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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.
| 151. |
What is the advance of accounting |
| Answer» Accounting helps to maintain the business records in a systematic manner. It helps in the preparation of financial statements. Accounting information is also used to compare the result of current year with the previous year to analyze the changes. | |
| 152. |
Enter the following transactions in the journal of mohan |
| Answer» | |
| 153. |
What is debtors and creditors |
| Answer» Debtors: Debtors are those persons who owes amount to the business on account of credit sales of goods and services. Debtors are an asset for the company because amount is to be received from them.Creditors: \xa0Creditors are those persons to whom business owes amount on account of credit purchases of goods and services.Creditors are liabilities for the business because money is to be paid to them by the business.<br>Creditor is that person of opposite of debtor<br>Debtor is a person who have bought your goods in credit purchase means in udhaar and he has to pay your goods amount after a short period of time. | |
| 154. |
Business strted with cash -journal entri |
| Answer» | |
| 155. |
What are the users of accounting information ? Explain |
| Answer» \tResearchers:\xa0Researchers are interested in interpreting the financial statements of the concern for a given objective.\xa0Accounting information helps research scholars who wants to make a study into the financial operation of a particular firm.\tGovernment:- Government has to collect sales tax, income tax, excise duty, and other taxes from the business. For this, it is necessary that proper accounts are made available to the government.Government wants to know earnings or sales for a particular period for the purpose of taxation. Income tax returns are examples of financial reports which are prepared with information taken from accounting.Government ensures that a company\'s disclosure of accounting information is in accordance with the regulations that are in place to protect the interest of various stakeholders who rely on such information in forming their decisions\tCreditors:- Creditors are those parties that provide a firm with raw material, goods, services and financial resources by either extending credit or making loans. They are interested in knowing whether an enterprise can settle its obligations on a scheduled date in time. As a result, the existing cash position, outstanding debts, present and future earnings of an enterprise are of utmost concern.\tPotential Investors:\xa0The prospective investors are in need of detailed information about the progress of the concern because on the basis of the information revealed by the accounting statements they make decisions regarding the investment to be made in that particular business. They would like to know the data relating to the past and present performance of the business and details of the decisions taken for future programmes. | |
| 156. |
Is there is any way to revise journal in 1 hour |
| Answer» | |
| 157. |
Best of luck for class 11 ?? |
| Answer» Thanks and you too | |
| 158. |
Purchased goods from M/s Eufora , new delhi vide bill no. 912 , paid IGST @ 12% |
| Answer» | |
| 159. |
Explain any five advantages and disadvantages of accounting |
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| 160. |
Elobrate the list of assets and liabilities |
| Answer» | |
| 161. |
Meaning of summarising |
| Answer» \tSummarising :\xa0It is the art of\xa0presenting the classified data in such a\xa0manner which is understandable and useful to various users of accounting statements. This involves balancing of ledger accounts and preparation of Trial Balance. Then final accounts are prepared from Trial Balance. | |
| 162. |
Sold goods to ram on credit |
| Answer» Ram account Dr. To sales a/c | |
| 163. |
Ch 1 test your understanding - 1 |
| Answer» | |
| 164. |
Explain attributes characters of accounting |
| Answer» The qualitative characteristics of accounting information are as follows:\tReliability :\xa0It means the accounting information must be reliable i.e., the users must be able to depend on the information. It must be factual and verifiable. A reliable information should be free from errors\xa0and bias.\tTo ensure reliability, the information disclosed must be credible, verifiable by independent parties, must use the same method of measuring and be neutral and faithful.\tRelevance :\xa0Accounting information presented by financial statements must be relevant to the decision making needs of the users. It means Unnecessary and irrelevant information should not be included. To be relevant, the information must be available on\xa0time, must help in prediction and feedback, and must influence the decisions of users.\tUnderstandability : It implies that the\xa0information provided in the financial statements must be prepared in such a manner that it is understandable by the its users. Understandability implies that the accounting information provided to the decision-makers must be interpreted by them in the same sense as it was prepared and conveyed to them. This can be done by giving proper explanatory and working notes to explain the information.\tComparability :\xa0It means that the users should be able to compare the accounting information. To be comparable, accounting reports must belong to a common period and use common unit of measurement and format of reporting. | |
| 165. |
Solutions of class 11 chapter 6 page no 6.25 of D K goel |
| Answer» | |
| 166. |
Opened a current account by personal cheque (journal gst) |
| Answer» | |
| 167. |
Pass journal entry |
| Answer» Settled the account of Amit by paying cash under a discount of 2% | |
| 168. |
distinguish between loss and expense |
| Answer» A acountency<br>Expense means to investment.So It can be loss or gain.But when we sold anything below the price of exact price(of anythings) ,it is called a loss. | |
| 169. |
Process if accounting |
| Answer» | |
| 170. |
How will you define revenues and expenses |
| Answer» Revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers.Expense is\xa0the cost incurred in or required for something. | |
| 171. |
Purchased goods from x rupees 20000 |
| Answer» Purchase a/c dr 20000 To X\'s a/c 20000 | |
| 172. |
Brief explanation of the qualitative characteristics (Attributes) of accounting information. |
| Answer» | |
| 173. |
Brief explanation of the limitations of accounting. |
| Answer» | |
| 174. |
What is personal account |
| Answer» What is real and nominal account | |
| 175. |
How to understand journal accounts easily????? |
| Answer» By taking example of our own life and practice journal is very easy | |
| 176. |
Where is GST chapter in this app |
| Answer» | |
| 177. |
State the nature of accounting information required to long term lenders |
| Answer» The long-term lenders are interested in knowing\xa0if they are likely to get their money back or not. They\xa0look particularly at the liquidity of the business, i.e.,\xa0the ability of the company or organisation to repay its debts and its interest\xa0when\xa0they become due. They just want to judge the repaying capacity of the business. | |
| 178. |
Pg no 85 no 14 |
| Answer» | |
| 179. |
Purchase goods of list price of rs 20000 from vishal at 20% trade discount against cheque payment |
| Answer» | |
| 180. |
What do you mean by analysis and interpretation |
| Answer» Analysis and interpretation of financial statements means looking at the various parts of the financial statements, relating the parts to each other and to the picture as a whole, and determining if any meaningful and useful interpretation can be made. Analysis refers to the process of fact-finding and breaking down a complex set of figures into simple components while interpretation stands for explaining the real significance of those simplified components. Thus, an analysis is a pre-requisite to the interpretation. | |
| 181. |
What is accounting?Define it\'s objectives |
| Answer» Accounting can be defined, as the process of identifying, measuring, recording and communicating the required information relating to the economic events or an organisation to the interested users or such information.The objectives of accounting are as follows :\tTo keep the Systematic Records\xa0of Business Transactions: The main objective of accounting is to keep the proper and systematic record of all business transactions. In other words,\xa0Accounting systematically records all financial transactions and events of the enterprise in the books of accounts. It classifies the recorded data under relevant accounts and summarises\xa0them into financial statements. Accounting is done to keep a systematic record of all financial transactions, assets and\xa0liabilities. The recorded information enables verifiability and acts as evidence.\tTo Calculate\xa0Profit or Loss:\xa0Another main objective of accounting is to ascertain the profit earned or loss sustained by a business during an accounting period. For this purpose, a statement called the income statement or the trading and profit and loss account is prepared at the end of each financial year.\xa0In this account, the revenue and the expenses incurred in the accounting period are recorded, and the comparison of the two shows whether the business has earned profit or incurred loss.\tTo Ascertain the\xa0Financial Position of business: Accounting also aims at ascertaining the financial position of the business\xa0by preparing a position statement\xa0called as balance sheet. Balance sheet is a systematic record of various assets and liabilities of the business on a particular date. It is like a screen picture of the financial position of the business showing its all the assets and liabilities.\tTo Provide\xa0Accounting Information to Its Users for Decision-making: Another important objective of accounting is to provide accounting information to its user. Users are generally of two types internal and external. Internal users include management, owners etc. and external users include creditors, investors, government etc. The accounting information is communicated in the form of reports, statements, graphs, charts, etc. to these users. This information helps them for financial planning and controlling. | |
| 182. |
Depriciation is an expense or loss? Explain your answer |
| Answer» The value of fixed assets reduce after years because of usage and passage of time. It is well known that fixed assets are used for earning revenue. Therefore, decrease in their value is considered as an expense or loss incurred in earning revenue and like other expenses or losses, is charged to the Profit & Loss Account. Otherwise, profit will be overstated. | |
| 183. |
Goods returned to Anurag in Journal entry |
| Answer» Purchase return a/c dr. To anurag<br>Cash dr. To purchase cr. | |
| 184. |
how to find gaining ratio in admission chapter |
| Answer» | |
| 185. |
Invested in the businss as capital rupess10,000. |
| Answer» Cash (+) capital (+) | |
| 186. |
What is the primary reason for business students and others to study accounting discipline? |
| Answer» As accounting information is presented and communicated in the form of financial statements, reports, graphs, charts, etc. to various interested parties. Therefore, the primary reason for business students and others to study accounting discipline is to acquire that\xa0knowledge, which is helpful in understanding and using this accounting information. In other words, to study the financial statements and to derive results from them, it\xa0is essential to study Accounting discipline. | |
| 187. |
Define drawings with examples |
| Answer» The amount withdrawn from the business for the personal use is known as drawings. For Example :- buy furniture or car for personal use. | |
| 188. |
Explain details about propritor |
| Answer» A proprietor is a sole businessman who manages his business all by himself and has no partners. For eg: a retail shop | |
| 189. |
Explain the qualitative characteristics of accounting information? |
| Answer» The qualitative characteristics of accounting information are as follows:\tReliability :\xa0It means the accounting information must be reliable i.e., the users must be able to depend on the information. It must be factual and verifiable. A reliable information should be free from errors\xa0and bias.\tTo ensure reliability, the information disclosed must be credible, verifiable by independent parties, must use the same method of measuring and be neutral and faithful.\tRelevance :\xa0Accounting information presented by financial statements must be relevant to the decision making needs of the users. It means Unnecessary and irrelevant information should not be included. To be relevant, the information must be available on\xa0time, must help in prediction and feedback, and must influence the decisions of users.\tUnderstandability : It implies that the\xa0information provided in the financial statements must be prepared in such a manner that it is understandable by the its users. Understandability implies that the accounting information provided to the decision-makers must be interpreted by them in the same sense as it was prepared and conveyed to them. This can be done by giving proper explanatory and working notes to explain the information.\tComparability :\xa0It means that the users should be able to compare the accounting information. To be comparable, accounting reports must belong to a common period and use common unit of measurement and format of reporting. | |
| 190. |
Brief definition of account |
| Answer» | |
| 191. |
Advantages of Goods and service tax |
| Answer» | |
| 192. |
What is mean by current assets and fictitious assets and non current assets with ex |
| Answer» | |
| 193. |
What is mean by working capital to easily to understand |
| Answer» Raw materials and money in hand are called working capital. | |
| 194. |
Mahesh started with business with RS 25000 |
| Answer» Cash+Capital* | |
| 195. |
Please suggest me a YouTube channel for accountancy |
| Answer» | |
| 196. |
Ncert pg 89Question number 4 All bitsClass 11 |
| Answer» | |
| 197. |
Suggest me any best youTube channel for accountancy |
| Answer» | |
| 198. |
What is general terms |
| Answer» General Terms : Those accounting terms that don\'t pertain to a particular financial statement. | |
| 199. |
How to write journal |
| Answer» | |
| 200. |
Acounting eqations |
| Answer» | |