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.
| 501. |
Project question compensative question for class11 |
| Answer» | |
| 502. |
Gross profit 25% sales120000 calculate cost of goods sold |
| Answer» Cogs 90000 | |
| 503. |
what is bills payable |
| Answer» Bill payable mean a bill is given to the purchaser or buyer who has to pay a sum of money to the seller from whom the goods are bought | |
| 504. |
Credit sale of old furniture to mohan was overcast by 2500 |
| Answer» Mohan’s AccountDr. 2500 To Sales A/c. 2500(Credit Sales to Mohan, Error rectification recording, not recorded earlier) | |
| 505. |
What are the rules for passing the contra entry |
| Answer» If cash deposited then effect will be debit cash but amt in bank column and credut bank but amt in cash column and vice versa | |
| 506. |
solution for depretiatoin |
| Answer» | |
| 507. |
Want to give test from where i give online test? |
| Answer» Yes where does u give | |
| 508. |
What is marshelling of asset |
| Answer» The arrangement of assets and liabilities on the balance sheet in proper order is called Marshalling. The assets, liabilities, and capital on a balance sheet must be properly marshalled and shown in a logical order. | |
| 509. |
Marks distribution |
| Answer» | |
| 510. |
What is the journal entry for purchase goods on cridet ₹5000 |
| Answer» purchase. a/c. Dr. 5000 To Creditor a/c. 5000<br>The entry will be Purchase a/c ..........dr 5000 To (name of the seller ) 5000<br>Purchase a/c dr. 5000 To. Credit a/c. 5000 | |
| 511. |
What do you mean by matching principle? |
| Answer» Matching Principle is the association of revenue with related expenses. That\'s means ( In order to determined profit earned or loss suffered by business during accounting period, revenue of that period should be match with related expenses incurred in the period.) | |
| 512. |
Goods parches on cridate |
| Answer» Purchase A/c dr. To creditor or vendor | |
| 513. |
What is revenue expenditure |
| Answer» Those expenditure which are incurred in day to day activities | |
| 514. |
How many bills of exchange and what they are? |
| Answer» Bills receivableBills payable | |
| 515. |
What is trail balance |
| Answer» A trial balance is a statement, prepared with the debit and credit balances of the Ledger Accounts to test the arithmetic accuracy of the books .<br>Trial balance means change incorrect statement in correct statement | |
| 516. |
Physical facilities for business |
| Answer» | |
| 517. |
Journalise the following Purchased goods on behalf of Mr Naval Gupta and paid 10,000 |
| Answer» Purchase a/c Dr.10000 to cash a/c 10000<br>Purchase A/c Dr.10,000 To Cash A/c 10,000 | |
| 518. |
What types of softwares are available for accounting purpose |
| Answer» | |
| 519. |
What is the meaning of accountancy |
| Answer» It is a systematic manner in which the transaction are identifying, measuring, recording, classifying, simmering and comunating the financial position to the users.<br>Any organised body of knowledge which have some specified rules& regulations towards Accounting called Accountancy. | |
| 520. |
Write the meaning of accounting conventions. |
| Answer» | |
| 521. |
Give an example for Closing Entry. |
| Answer» | |
| 522. |
Different between stock and inventory |
| Answer» Differences Between Inventory and Stock:-While stock deals with products that are sold as part of the business’s daily operation, inventory includes sale products and the goods and materials used to produce them. For example, the cars, car parts and accessories are sold during normal business practices, but the machines that run diagnostic tests on cars or the car lot itself are not. Inventory takes in account all of the assets a business uses to produce the goods it sells and determines the sale price for the stock. The stock determines the amount of revenue a business generates. | |
| 523. |
What is contingent liability |
| Answer» contingent liability is a liability or a potential loss that may occur in the future depending on the outcome of a specific event. Ex.- cases pending in court | |
| 524. |
Where Accured income is posted.? |
| Answer» It is the income that we have earned but not got the money.....it is an asset......we will post it in asset side of balance sheet.... | |
| 525. |
Financial statements 2 |
| Answer» | |
| 526. |
Where is accounts project work in my cbse guide |
| Answer» | |
| 527. |
Solutions of sample papers of 2 second |
| Answer» | |
| 528. |
Bank reconilliation statment |
| Answer» A bank reconciliation is the process of matching the balances in an entity\'s accounting records for a cash account to the corresponding information on a bank statement. | |
| 529. |
In which chapter g s t is mentioned |
| Answer» GST was introduced in India on\xa01st July 2017\xa0by our new financial minister Arun Jaitley by passing the GST bill in lok sabha. | |
| 530. |
What is an opening entry |
| Answer» Opening entry is passed to carry the last year\'s balances of ledger to the next year | |
| 531. |
Interest on calls in arrears major head and sub head? |
| Answer» | |
| 532. |
Kapil starded business with 700000 capital wrutt the journal entry |
| Answer» Cash a/c dr.70000 To capital a/c 70000 (Being started business with cash)<br>Cash a/c. Dr. 700000. To capital a/c. 700000(Being started business in cash) | |
| 533. |
How manager commission is calculated? |
| Answer» Manager\'s commision is charged after doing all the adjustments. For calculating manager\'s commission firstly find out rough NP and secondly, 1. if it is \'before charging\' then the formula is, Rough NP × rate/100Eg. If manager\'s commissin is 5% on NP before charging his commission and rough NP is 10000 then Manager\'s Commission =10000 × 5/100 = 5002. If it is \'after charging\' then the formula is, Rough NP × rate/100+rateEg. If manager\'s commission is 10% on NP after charging such commission and rough NP 22000 the Manager\'s Commission =22000 × 10/110 = 2000 And it\'s adjustment is, 1. Dr side of P/L A/c 2. Liabilities side of Bal. Sheet | |
| 534. |
Closing stock included 4000 sales to a customer but not delivered to customer |
| Answer» | |
| 535. |
Difference between debit balance as per pass book and cash book in BRS |
| Answer» Debit bal as per cash means there is positive balance in the bank according to the firm\'s account books.Debit bal as per pass means there is negative balance in the bank or overdraft had taken by the owner from the bank. | |
| 536. |
How I made trial balance equal |
| Answer» | |
| 537. |
Solutions of rectification of error chapter |
| Answer» Which question? | |
| 538. |
Explain all the adjustments related to provisions |
| Answer» When provision for doughtfull debt is given in trail balance it is added back in p&l a/c But when given out of trail balance it is added but also deducted from debtors in balance sheet | |
| 539. |
Give an one example transaction which increase one liability and decrease another |
| Answer» Payment of Outstanding expenses like Rent, Salary etc. | |
| 540. |
Give one example of a transaction which increase one liability and decrease another |
| Answer» Pay X \'s loan by taking Loan from Y | |
| 541. |
Journal entry for further bad debts |
| Answer» Bad debts a/c ....Dr. To debtors a/c | |
| 542. |
Why current year provision less from last year provision |
| Answer» its current year\'s bad debts which is deducted from old(last year) provision and if old provision still remain then we deduct current year provision because provision is made of any known liability and we can\'t make anothet provision for same purpose without using old one | |
| 543. |
What are the various classes in double entry system |
| Answer» | |
| 544. |
What do you mean by adjustment entries |
| Answer» | |
| 545. |
When is suspense account prepared |
| Answer» When you are rectifying the entries after making the trial balance, you may come across some one sided errors like overcasting, recording twice, omission of posting etc. In such cases either you don\'t know the account where second effect of the entry is given or there can\'t be any such account that can possibly have the second effect (overcasting). In such cases suspense A/c comes into the scene.<br>It is created whenever we didn\'t know where the amount had been debited or credited<br>A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded.The suspense account is a general ledger account that acts as a holding account until the error is discovered or the unknown transaction is identified. When working with the trial balance, you can open one suspense account to hold all of the discrepancies until you find them. | |
| 546. |
Give two examples of liquid assets |
| Answer» Cash at bank, cash in hand, bills receivable | |
| 547. |
Anyone\'s final exams going on???? |
| Answer» Yes | |
| 548. |
When is closing stock shown in the trial balance |
| Answer» When opening stock and purchase are given<br>Not mentioned..in trial balance | |
| 549. |
Where is bank reconciliation statement? |
| Answer» Brs may be defined as a statement which is prepared to reconcile the bank balances per cash book and pass book and to ascertain the causes of difference<br>Its a statement in which the dr. Balance of cash book should be matched with that of pass book.its draws out differences while balancing ..... | |
| 550. |
Diffrence between statement of affair and balance sheet |
| Answer» Statement of affairs follows single entry system while b/s follows double entry system.In statement of a affairs omissions can\'t be known but in balance sheet omissions can be known. | |