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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.
| 601. |
Why are the rules of debit and credits are same for bohot capital ana liabilities. |
| Answer» In Simple Language, Capital is also the liability of business, that need to be repaid to the proprietor at the end of every financial year...<br>Every business acquires funds from internal as well as from external sources. According to the business entity concept, the amount borrowed from the external sources together with the internal sources like, capital invested by the proprietor, is termed as liability to the business. Business entity concept treats business and business owner separately. Capital of the owner is treated as liability to the business because the business has to repay the amount of capital to the owner, in case of closure of the business. As liability incurred is credited, in the same way, fresh capital introduced and net profit increases the owner’s capital, and so, capital is credited. On the other hand, if liability is paid, it reduces liability, and so, it is debited. Similarly, drawings from capital and net loss reduce the capital, and so, capital is debited. Thus the rules of debit and credit are same for both liability and capital. | |
| 602. |
\'Commission recieved\' in accounting equation? ?? |
| Answer» Add in Cash and Capital | |
| 603. |
give me a comprehensive project\'s case study with 40 transaction |
| Answer» | |
| 604. |
Whatare closing stok ??? |
| Answer» Closing stock is that value or amount of goods which is lieing unsold at the end of accounting year<br>Closing stock are those stocks which remains unsold in the last of the year<br>Thanks Himanshu<br>Closing stock are the stocks which remains unsold .<br>Are yr bta do koi ?? | |
| 605. |
Lighting and heating kisme aata hai |
| Answer» Ye ek expense jo trading account ke debit me aayega<br>It is a expenses so it comes in debit side | |
| 606. |
Salary outstanding in accounting equation |
| Answer» Plus in liabilities and minus in capital<br>Plus in liability and minus in capital | |
| 607. |
Will loan from bank be recorded in cash book ..... if not why??? |
| Answer» Yes it will..... | |
| 608. |
why is depreciation incurred |
| Answer» Because we use fixed assets for many year. So we distribute their cost over the years of their use and this distributed cost is depriciation | |
| 609. |
difference between debit note and credit note |
| Answer» Debit Note- Minimization in account payables. Credit Note- Minimization in account receivables.<br><th>BASIS FOR COMPARISON</th> <th>DEBIT NOTE</th> <th>CREDIT NOTE</th> \t\t\tMeaningDebit Note is a document which reflects that a debit is made to the other party\'s account.Credit Note is an instrument used to inform that the other party\'s account is credited in his books.Use ofBlue InkRed InkRepresentsPositive AmountNegative AmountWhich book is updated on the basis of note?Purchase Return BookSales Return BookEffectMinimization in account receivables.Minimization in account payables.Exchanged forCredit NoteDebit Note\t | |
| 610. |
Which book is known as invoice book |
| Answer» Soory purchase-(inward) and sales-(outward) invoice<br>Both purchase(outward invoice) and sales (inward invoice) book<br>Purchases book and sales book<br>Pur book<br>PURCHASES BOOK | |
| 611. |
What is the treatment of suspense account in income statement? |
| Answer» Suspense account is not disclosed in income statement. It is shown in balance sheet. If suspense account has debit balance then it will ve shown on asset side and if it has credit balance then it will shown on liabilities side | |
| 612. |
What is subsidery book |
| Answer» Subsidiary book is the sub division of Journal. These are known as books of prime entry or books of original entry as all the transactions are recorded in their original form. In these books the details of the transactions are recorded as they take place from day to day in a classified manner. | |
| 613. |
Sir i need solution of 2008 question paper |
| Answer» | |
| 614. |
How to make bank reconciliation step by step |
| Answer» | |
| 615. |
Meaning of capital receipts? |
| Answer» Meaning of liquid assets - which convertd into cash with short time is known as liquid assets . For example - cash in hand , cheque in head , bank balance etc.<br>To sale fixed assets<br>Meaning of liquid assets? | |
| 616. |
रू |
| Answer» Rs | |
| 617. |
What is grace days |
| Answer» Three extra days allowed to drawee after the due date | |
| 618. |
If sales =500000 and Gross Profit = 25% on cost. Find cost of goods sold and Gross Profit. |
| Answer» 400k cost 100k profit<br>Cost 40000 gross profit 10000<br>375k<br>400000 is correct answer<br>Cost of goods sold =500000-125000 =375000<br>Gross profit =5 00000 x 25/100 =125000 | |
| 619. |
Suhani sharma r u there...yrrrr uhhh na thoda kmm bola kro....stupid girl?? |
| Answer» | |
| 620. |
Items of trading account P/L A/c & Balance sheet |
| Answer» And balance sheet :- We use assets, liability and capital<br>Items included in the debit side of the trading account*Opening Stock: Opening stock consists of raw materials , work in progress and finished goods depending upon the nature of business.*Purchase. Purchase includes both credit purchase and cash purchase. ...*Purchase Returns. Purchase returns is appear in the credit side of trial balance. ...*Direct Expenses. | |
| 621. |
Rectify this - repairs on machinery 1400 debited to machinery account |
| Answer» Repairs A/c. Dr 1,400To machinery A/c 1,400 | |
| 622. |
What is ATM FULL FORM OF ATM and utilities of ATM |
| Answer» Automatic transaction machine , Cause in ATM transaction occurs automatically , ??Well , utilities of ATM are nothing we have to use only for a debit card , to get out money from the ATM ?<br>Automatic teller machine<br>Automatted teller machine | |
| 623. |
All about Rectification of errors |
| Answer» | |
| 624. |
difference btwn acountancy and acounting |
| Answer» | |
| 625. |
What is overcasting |
| Answer» Overcasting meas error of increasing the total balance of any book while adding the balances<br>overcast means to have any increase in bank balance of cash book . | |
| 626. |
Define cash book |
| Answer» Cash book is an subsidiary book in which all the cash transactions and receipts and payments are recorded in the books of account | |
| 627. |
Define journal |
| Answer» Journal is a book of original entry in which transactions are recorded in books of account in an chronological order | |
| 628. |
Aaj mera accounts ka exam.tha bhot acha hua |
| Answer» Ha ho skta h but hamre schl mei ek 12 ka ch 11 mei hi kra diya?<br>NPO ab hmare slaybus me nhi h ab 12th me ho gya h<br>Hey !!! NPO syllabus m h kya ?¿<br>I think NPO is not in syllabus of class 11<br>UT the jo dec mei hote hCh :-financial statementFinancial statement with adjustmentNPO<br>Kaise bata kon sa chapter ka test tha | |
| 629. |
Journal entry of cheque dishonoured |
| Answer» Customer\'s A/c. Dr To bank A/c | |
| 630. |
Why do business keep incomplete records |
| Answer» | |
| 631. |
What do you mean by the Matching concept |
| Answer» Find in your accounts book | |
| 632. |
Following transaction of Ramesh for April 2018 are given below journalise them |
| Answer» Where the transactions are given????? | |
| 633. |
What are the importance of making financial statements |
| Answer» Thanks bro..!!<br>To know about profit and financial position of business during the year | |
| 634. |
Important questions related to depreciation chapter |
| Answer» | |
| 635. |
211\\7 |
| Answer» | |
| 636. |
Difference between manual and computerized accounting |
| Answer» \tParameter of ComparisonManual AccountingComputerized AccountingDefinitionIt uses books and physical registers to record financial data.It uses a computer with financial software to collect financial data electronically.DocumentingDocumenting is attainable via book of original entryA customized database is used to record data content.CalculationOne performs all the calculations by hand.The computer system carries out the calculations after one feeds it with the data.AccuracyProne to mistakesThe software confirms transactions making it unlikely to record a mistakeFinancial StatementsAccountants develop it at the end of every fiscal year or quarter.It is always ready.Trial balanceIt is prepared when requiredIt provides a trial balance every daySpeedSlowRelatively fasterBackupIt is hard to backup dataYou can save entries of transactions and back them up easily.\t | |
| 637. |
What is accured income .:: ???? |
| Answer» Welcome ji??<br>Thanks ji ??<br>Income earned but not received. | |
| 638. |
Difference between closing stock and opening stock? |
| Answer» Closing stock = the unsold goods remain in any firm during any accounting period is known as closing stock. Closing stock termed as an asset and added onn the asset side of the balance sheet. Opening stock = in any accounting period the unsold goods were again put for selling is known as opening stock .<br>When starting a business stock is purchase is called opening stock and On ending of year the stock remaining is called closing stock | |
| 639. |
Why dep is not charged on land???? |
| Answer» Yaaa depreciation is not charged on land because the value of land is not decrease by passing of time generally it\'s value get increase .So apreciation is charged on land.<br>Land\xa0is\xa0not depreciated\xa0because\xa0land\xa0is assumed to have an unlimited useful life. Other long-lived assets such asland\xa0improvements, buildings, furnishings, equipment, etc. have limited useful lives. Therefore, the costs of those assets must be allocated to those limited accounting periods.<br>Depriciation is not charged on land because the value of land is never decrease and always increase | |
| 640. |
Which type of accounting information shows profit earned or loss incurred |
| Answer» P$L A/C<br>Final account | |
| 641. |
which account is not consuderd while preparing trail balance? |
| Answer» No if its written NOT ADJUSTED then its not included otherwise it is...<br>Closing stock is not considered while preparing the trial balance.because it is assumed that closing stock is already included in purchases and opening stock. | |
| 642. |
Expand APB |
| Answer» Acquisition finance back | |
| 643. |
Accountancy define |
| Answer» Accountancy is the process of managing the income and expenses of a business. | |
| 644. |
advantages of secret reserve |
| Answer» Secret reserve is a reserve which does not appear in the balance sheet. It may also help to reduce the disclosed profits and also the tax liability. The secret reserve can be merged with the profits during the lean periods to show improved profits. Management may choose to create of a secret reserve by charging higher depreciation than required. It is termed as \'Secret Reserve\', as it is not known to outside stakeholders. Secret reserve can also be created by way of:\tUndervaluation of inventories/stock\tCharging capital expenditure to profit and loss account\tShowing contingent liabilities as actual liabilities | |
| 645. |
When closing stock is shown in trial balance? |
| Answer» If it is not adjusted<br>If it is adjusted | |
| 646. |
What journal entry when provision for depreciation a/c is maintained? |
| Answer» Dep. ------- dr. To prov for dep. | |
| 647. |
Meaning of journal |
| Answer» Journal is a book of original entry in which all the transactions are recorded first of all , as and when they take place. | |
| 648. |
Entry of Dishonour in drawers account |
| Answer» Debtor_---------dr To creditor<br>Without noting chargesX dr To Bills receivableWith noting chatges X dr To Bills receivable To cash | |
| 649. |
We add additional machinery in trading account |
| Answer» | |
| 650. |
live stock is aa nominal account true ya false |
| Answer» False<br>Its answer is real account | |