2551 + Interview Questions in Accountancy Page 38 InterviewSolution

1851.	Rs 460 paid for repairs of a 2nd hand machinery before buying it shall be debited to ___ Account.
Answer» Rs 460 paid for repairs of a 2nd hand machinery before buying it shall be debited to ___ Account.

Discussion

1852.	Which of the following errors shall NOT be rectified by using a Suspense Account?
Answer» Which of the following errors shall NOT be rectified by using a Suspense Account?

Discussion

1853.	Mr. Rohan started a business of chit funds. He collected 10 Crores from small investors with an assured 5 times return in next 5 years. He suddenly closed the company and ran away. Which value is not followed by Mr. Rohan and what legal remedy is available to the small investors?
Answer» Mr. Rohan started a business of chit funds. He collected 10 Crores from small investors with an assured 5 times return in next 5 years. He suddenly closed the company and ran away. Which value is not followed by Mr. Rohan and what legal remedy is available to the small investors?

Discussion

1854.	Double entry system of accounting is based on the principle of 'dual aspect'.Explain the features of double entry system of accounting and also give its benefits.
Answer» Double entry system of accounting is based on the principle of 'dual aspect'.Explain the features of double entry system of accounting and also give its benefits.

Discussion

1855.	Rectification of an error of overcasting in the Purchase returns book will require purchase return account to be ___ & suspense account to be ___
Answer» Rectification of an error of overcasting in the Purchase returns book will require purchase return account to be ___ & suspense account to be ___

Discussion

1856.	The amount brought in by owner of the business should be credited to?
Answer» The amount brought in by owner of the business should be credited to?

Discussion

1857.	A machine acquired for Rs. 3,60,000 on 1st April 2006 and depreciated at 10% on WDV was sold for Rs. 3,00,000 on 31st March 2009. Depreciation is time apportioned. Expenses of disposal amounted to Rs. 3,000. What is the gain or loss on disposal of the machine to be reported in?
Answer» A machine acquired for Rs. 3,60,000 on 1st April 2006 and depreciated at 10% on WDV was sold for Rs. 3,00,000 on 31st March 2009. Depreciation is time apportioned. Expenses of disposal amounted to Rs. 3,000. What is the gain or loss on disposal of the machine to be reported in?

Discussion

1858.	Suppose asset is purchased for Rs 200000, Accumulated depreciation is rs. 170000. and asset is now sold for Rs. 35000. calculate gain or loss?
Answer» Suppose asset is purchased for Rs 200000, Accumulated depreciation is rs. 170000. and asset is now sold for Rs. 35000. calculate gain or loss?

Discussion

1859.	DBMS stands for:
Answer» DBMS stands for:

Discussion

1860.	The opening capital is ascertained by preparing:
Answer» The opening capital is ascertained by preparing:

Discussion

1861.	1. However, just how much they actually required would not be known until the European Central Bank (ECB conducts a probe into their books together with a stress test examining how they would be affected if the economy turned even sourer than expected in 2015-17. 2. Greek banks had been undermined for over half a year as deposits drained out of them, on worries about a possible exit from the euro once Syriza, a radical left party, won the election held in January 2015. 3. Even so, the notion that they would need as much as €25 billion to offset the damage and put them on a sound footing appeared unduly pessimistic. 4. They had been further hurt by the harm done to the economy and thus to their loans arising from Syriza's ill-judged attempt to outbluff its official creditors. 5. When the third Greek bail-out was outlined in principle after an extraordinarily fraught summit of euro-zone leaders, between €10 billion and €25 billion out of the total sum of up to €86 billion of help was set aside for bank recapitalisation. ___
Answer» 1. However, just how much they actually required would not be known until the European Central Bank (ECB conducts a probe into their books together with a stress test examining how they would be affected if the economy turned even sourer than expected in 2015-17. 2. Greek banks had been undermined for over half a year as deposits drained out of them, on worries about a possible exit from the euro once Syriza, a radical left party, won the election held in January 2015. 3. Even so, the notion that they would need as much as €25 billion to offset the damage and put them on a sound footing appeared unduly pessimistic. 4. They had been further hurt by the harm done to the economy and thus to their loans arising from Syriza's ill-judged attempt to outbluff its official creditors. 5. When the third Greek bail-out was outlined in principle after an extraordinarily fraught summit of euro-zone leaders, between €10 billion and €25 billion out of the total sum of up to €86 billion of help was set aside for bank recapitalisation. ___

Discussion

1862.	Amit Ltd. purchased a machine on 01.01.2013 for Rs. 1,20,000. Installation expenses were Rs. 10,000. Residual value after 5 years is Rs. 5,000. Rate of depreciation is 10% on WDV basis. Depreciation for 4th year = _________.
Answer» Amit Ltd. purchased a machine on 01.01.2013 for Rs. 1,20,000. Installation expenses were Rs. 10,000. Residual value after 5 years is Rs. 5,000. Rate of depreciation is 10% on WDV basis. Depreciation for 4th year = _________.

Discussion

1863.	Ashok is a furniture seller. He recently bought a TV. What is the category of the TV?
Answer» Ashok is a furniture seller. He recently bought a TV. What is the category of the TV?

Discussion

1864.	Obligations i.e. the amounts owed by the organisation are referred to as:
Answer» Obligations i.e. the amounts owed by the organisation are referred to as:

Discussion

1865.	If you win Rs 10,000 and pay 25% on taxes, how much do you get to take home?
Answer» If you win Rs 10,000 and pay 25% on taxes, how much do you get to take home?

Discussion

1866.	What do you understand by prepaid expenses?
Answer» What do you understand by prepaid expenses?

Discussion

1867.	Explain utility programs, as one of the types of software.
Answer» Explain utility programs, as one of the types of software.

Discussion

1868.	When insurance for next one year is paid in this month only, which account shall be debited?
Answer» When insurance for next one year is paid in this month only, which account shall be debited?

Discussion

1869.	If cost of goods sold is Rs. 8,000, gross margin is Rs. 5,000, then revenue will be :
Answer» If cost of goods sold is Rs. 8,000, gross margin is Rs. 5,000, then revenue will be :

Discussion

1870.	From the following particulars, find balance as per pass book as at March 31, 2018. (i) Balance as per cash book Rs 3,700 (ii) Cheque issued but not presented for payment Rs 1,800 (iii) Cheque deposited but not collected Rs 2,000 (iv) Interest credited by bank Rs 150
Answer» From the following particulars, find balance as per pass book as at March 31, 2018. (i) Balance as per cash book Rs 3,700 (ii) Cheque issued but not presented for payment Rs 1,800 (iii) Cheque deposited but not collected Rs 2,000 (iv) Interest credited by bank Rs 150

Discussion

1871.	Which source document is used for recording entries in Sales Book?
Answer» Which source document is used for recording entries in Sales Book?

Discussion

1872.	What is the correct accounting treatment, if the closing stock of Rs 20,000 is given as adjustment?
Answer» What is the correct accounting treatment, if the closing stock of Rs 20,000 is given as adjustment?

Discussion

1873.	The effect of the adjustment entry of managerial commission payable on the asset side of the balance sheet is :
Answer» The effect of the adjustment entry of managerial commission payable on the asset side of the balance sheet is :

Discussion

1874.	Outstanding expenses are regarded as ___
Answer» Outstanding expenses are regarded as ___

Discussion

1875.	What are various categories of expenses recorded in Petty Cash Book?
Answer» What are various categories of expenses recorded in Petty Cash Book?

Discussion

1876.	Which of the following accounts are debited while repayment of a bank loan ?
Answer» Which of the following accounts are debited while repayment of a bank loan ?

Discussion

1877.	“Insurance involves sharing of risks.” Comment.
Answer» “Insurance involves sharing of risks.” Comment.

Discussion

1878.	Mention any 3 objectives of tabulation.
Answer» Mention any 3 objectives of tabulation.

Discussion

1879.	Which one of these is not a cause of difference in balance as per pass book and as per cash book?
Answer» Which one of these is not a cause of difference in balance as per pass book and as per cash book?

Discussion

1880.	Mention any 3 situations under which a seller and a buyer may send a debit note.
Answer» Mention any 3 situations under which a seller and a buyer may send a debit note.

Discussion

1881.	In order to see whether there is profit or loss in the asset sold under WDV method, the company has to determine which value of the asset?
Answer» In order to see whether there is profit or loss in the asset sold under WDV method, the company has to determine which value of the asset?

Discussion

1882.	Encashing the bill before the date of its maturity is called :
Answer» Encashing the bill before the date of its maturity is called :

Discussion

1883.	Mr. X issued cheques worth 15,000 in March 2018 out of which cheques worth 10,000 only were presented for payment by 31st March, 2018. While reconciliation bank and cash book balance as on 31st March, 2018, what amount should be added to balance as per cash book to arrive at balance as per pass book?
Answer» Mr. X issued cheques worth 15,000 in March 2018 out of which cheques worth 10,000 only were presented for payment by 31st March, 2018. While reconciliation bank and cash book balance as on 31st March, 2018, what amount should be added to balance as per cash book to arrive at balance as per pass book?

Discussion

1884.	What is a subscription? How is it treated in accounts of an NPO?
Answer» What is a subscription? How is it treated in accounts of an NPO?

Discussion

1885.	State the limitations of trial balance.
Answer» State the limitations of trial balance.

Discussion

1886.	A non-current asset cost Rs. 1,20,000 and is depreciated at 20% using the reducing balance method. After 3 years the net book value (WDV) is:
Answer» A non-current asset cost Rs. 1,20,000 and is depreciated at 20% using the reducing balance method. After 3 years the net book value (WDV) is:

Discussion

1887.	_________ is prepared for a period.
Answer» _________ is prepared for a period.

Discussion

1888.	Which of the following accounts is not a liability?
Answer» Which of the following accounts is not a liability?

Discussion

1889.	Interest on renewal of bill is an expense of?
Answer» Interest on renewal of bill is an expense of?

Discussion

1890.	Entity is depicted with a symbol _______.
Answer» Entity is depicted with a symbol _______.

Discussion

1891.	Which of the following statement is true about jounal?
Answer» Which of the following statement is true about jounal?

Discussion

1892.	'Computerised Accounting Systems are best form of accounting system'. Do you agree? Comment.
Answer» 'Computerised Accounting Systems are best form of accounting system'. Do you agree? Comment.

Discussion

1893.	If starting point is cash book balance, deductions in bank pass book not given to effect in cash book are ___ while preparing BRS.
Answer» If starting point is cash book balance, deductions in bank pass book not given to effect in cash book are ___ while preparing BRS.

Discussion

1894.	The businessman always sees the business running for an indefinite period. What is this concept called?
Answer» The businessman always sees the business running for an indefinite period. What is this concept called?

Discussion

1895.	Which concept is the reason behind accounting the cost of a small calculator as an expense and not as an asset in financial statements of a business entity?
Answer» Which concept is the reason behind accounting the cost of a small calculator as an expense and not as an asset in financial statements of a business entity?

Discussion

1896.	What are the functions of an Accounting Information System?
Answer» What are the functions of an Accounting Information System?

Discussion

1897.	The book value of asset as on 01st April 2017 is Rs. 45000. The asset is sold on 30th September 2017. What will be the amount of depreciation to be charged for the year 2017-18, if company depreciates asset 12% p.a.
Answer» The book value of asset as on 01st April 2017 is Rs. 45000. The asset is sold on 30th September 2017. What will be the amount of depreciation to be charged for the year 2017-18, if company depreciates asset 12% p.a.

Discussion

1898.	Consider the data represented in the table below. Which of the following is not a row heading?
Answer» Consider the data represented in the table below. Which of the following is not a row heading?

1898.

Consider the data represented in the table below. Which of the following is not a row heading?

Answer»

Consider the data represented in the table below.

Which of the following is not a row heading?

Discussion

1899.	A credit balance in cash book indicates ___.
Answer» A credit balance in cash book indicates ___.

Discussion

1900.	Which one of the following would be a fixed asset for a car dealership?
Answer» Which one of the following would be a fixed asset for a car dealership?

Discussion

Explore topic-wise InterviewSolutions in .

Rs 460 paid for repairs of a 2nd hand machinery before buying it shall be debited to ___ Account.

Which of the following errors shall NOT be rectified by using a Suspense Account?

Mr. Rohan started a business of chit funds. He collected 10 Crores from small investors with an assured 5 times return in next 5 years. He suddenly closed the company and ran away. Which value is not followed by Mr. Rohan and what legal remedy is available to the small investors?

Double entry system of accounting is based on the principle of 'dual aspect'.Explain the features of double entry system of accounting and also give its benefits.

Rectification of an error of overcasting in the Purchase returns book will require purchase return account to be ___ &amp; suspense account to be ___

The amount brought in by owner of the business should be credited to?

A machine acquired for Rs. 3,60,000 on 1st April 2006 and depreciated at 10% on WDV was sold for Rs. 3,00,000 on 31st March 2009. Depreciation is time apportioned. Expenses of disposal amounted to Rs. 3,000. What is the gain or loss on disposal of the machine to be reported in?

Suppose asset is purchased for Rs 200000, Accumulated depreciation is rs. 170000. and asset is now sold for Rs. 35000. calculate gain or loss?

DBMS stands for:

The opening capital is ascertained by preparing:

Amit Ltd. purchased a machine on 01.01.2013 for Rs. 1,20,000. Installation expenses were Rs. 10,000. Residual value after 5 years is Rs. 5,000. Rate of depreciation is 10% on WDV basis. Depreciation for 4th year = _________.

Ashok is a furniture seller. He recently bought a TV. What is the category of the TV?

Obligations i.e. the amounts owed by the organisation are referred to as:

If you win Rs 10,000 and pay 25% on taxes, how much do you get to take home?

What do you understand by prepaid expenses?

Explain utility programs, as one of the types of software.

When insurance for next one year is paid in this month only, which account shall be debited?

If cost of goods sold is Rs. 8,000, gross margin is Rs. 5,000, then revenue will be :

From the following particulars, find balance as per pass book as at March 31, 2018. (i) Balance as per cash book Rs 3,700 (ii) Cheque issued but not presented for payment Rs 1,800 (iii) Cheque deposited but not collected Rs 2,000 (iv) Interest credited by bank Rs 150

Which source document is used for recording entries in Sales Book?

What is the correct accounting treatment, if the closing stock of Rs 20,000 is given as adjustment?

The effect of the adjustment entry of managerial commission payable on the asset side of the balance sheet is :

Outstanding expenses are regarded as ___

What are various categories of expenses recorded in Petty Cash Book?

Which of the following accounts are debited while repayment of a bank loan ?

“Insurance involves sharing of risks.” Comment.

Mention any 3 objectives of tabulation.

Which one of these is not a cause of difference in balance as per pass book and as per cash book?

Mention any 3 situations under which a seller and a buyer may send a debit note.

In order to see whether there is profit or loss in the asset sold under WDV method, the company has to determine which value of the asset?

Encashing the bill before the date of its maturity is called :

What is a subscription? How is it treated in accounts of an NPO?

State the limitations of trial balance.

A non-current asset cost Rs. 1,20,000 and is depreciated at 20% using the reducing balance method. After 3 years the net book value (WDV) is:

_________ is prepared for a period.

Which of the following accounts is not a liability?

Interest on renewal of bill is an expense of?

Entity is depicted with a symbol _______.

Which of the following statement is true about jounal?

'Computerised Accounting Systems are best form of accounting system'. Do you agree? Comment.

If starting point is cash book balance, deductions in bank pass book not given to effect in cash book are ___ while preparing BRS.

The businessman always sees the business running for an indefinite period. What is this concept called?

Which concept is the reason behind accounting the cost of a small calculator as an expense and not as an asset in financial statements of a business entity?

What are the functions of an Accounting Information System?

The book value of asset as on 01st April 2017 is Rs. 45000. The asset is sold on 30th September 2017. What will be the amount of depreciation to be charged for the year 2017-18, if company depreciates asset 12% p.a.

Consider the data represented in the table below. Which of the following is not a row heading?

A credit balance in cash book indicates ___.

Which one of the following would be a fixed asset for a car dealership?

Rectification of an error of overcasting in the Purchase returns book will require purchase return account to be _ & suspense account to be _