Explore topic-wise InterviewSolutions in Class 11.

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.

101.

How to pass the journal entries

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102.

How to make journal entry

Answer» Each general journal entry lists the date, the account title(s) to be debited and the corresponding amount(s) followed by the account title(s) to be credited and the corresponding amount(s). The accounts to be credited are indented.
103.

What is the simple definition of accounting

Answer» Accounting is a process of identifying, measurement,recording,classifying,summarizing and analysis and interpretation of the financial statements and this information is provided to the users<br>Accounting is an art of recording,classify,sumarizing the financial transactions.Also analysing and interpreting the results and communicate it to users of accounting information.
104.

Solutions to the problems in recording of transactions 13 to 22

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105.

Sc shrama solution of chapter 7

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106.

Ledger chapter full solved 2019 edition

Answer» Please send this question fastly
107.

What is Journal entry?

Answer» Any type of transaction firstly recorded as joural entries.
108.

Q6 of ts grewal

Answer» Question
109.

how to make journal entries.........

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110.

what are the three features of accounting principle

Answer» And third they are generally accepted<br>Accounting principle are made man man made second accounting principle are flexible third accounting principle are
111.

What is acounting equation

Answer» Accounting equation is also called balance sheet equation. It generally made for double-entry bookkeeping system. It consist relationship between assets, liabilities and owner equity Of a person or business.
112.

List any two function of accounting

Answer» The two function of accounting are - 1) Communicating the financial Information 2) Assistance to Management
113.

Name any two users of accounting information?

Answer» Investors and creditors<br>Internal users and external uses
114.

Purchased goods from sanjiv of rs 40000

Answer» Stock will increase and creditors will increase .<br>Decrease in cash add in stock
115.

Explain the meaning of accountancy

Answer» Accounting is a systematic knowledge of accounting. It explains how to deal with various aspects of accounting.It educates us how to maintain the books of account.<br>Accountancy is actually a subject which provide us a set of knowledge and tells us the basic rules and principles to do accounting process in the books of accounts.
116.

When we made payment by cheque . Cash discount is allowed true and false

Answer» True , cash discount is allowed.
117.

Bought goods for cash of the list price of 80000 at 10%trade discont and 5/2% cash discount

Answer» Purchase a/c________dr. 72,000To Cash recieved a/c1800To cash a/c7o,200 I hope this answers will be helpful for you
118.

Accounting equation illustration question no 1

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119.

Goods costing rs. 40000/- sold at a profit of 20% .what will be the journal entry

Answer» Cash A/C Dr. Rs.48,000 To sales A/C Rs.48,000 (Being goods sold for cash)Selling price =Cost of goods + Profit =Rs.40,000 +20%(40,000) =Rs.40,000 +8,000 =Rs.48,000<br>Thankyou<br>cash A/C Dr. 48000 To profit and loss A/C 8000 To sales A/C 40000
120.

1000 due from rahul are now bad debts

Answer» Bad debts a/c dr. 1000 To debtors a/c 1000<br>Rahul Dr 1000 To bad dept A/C 1000
121.

What are bill receivable and bills payable

Answer» Bills receivable are drawn when a vendor or seller makes any credit sale to the business. The amount mentioned in the bill is paid on the future date and such bill is called bills payable.
122.

Explain liabilities and assets

Answer» A liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events.An asset is any resource owned by the business. Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset.\xa0
123.

Explain in short the meaning of an accounting equation

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124.

Journal entry of goods bought by harshit for cheque for 10000

Answer» Purchase a/c dr. 10000To bank a/c 10000
125.

journal entry of Sold goods to rakesh for 15,000

Answer» Rakes account debit 15000 to sales account 15000<br>Rakesh account debit(15,000) To sales account (15,000)
126.

What is financial

Answer» Financial Management is that branch of Management which is related to the effective and efficient procurement and utilization of funds.
127.

Meaning of accounting princple

Answer» Accounting principles are the common rules that must be followed when preparing financial statements that are distributed to people outside of the country( or other organization).
128.

Why is trade discount not recorded in journal

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129.

What is the differenc between expenses and losses?

Answer» Expenses are the cost incurred for generating revenue and losses are excess of expenses of a period over its revenue and it decreases the owner\'s equity.
130.

Describe the uses of accounting for the government. Explain.

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131.

Meaning of :-AssetsLiabilityExpenseRevenueCapital

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132.

Rules of debit and liability

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133.

Convention of prudence and full disclosure

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134.

Limitations of qualitative informations in hindi meaning

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135.

Understand the topic of event

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136.

Practical problem of chapter 3

Answer» Understand the event
137.

How to start journal entry ?

Answer» Starting a Journal1. Find the right space to write. ...2. Buy a physical journal or Sign-up for Penzu. ...3. Close your eyes and reflect on your day. ...4. Ask yourself questions. ...5. Dive in and start writing. ...6. Time yourself. ...7. Re-read your entry and add additional thoughts
138.

Is last two chapters r neccessary in papaer

Answer» There is not important But it can be asked 1 marks question
139.

What are vouchets

Answer» They provide authorization to pay
140.

Explain me about prepaid Expenses and Outstand expenses

Answer» \tOutstanding Expenses When expenses of an accounting period remain unpaid at the end of accounting period, they are termed as outstanding expenses. For example, if Salaries are paid for 11 months only, then the salaries for the 12th month will be called Outstanding Salaries.\tPrepaid Expenses Those expenses which have been paid during the current accounting\xa0period but the benefit of which will accrue in the subsequent accounting period or periods are known as prepaid expenses. For example, rent paid in advance for 3 months.
141.

Hello guys I am new in this app

Answer» Hlo<br>Heyy Jasleen..?
142.

Accounting Equation (A=L+C) always holds good under all circumstances explain with two examples

Answer» The accounting equation is considered to be the foundation of the double-entry accounting system. The accounting equation shows on a company\'s balance sheet whereby the total of all the company\'s assets equals the sum of the company\'s liabilities\xa0and shareholders\' equity. Based on this double-entry system, the accounting equation ensures that the balance sheet remains “balanced,” and each entry made on the debit side should have a corresponding entry (or coverage) on the credit side.The financial position of any business, large or small, is assessed based on two key components of the balance sheet, assets, and liabilities.\xa0For example,\tPurchasing a Machine with CashCompany XYZ wishes to purchase a Rs. 50,000 machine using only cash. This transaction would result in a debit to Equipment (Rs. 50,000) and a credit to Cash (Rs. 50,000). The net effect on the accounting equation would be as follows:\tAssets=Liabilities+Capital50,000\xa0\xa0\xa0\xa0(50,000)\xa0\xa0\xa0\xa00\xa00\xa00\tThis transaction affects only the assets of the equation, therefore there is no corresponding effect in liabilities or shareholder’s equity in the right side of the equation.\tPurchasing a Machine with Cash and CreditCompany XYZ wishes to purchase a\xa0Rs. 50,000 machine but it only has Rs. 25,000 of cash in its holdings. The company is allowed to purchase this machine with an initial payment of Rs. 25,000 but it owes the manufacturer the remaining amount. This would result in a debit to Equipment (Rs. 50,000) and a credit to both Accounts Payable (Rs. 25,000) and Cash (Rs. 25,000). The net effect on the accounting equation would be as follows: <th scope="col">Assets</th> <th scope="col">=</th> <th scope="col">Liabilities</th> <th scope="col">+</th> <th scope="col">Capital</th> \t\t\t50,000\xa025,000\xa0\xa0(25,000)\xa0\xa0\xa0\xa025,000=25,000+0\tThis transaction affects both sides of the accounting equation; both the left and right side of the equation increase by Rs. 25,000.
143.

What are financial accounting statment called?

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144.

What is a function of accounting

Answer» Recording and classification of financial transactions
145.

How to make journal entries

Answer» F*****uk
146.

In lesson 2 notes

Answer» In. Which school you read
147.

What is leger posting

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148.

Which types of can be come in unit test

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149.

Practical problems ch 5

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150.

Kinds of accounting

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