|
| 47. |
A, B and C were partners sharing profits int he ratio of 5 : 3 : 2 . On 31st March, 2018, A's Capital and B's Capital were ₹ 30,000 and ₹ 20,000 respectively but C owed ₹ 5,000 to the firm . the liabilities were ₹ 20,000 .The assets of the firm realised ₹ 50,000. Prepare Realisation Account , Partner's Capital Accounts and Bank Account. |
|
Answer» A, B and C were partners sharing profits int he ratio of 5 : 3 : 2 . On 31st March, 2018, A's Capital and B's Capital were ₹ 30,000 and ₹ 20,000 respectively but C owed ₹ 5,000 to the firm . the liabilities were ₹ 20,000 .The assets of the firm realised ₹ 50,000. Prepare Realisation Account , Partner's Capital Accounts and Bank Account. |
|
| 48. |
क्या बच्चों ने उचित निर्णय लिया कि अब चाहे कुछ भी हो जाए, हिलकर पानी भी नहीं पिएँगे। |
|
Answer» क्या बच्चों ने उचित निर्णय लिया कि अब चाहे कुछ भी हो जाए, हिलकर पानी भी नहीं पिएँगे। |
|
| 49. |
Following is the Balance Sheet of Crescent Chemical Works Limited as at 31st March, 2019: Particulars Note No. ₹ I. EQUITY AND LIABILITIES : 1. Shareholder's Funds : (a) Share Capital 70,000 (b) Reserves and Surplus 35,000 2. Non-Current Liabilities : Long-term Borrowings 25,000 3. Current Liabilities : (a) Short-term Borrowings 3,000 (b) Trade Payables (Creditors) 13,000 (b) Short-term Provisions: Provision for Tax 4,000 Total 1,50,000 II. ASSETS : 1. Non-Current Assets (a) Fixed Assets (Tangible) 45,000 (b) Non-current Investments 5,000 2. Current Assets (a) Inventories (Stock) 50,000 (b) Trade Receivables (Debtors) 30,000 (c) Cash and Cash Equivalents 20,000 Total 1,50,000 Compute Current Ratio and Liquid Ratio |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Answer» Following is the Balance Sheet of Crescent Chemical Works Limited as at 31st March, 2019:
Compute Current Ratio and Liquid Ratio |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 50. |
On June 30, 2011, a business sold an asset for Rs1,500 that costed Rs 5,000. The asset had a 5-year useful life, no salvage value, and had been used by the business since January 1, 2008. Straight-line depreciation was used. The fiscal year ends on December 31. What was the result of selling the plant asset? |
|
Answer» On June 30, 2011, a business sold an asset for Rs1,500 that costed Rs 5,000. The asset had a 5-year useful life, no salvage value, and had been used by the business since January 1, 2008. Straight-line depreciation was used. The fiscal year ends on December 31. What was the result of selling the plant asset? |
|