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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.
| 201. |
3467 |
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| 202. |
How to do recording transaction 1 accounting equation problem 8 |
| Answer» | |
| 203. |
Method of wage payment |
| Answer» | |
| 204. |
Paid insurance premium by cheque Rs.500 Which account is this eg. Personal real or nominal a/c |
| Answer» Personal | |
| 205. |
https://photos.app.goo.gl/tmGM5ooYmqHyFWUg6 |
| Answer» | |
| 206. |
Example of Transaction that are not financial in nature. |
| Answer» Donating goods , Donating money as charity. | |
| 207. |
Why owners are catorgrised into internal user of accounting information? |
| Answer» Owners are categorized as internal users of information as they are the internal wings of an enterprise/ business moreover they need to access the viability n profitability of their investment and determining any future course of action | |
| 208. |
Helpful in assessment of tax liability |
| Answer» | |
| 209. |
What is business transaction? |
| Answer» The trem business transaction means financial transactions or events entire between two parties Example : sale, purchase<br>A business transaction is an economic activity that affects the financial position of a business firm and can be measured in terms of money<br>(i)business transactions are exchanges of economic consideration between parties and have two fold effects that are recorded in at least two accounts. (ii)business transactions are usually evidenced by an appropriate document such as Cash memo, invoice, sales bill, pay in slip, cheque, salaryslip, etc. | |
| 210. |
What is a process of account? |
| Answer» | |
| 211. |
Cheque issued to the supplier of goods worth ₹75000 ... illustration 1 ques 9 page no.58 chapter 3 |
| Answer» Check NCERT solutions here :\xa0<a href="https://mycbseguide.com/ncert-solutions.html">https://mycbseguide.com/ncert-solutions.html</a> | |
| 212. |
Define Entity. |
| Answer» Entity:-\xa0In accounting, a business (or the organisation) and its owners are considered as two different parties or separate entities. This is called the \'entity concept\'. It means business is a separate legal entity apart from its owners.<br>A thing with distinct and independent existence | |
| 213. |
One advantage of objectivity principle |
| Answer» By making financial statements more relevant and reliable, the objectivity principle makes the financial information more usable for investors and creditors. | |
| 214. |
Introduction to accountancy |
| Answer» The purpose of accounting is to provide a mean of recording reporting ,summarizing and interpreting economic data. | |
| 215. |
What is the name heads increase decrease debit credit of bank charges charge by bank |
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| 216. |
What is competitors |
| Answer» Competitor is a person who competes with someone on a business or sports,etc. | |
| 217. |
What do you mean by financial accounting? Explain it\'s one main function |
| Answer» Financial accounting- is that branch of accounting which is concerned with recording of business transaction which is financial in nature in a systematic order.Its main one function is that it helps in ascertaining the profit earned or loss incurred during a particular accounting period and it also helps in determining the financial position of business.<br>Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption.\xa0 | |
| 218. |
Q10.\t“Accounting calls for lot of ethical consideration.” Do you agree? |
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| 219. |
WRITE THE DIFFERENCE BETWEEN CURRENT AND NON CURRENT ASSETS ? |
| Answer» Current assetsCurrent assets are assets which can easily be converted into cash or used to pay-off current liabilities within one year.Examples of current assets include cash, inventory, accounts receivable (moneyMoney is a generally accepted medium of exchange to buy and... More that customers owe the company), prepaid liabilities or other liquid assets.These are the assets that help companies operate on a day-to-day basis, covering expenses as they arise and ensuring the smooth functioning of business activities.Non-current assetsNon-current assets are assets which represent a longer-term investment and cannot be converted into cash quickly. They are likely to be held by a company for more than a year.Examples of non-current assets include land, property, investments in other companies, machinery and equipment. Intangible assets such as branding, trademarks, intellectual property and goodwill would also be considered non-current assets.Hope it helped ??.... | |
| 220. |
Please give me answers of chapter5 practical questions |
| Answer» ?<br>First write the questions | |
| 221. |
What is accaountancy |
| Answer» In 1941,according to the American istitute of certified public accountant defined accountancy as"the art if recording, classifying anf summarising in a significant manner and in terms of money,transactions and events which are,in part at least,of financial transaction and interpreting the results thereof. | |
| 222. |
How profit or loss of A particular period is calculated? |
| Answer» By making balance sheet of that particular period | |
| 223. |
Question of chatpter 5 about journal |
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| 224. |
1.gopinath Started business with cash 250002. |
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| 225. |
Liabilities |
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| 226. |
Cash book-deposited into bank |
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| 227. |
journalise :- Provide depreciation @10%p.a on furniture costing ₹ 30,000 for 9 months . |
| Answer» Dcjjfh | |
| 228. |
What is define of capital |
| Answer» Capital is the wealth in the form of money or other assets owned by a person or organization or available for a purpose such as starting a company or investing. | |
| 229. |
What is owner equity |
| Answer» Owner\'s equity represents the owner\'s investment in the business minus the owner\'s drawings\xa0or withdrawals from the business plus the net income\xa0(or minus the net loss) since the business began.<br>O | |
| 230. |
What is the difference between Debtors and creditors? |
| Answer» Debtors are asset from business point of view but creditors are liabality from business point of view?<br>A creditor is an entity or person that lends money or extends credit to another party. A debtor is an entity or person that owes money to another party. Thus, there is a creditor and a debtor in every lending arrangement. | |
| 231. |
How purchase A/C gets credited when their is a loss of goods from fire or theft |
| Answer» In case goods are not insured the total loss should be shown on the credit side of the trading account. The same amount should be shown on the debit side of the profit and loss account. If goods are insured and insurance company admitted the claim, the total loss should be credited to the trading account, amount claim not admitted by the insurance company is debited to P&L account andclaim admitted is shown on the asset side of balance sheet | |
| 232. |
How debtors are assets?? |
| Answer» Because they will return the sum after some time<br>Assets means something which is giving benefit today and will continue to give benefit in the future. As debtors means the one from whom the money is to be collected or the people who owe money to us as they were given benefit from us (example credit sales) are termed as debtors. | |
| 233. |
How bank overdraft is an liability? |
| Answer» Bank overdraft is a liability. Bank overdraft is a negative bank balance which refers to excess money as compared to the amount deposited, has been withdrawn from the bank. Account. The business organisation has to repay the excess money withdrawn from the bank, and hence it is a liability for the business. | |
| 234. |
Question20 of jounal(ch:4)(kalyani publishers book)pg:4.66 |
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| 235. |
Practical problem of accounting equations on the basis of assets etc. |
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| 236. |
What is drawing with example |
| Answer» Any valuable thing or amount withdraw by owner from the business for personal use is called drawing......?? | |
| 237. |
Where is gst chapter |
| Answer» | |
| 238. |
Cleary tell me about accountancy |
| Answer» What is accountancy | |
| 239. |
"only financial transactions are recorded in accountancy" explain the statement |
| Answer» | |
| 240. |
I want dk goel solution |
| Answer» | |
| 241. |
Sold goods on cash costing 500 for 700 |
| Answer» Cash A/c Dr To Sale A/c<br>Cash acc. ...dr To sales acc. | |
| 242. |
Important chapters of accountancy in unit test |
| Answer» All chapters are important but numericals chapters are mostly important. | |
| 243. |
Income is measured on the basis of whih concept? |
| Answer» Income is measured on the concept of regulating expences.Income is simply occurs because of proper utilisation of assets.<br>Economic income may be defined as the operating earnings plus the change in asset values during a time period. Economic income is measured in real terms and results from changes in the value of assets rather than from the matching of revenue and expenses. | |
| 244. |
What is accoun |
| Answer» It is simply a kind of record.<br>A report or description of an event or experience. | |
| 245. |
What is meant by accounting? |
| Answer» Accounting is a process of making account of a specified record.<br>The process or work of keeping financial accounts. | |
| 246. |
Goods costing 48000 sold at a profit of 100/3%.3/4th of the payment received in cash |
| Answer» | |
| 247. |
Which reference book is the best for accountancy? |
| Answer» Dk goel , Rajesh goel and Shelly goel.<br>D k goel<br>Dk goel | |
| 248. |
Which refresion is best??? |
| Answer» Any ..<br>Double entry book keeping | |
| 249. |
Rent received rs 8000 |
| Answer» Rent Dr. 8000To Cash A/c. 8000<br>Rent (debit) 8000 To cash. (credit) 8000<br>btana kya h | |
| 250. |
Harsha started business with cash Rs.2,00,000 |
| Answer» Cash A/c Dr 200000To Capital A/c. 200000<br>Cash a/c( debit)200000. To capital a/c(credit) 200000<br>Capital (debit) 2,00,000To cash(credit) 2,00,000<br>Cash A/C Dr. 2,00,000 To Capital A/C 2,00,000 | |