InterviewSolution
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InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your Class 11 knowledge and support exam preparation. Choose a topic below to get started.
| 451. |
What is FIRS |
| Answer» It\'s IFRS | |
| 452. |
What difference between capital and revenue expenditure |
| Answer» Capital Expenditure- The money which goes out from the business for increase in the value of fixed asset called capital expenditure.Revenue Expenditure- The expenditure which is used for day to day operations of business called reveune expenditure. | |
| 453. |
How does a bill of exchange different from promissory note? |
| Answer» Promissory note means promisse its treatment are also similar to b/e .but it is promisse note .promissing by buyer to seller to pay his ammount.in promissory note only two parties. Drawee/drawer<br><th>BASIS FOR COMPARISON</th> <th>BILL OF EXCHANGE</th> <th>PROMISSORY NOTE</th> \t\t\tMeaningBill of Exchange is an instrument in writing showing the indebtedness of a buyer towards the seller of goods.A promissory note is a written promise made by the debtor to pay a certain sum of money to the creditor at a future specified date.Defined inSection 5 of Negotiable Instrument Act, 1881.Section 4 of Negotiable Instrument Act, 1881.PartiesThree parties, i.e. drawer, drawee and payee.Two parties, i.e. drawer and payee.Drawn byCreditorDebtorLiability of MakerSecondary and conditionalPrimary and absoluteCan maker and payee be the same person?YesNoCopiesBill can be drawn in copies.Promissory Note cannot be drawn in copies.DishonorNotice is necessary to be given to all the parties involved.Notice is not necessary to be given to the maker.\t | |
| 454. |
How does an accommodation Bill different from bill of exchange? |
| Answer» | |
| 455. |
How does Bill of exchange different from a cheque? Explain |
| Answer» Bill of exchange draw by a saller to prove his sales transaction on credit but cheque is payment document.this is not source of advidence and b/e is a source of avidance | |
| 456. |
What is the role of book keeping in business firm |
| Answer» Book keeping follow smaller business man is does not require any special knowledge | |
| 457. |
What is meant by compensatory error |
| Answer» Compensatory errors are 2 errors which cancel each other. For eg you have given excess debit to one account and excess credit to another. These 2 errors will cancel each other out. Compensating errors don\'t effect trial balance | |
| 458. |
Give three examples of normal losses |
| Answer» The normal loss means loss which is inherited and can not be avoided. It should also be considered while valuing the closing stock.or example: If a certain amount of oranges are consigned, some of them will be destroyed in loading and unloading whereas some of them will not be in a state to be sold. Suppose, 10,000 oranges were sent to the consignee at ₹30 per kg and freight of ₹60,000. It is known that there would be a normal loss of 10%.Cost per kg = (300000 + 60000) / 9000 (i.e. 10000-10% of normal loss) = ₹40If unsold quantity is 500 its value will be (500*40=20000). | |
| 459. |
bal sheet include gst from jornl ledger trial trading annd pl |
| Answer» Yes because GST is added in the book in new edition | |
| 460. |
What is direct and inderct expense |
| Answer» Indirect expenses- all expenses which include administrative expenses, selling expenses, disrtibution expenses etc. Are called indirect expenses<br>Direct expenses- all exapenses incurred in purchasing the goods and manufactures of goods are called direct expenses | |
| 461. |
Give two difference between cash basis and accrual basis of accounting |
| Answer» \tCash Basis of AccountingAccrual Basis of AccountingOnly cash transactions are recorded in the books of accountsAll cash and non-cash transactions are recorded in the books of accountsCorrect profit or loss is not ascertained because it records only cash transactionsCorrect profit or loss are ascertained because of the complete record of all the transactionsEntries are made only when cash is received or paidEntries are made on accrual basis i.e. all transactions are recorded in the books of accounts whether incurred or earnedIt is rarely usedIt is widely usedIt is recognised under Companies Act, 1956It is not recognised under Companies Act, 1956\t | |
| 462. |
24 page no 16.58 |
| Answer» Bhai kon se book se question hai<br>BRS KA QUESTION<br>Which book ❓❓ | |
| 463. |
Prepaid expenses is a real account if then howAnd contact me |
| Answer» When a prefix or suffix is added to a nominal a/c , it becomes personal a/c . Here, expenses is a nominal a/c but prepaid expenses is a personal a/c because it is the account of some unnamed person.<br>No , it\'s a type of personal account (REPRESENTATIVE PERSONAL)<br>It is real account because prepaid expense is considered as an asset for business | |
| 464. |
How to calculate net profit |
| Answer» All indirect income lying in the p/l a/c is greater than indirect expenses thenNet profit=income-expenses..I hope you are better understand what i want to write | |
| 465. |
Calculate net profit |
| Answer» First a fall find GP and all indirect income add with GP and all indirect expenses less from GP finally the net profit are find out | |
| 466. |
What is single entry system and doble entry system????? |
| Answer» | |
| 467. |
Ques. No. 6. Of Financial Statements-II. Page no. 428NCERT book |
| Answer» Thanks. Sakshi<br>Wrong answer is given in NCERT book<br>* GROSS PROFIT = ₹ 19,300 * NET PROFIT = ₹27,482 * TOTAL OF BALANCE SHEET = ₹3,18,894 | |
| 468. |
rectify sales book has been totalled 2000 short |
| Answer» Suspense A/c 2,000 dr. To sales A/c 2,000 | |
| 469. |
Plese explain me with adjustment chapter |
| Answer» 1) closing stock. Trading a/c. To credit side And balance sheet to assets side2) outstading expeses.<br>Ok i explain<br>How it can be explained on this app | |
| 470. |
Difference between book keeping, accounting and accountancy |
| Answer» \tBookkeepingAccountingBookkeeping is an activity of recording the financial transactions of the company in a systematic manner.Accounting is an orderly recording and reporting of the financial affairs of an organization for a particular period.It is the subset of accounting.It is regarded as the language of business.Bookkeeping does not reflect the financial position of an organization.Accounting clearly shows the financial position of the entity.Journal and LedgersBalance Sheet, Profit & Loss Account and Cash Flow Statement\t\xa0 | |
| 471. |
Difference between Book Keeping and accounting |
| Answer» * SCOPE : Book keeping is concerned with identifying, financial transaction, measuring them in money terms, record them in books of accounts and classifying them. But accounting is concerned with summarising , interpreting and communicating the results therefore. * STAGE : Book keeping is a primary stage But Accounting is a secondry stage*NATURE OF JOB : Book keeping job is routine in nature but Accounting job is analytical and dynamic in nature | |
| 472. |
30 transaction with journal ledger trial balance financial statements and balance sheet |
| Answer» | |
| 473. |
rules of accounting equation |
| Answer» See in your textbook | |
| 474. |
Days of grace |
| Answer» It is a period of 3 days post date of maturity .it is a practice to add 3 days of grace<br>Number of days by which a debtor or acceptor of a draft may exceed the due date before being in default. | |
| 475. |
Merchandise mean |
| Answer» goods that are for sale<br>merchandise means goods for resale<br>Merchandise are\xa0the manufactured goods bought and sold in any business.\xa0 | |
| 476. |
What is undercasting? |
| Answer» Written by a lesser amount | |
| 477. |
Pass journal entry of outstanding rent with igst 12% |
| Answer» Rent A/c dr Input IGST A/c To Outstanding Rent A/c<br>Rent to outstanding rent | |
| 478. |
What is the fulform of lf |
| Answer» intermediate frequency (IF) | |
| 479. |
Interest due but not recived 5000 |
| Answer» Accrued interest A/c ₹5,000 Dr. To interest A/c ₹5,000 | |
| 480. |
Why trial balance is a statement not an account??? |
| Answer» trial balance is a statement because it is not prepared for a period of time and is prepared just on the date of closing of the accounts. Hence it is just a statement showing the balances of the assets and liabilities, expenses and incomes of the business on the date of closing of accounts.<br>Because statement has no any dr. Or cr. Side in compariason to an a/c. The trial balance is maintained for checking airthmatical accuracy of a/c\'s (you we maintained)<br>The question is hots | |
| 481. |
Comparison between ready-made software, customised software,tailor software |
| Answer» READY MADE SOFTWARE /READY TO USE SOFTWARE:ready made software means standardised accounting software available in the market . Its installment ia very low and its adoption is very high.it is suitable to organisations having small and aonventional business.however, it has low level of secrecy of software and data.Customised software: means the software which meets the special requirement of the user .it is suitable to medium and large business houses .it has high level of secrecy of software and data.however ,its.cost of installation and maintance is relatively high.Tailored software:meqns the softwarevwhich is designed to meet the specific requirement of the users .itbis suitable for very large sized organisations . It has high level of secrecy of software and data .but it has high cost of installation ,maintance and training. | |
| 482. |
Entry of cash in hand |
| Answer» Cash in hand dr. To asset | |
| 483. |
Full accounting process of sole propreitorship |
| Answer» | |
| 484. |
Briefly discuss quality reports as advantage of computer accounting system |
| Answer» | |
| 485. |
How to make adjustment for doubtful debts |
| Answer» In balance sheetFIRST less further bad debts from debtors then again less provision(new) for doubtful debts from debtorsTHEN IN PROFIT AND LOSS A/CFIRST add further bad debts in bad debts the add provision(new) for doubtful debts in this | |
| 486. |
What is the exact meaning of accountancy |
| Answer» These are the rules n regulations to maintain the books of accounts | |
| 487. |
practical queation of financial statements with adjustmemt |
| Answer» | |
| 488. |
Why rule of Debit and credit is same for both liabilities and capital ? |
| Answer» No the correct answer isbecause they are same for the business I.e, .liabilities are the obligation of business to war outsiders and capital towards owner.because of Business entity concept<br>Because assets equal to liabilities or capital | |
| 489. |
how to use cashbook and passbook |
| Answer» | |
| 490. |
What is a provision |
| Answer» The amount retained off or written off by way of providing for depreciation etc.<br>A provision is an amount set aside for the probable, but uncertain, economic obligations of an enterprise. A provision is an amount that you put in aside in your accounts to cover a future liability. ... When accounting, provisions are recognized on the balance sheet and then expensed on the income statement.<br>The amount written off to meet any known liability in the future but the amount can not be accurately determined is known as provision | |
| 491. |
How to calculate manager commission |
| Answer» Percentage of commition ÷100+ percentage of the commission * net profit before charging the commission | |
| 492. |
Resignation by a Market Manager is not recorded in the books of accounts. Why ? |
| Answer» Bcz it has not resulted any change in the financial position of rhe business<br>Because only those transactions and events are recorded which can be measured in monetary terms | |
| 493. |
Comprehensive question Reba had studies |
| Answer» | |
| 494. |
cheque received from ajay endorsed to vijay |
| Answer» Vijay A/c dr TO Bank A/c<br>Cheque or BOE | |
| 495. |
Comprehensive ques.journal,ledger,trial balance,financil ac |
| Answer» cheque received form ajay endorsed to vijay | |
| 496. |
Page number 19.83 question no 30 |
| Answer» Which book ❓❔❓❔❓<br>which subject ????<br>what??? | |
| 497. |
How to do the adjustment entry of furter bad debts and provision for bad debts |
| Answer» Less balance sheet to debtor and add p and l account.<br>Minus further bad debts from debtors and write it to the debit side of profit and loss account. For provision for doubtful debts minus it from debtors and write it to the debit side of profit and loss account.And if provision for bad debts appear in trial balance write it to the credit side of profit and loss account | |
| 498. |
Exams kis kis k start ho gye? |
| Answer» From 25th February<br>16th february<br>16 Feb.<br>From 14 february<br>From 21st February | |
| 499. |
Explain the various parts of computers with a block diagram |
| Answer» | |
| 500. |
What are wasting assets give examples |
| Answer» Those assets as mines,quarries etc. that became exhausted or reduce in value by their working are called wasting assets.Examples: (a) Quarries., (b) Oil wells., (c) (c) Timber stands. | |