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.
| 651. |
BRS questions |
| Answer» What | |
| 652. |
What is contigent liabilities |
| Answer» A contingent liability is a liability or a potential loss that may occur in the future depending on the outcome of a specific event. Potential lawsuits, product warranties, and pending investigation are some examples of contingent liability. | |
| 653. |
difference between drawee and payee plz give me ans fast bcoz tomorrow is my accounts exam |
| Answer» The person who accepts the bill of exchange is the drawee The person who is going to receive the amount from drawee is payee.Note-The payee can be drawer(who has written the bill)himself ,bank,or the person with whome the bill was endorsed<br>Drawee is the purchaser and payee is to whom the cheque pay or endorsed | |
| 654. |
Which accounts are not considerd while preparing the trial balance |
| Answer» CLOSING STOCK A/c IF NOT ADJUSTED EARLIER<br>closing stock a/c | |
| 655. |
Why is GST not recorded while charging depreciation |
| Answer» GST not recorded at the time of depreciation because GST paid at the time of purchase of asset and the amount of GST can be set off it means it is not the value of asset | |
| 656. |
What is the aim of journal entry in accountancy |
| Answer» and also maintain all yhe the transaction at one place<br>To know the debit and cridet | |
| 657. |
Rectified entry for old furniture sold for Rs. 500 has been credited to sales account? |
| Answer» Sales a/c 500 To Furniture a/c 500 | |
| 658. |
Received 1,000 from ram but credited to shyamby 10,000. |
| Answer» SHYAM A/c. Dr 10,000To ram A/c. 1,000 to suspense A/c 9,000<br>Shyam A/C dr 10000 To Ram. 1000 To suspense. 9000<br>shyam.....dr. to ram by rs. 1000 | |
| 659. |
What are T-accounts?? |
| Answer» Shyaid you ask for ledger account | |
| 660. |
Books of original entry journal practical question 14(a) |
| Answer» | |
| 661. |
Which of the following among cash book , ledger n journal is known as principal book. |
| Answer» Ledger | |
| 662. |
Unfavorable balance as per cash book means |
| Answer» Overdraft balance that means when a person\'s bank account goes below zero, the balance is a negative number | |
| 663. |
What is adjustments in final account a credit sales of Rs 8000 was not recorded in sales book |
| Answer» Sales in trading a/c and debtors have to be increased by 8000 | |
| 664. |
Answer of practical problem 35 incomplete records |
| Answer» Which book problem 35 | |
| 665. |
frPOftV/qzeraxqIPTfoHRwtJO252lm2Ugfl3fvxI5+oOYYLxFqp7OLTpEChrITs |
| Answer» | |
| 666. |
Formula s for financial statements |
| Answer» | |
| 667. |
Liability falls under the category of personal real or nominal account ? |
| Answer» PERSONAL ACCOUNT<br>Personal a/c | |
| 668. |
how many types of adjustment financial statements |
| Answer» | |
| 669. |
Entry of goods withdrawn by proprietor for personal use? |
| Answer» Drawings a/c ...dr. To purchases a/c<br>Drawings A/C Dr To Stock<br>Drawings A/c Dr. To Purchases A/c To Input IGST/CGST/SGST(If mentioned in question)(Being.....)<br>Drawings A/c. Dr. To purchase A/c<br>Drawing a/c dr. To purchase a/c<br>Drawings a/c dr. To purchases a/c<br>Drawings a/c ....Dr To cash a/c | |
| 670. |
Conversion of single entry system into double entry system? |
| Answer» | |
| 671. |
Accontancy |
| Answer» It is a science which performs the function of preparing accounts ..it help to make the financial satatements<br>It is a systematic knowledge of accounting | |
| 672. |
How many types of voucher are there in accounting???? |
| Answer» Source vouchers and accounting vouchers<br>2 | |
| 673. |
What is meant by depreciation |
| Answer» Depreciation is fall or reduction in the value of fixed tangible asset after/due to a period of time, accident ,any other reasons.<br>Reduced in the value of assets<br>Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life and is used to account for declines in value. Businesses depreciate long-term assets for both tax and accounting purposes.<br>It means fall in value of tangible fixed assets. | |
| 674. |
What is the difference between petty cash book or double colnnm petty cash book |
| Answer» | |
| 675. |
What is accountancy princile |
| Answer» Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The common set of U.S. accounting principles is the generally accepted accounting principles (GAAP).<br>Accounting principles mean by the rules that helps in making the account in good and effective way it make easy to determine the position and profit and loss occurred in a accounting period .... | |
| 676. |
Provision of one third machinery sale |
| Answer» Separate one third part of machinery from the beginning of question | |
| 677. |
Project on voucher |
| Answer» | |
| 678. |
write 10 non operating expenses please help me fast |
| Answer» | |
| 679. |
why is profit and loss account formed in books of account |
| Answer» if is formed then why is maintained in one year | |
| 680. |
Subscribe to wrestling sky channel on YouTube |
| Answer» | |
| 681. |
Give any two objectives of accounting ? |
| Answer» 1.To determine the financial position of the company and 2.To determine the correct profit and loss account<br>1.To determines the correct profit and loss 2. To determine the financial position of a firm | |
| 682. |
Financial statement practical problem |
| Answer» | |
| 683. |
Machinery disposal question no. 16 |
| Answer» | |
| 684. |
Define accural concept |
| Answer» The accrual concept in accounting means that expenses and revenues are recorded in the period they occur, whether or not cash is involved. The benefit of the accrual approach is that financial statements reflect all the expenses associated with the reported revenues for an accounting period. | |
| 685. |
Objective of gst |
| Answer» 1) No cascading of taxes 2) Reduced compliance cost3) Seamless flow of credit4) Less wastage of time and effort to comply5) Few number of taxes6) Transparent and corruption free7) Supportive to compete at Domestic and International Market8) Buoyancy in tax collection both for Central and State/UT9) Tax impact on inflation should be minimal. | |
| 686. |
Advantages of gst |
| Answer» i. Elimination of multiple taxesii. Elimination of cascading effectiii. It will re-distribute the burden of taxation equitably between manufacturing and services.iv. Speeds up economic union of India.v. Better compliance and revenue buoyancy.vi. Tax incidence for consumers may fall.vii. Lower transaction cost for final consumers.viii. It acquires a very simple and transparent character.ix. Uniformity in tax regime.x. Efficiency in tax administration. | |
| 687. |
Retification of error meaning |
| Answer» Why arethey called as unintentional mistakes<br>the procedure followed to rectify the errors committed and to set right accounting records is called rectification of error | |
| 688. |
30 transaction for making journal ledgers trial balance final account |
| Answer» | |
| 689. |
Give the journal entry of following transaction- repair of building. |
| Answer» Since its just repair of building and not a substantial increase to the building so we can\'t Dr building a/c we\'ll take it as revenue expense so repairs a/c will be debited<br>REPAIRS A/c. DrTO CASH/BANK A/c<br>Buildinga/c ...dr. To cash a/c.Hope its ryt<br>Repairs A/c Dr. To Cash A/c<br>No its not write answer for given transaction<br>Expence A/c D.r To cash | |
| 690. |
Sc sharma page number 10.34 |
| Answer» Please mention your query cleary as I don\'t have the said book.<br>.. | |
| 691. |
if they have given interest on bank O/D in adjustment.... We shld add or less it in balance sheet??? |
| Answer» Add. Because bank overdraft is our liability and int. on bank overdraft rise our liability so we add this in bank o/d on liability side of B/S. Bank O/D. xxxx(add) int.on bankO/D. xx ...........xxxxxx | |
| 692. |
NCERT test answer of 13, 14, 15, 16 and 17 is need |
| Answer» 17 | |
| 693. |
Ram sold goods to sam |
| Answer» Sam. Dr To saleIn the books of ram andPur. Dr To ramIn the books of samBecause,their are cridet transaction<br>Ram a/ c dr to sale a/c<br>Sam. Dr To sales | |
| 694. |
Why did you take commerce? Is there any reason why you choose commerce. What you wants to become. |
| Answer» Hmm.. Thats good<br>Because I liked it | |
| 695. |
5 shares of 1000, each are purchased by AB&co.So, what will be the journal entry? |
| Answer» Here you are receiving the shares as investment which is your Real Account so Rule for Real Acc is Dr what comes in and Cr what goes out.Secondly regarding purchases and sales of goods. You must be well aware that in purchase and sale accounts we show only those items in which the business deals e.g. Computer is a good for a computer dealer but a fixed asset for a grocery store.So purchase and sale of goods are shown in purchases and sales ac while purchase and sale of fixed assets are shown in their respective account.Fixed assets are real accounts so we apply the rule I\'ve mentioned earlier.In case of purchase and sale of goods...purchases and sales ac are nominal ac...and we aplly the rule dr all expenses and losses while cr all incomes and gains.Purchases is an expense so it is drSales being income is credited\xa0<br>Because according to golden rule debit is receiver and credit is giver thats why purchase always debit and when you purchase you give the cash and here cash is gone and in which you invest money thats name is debit. For example purchase goods 20000 then its general entry is purchase a/c dr to cash a/c.<br>Why purchase will not credit? ?<br>INVESTMENT / SHARES A/c. Dr5,000 TO CASH / BANK A/c 5,000<br>Investment a/c Dr. 5000To cash. 5000 | |
| 696. |
Charge depreciation @10% p.a for two months on machine costing . What will be the journal entry ? |
| Answer» Depreciation A/C Dr...To machine A/C<br>Cost of machinery is not given<br>What is the cost of machinery? | |
| 697. |
Journal entries of following transactionPaid rent in advance |
| Answer» Prepaid rent a/c dr ..........to rent a/c<br>Prepaid Rent A/c Dr. .......To Rent A/c<br>Prepaid rent ac d.rTo cash ac | |
| 698. |
Journal entry solution |
| Answer» | |
| 699. |
(T.S. GREWAL 2018 EDITION )TRIAL BALANCE (QUESTION NUMBER 7) |
| Answer» | |
| 700. |
What is vouchers |
| Answer» A voucher is an accounting document representing an internal intent to make a payment to an external entity, such as a vendor or service provider. | |