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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 3851. |
What are facticious |
| Answer» Fictititous are those assests which gives us benifints more than 1 yr | |
| 3852. |
who are the users of accounting |
| Answer» Users of accounting information are bifurcated in two categories as- Internal Users and External Users.1. Internal UsersThese are the users who are internal to an organisation. Such users have a direct access to the financial statements of a business. Some of the internal users are given below.i. Ownersii. Managementiii. Employees and Workers2. External UsersExternal users are those who are outsiders to an organisation and are interested in the financial affairs of the business. These users do not have a direct access to the financial statements of the business. The following parties come under the head of external users.i. Banks and Financial Institutionsii. Investors and Potential Investorsiii. Creditorsiv. Tax Authoritiesv. Governmentvi. Consumersvii. Researchersviii. Public | |
| 3853. |
Discount allowed to customer Rs 150 is credited to him as Rs 100. Pass rectifying entry for it |
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Answer» Suspense A/c Dr. Rs 50 and Customer A/c Cr. Rs 50. If it is related to BRS then it will be Wrong side posing of wrong amount dr and amount will be 250 . Because discount allowed is a expence so it will be debited but here it is credited so be have to decrease credit side amount by rs 100 and 150 which is discount will also be debited so overall 250 rs will be debited Discount allowed a/c Dr. 50 To customer a/c 50 Customer a/c Dr to discount allowed Customer a/c. Dr To. Discount allowed May be.... Not sure |
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| 3854. |
Total of purchases return book Rs 1000 has been posted to sales return a/c .pass rectifying entry |
| Answer» Sales return a/c dr 1000To Purchase return a/c 1000 may be | |
| 3855. |
5,400 received from mr. A was posted to the debit of his account |
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Answer» Suspense A/c Dr.10,800 To Mr.A A/c 10,800 @ Sakshi Sharma but how?? Suspense A/c. Dr 10,800 To mr. A 10,800 |
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| 3856. |
What is the sum of liability and capitel |
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Answer» As we know that assets = capital + liabilities Assets Asset |
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| 3857. |
50 transaction with journal entries , leadger , and trial balance |
| Answer» Ok | |
| 3858. |
What come in cr. and dr.? |
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Answer» In accountancy ,In dr side always there will be Expenses,Assets,and what comes In.In cr side always there will be Incomes,liablities,and what goes out. A Closer Look at Debit (DR) and Credit (CR) ... When it comes to the DR and CR abbreviations for debit and credit, a few theories exist. One theory asserts that the DR and CR come from the Latin past participles of debitum and creditum, which are debere and credere 1. Debit the receiver. Credit thr giver.2. Debit what comes in. Credit what goes out.3. Debit all expenses and losses. Credit all incomes and gains. |
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| 3859. |
What is difference between assets ,liability and capital? |
| Answer» Asset- All the valuable things present on the earth which give benefit in the future.ex ( Cash in hand ,cash at bank ,building ,machinery, stock) etc.Liability- The amt. of money owed from others and payment made to pay in future called liability.ex(Loan, long term loan,Bills payable,Bank Overdraft, Outstanding expenses) etc.Capital- All the thing invested by the proprietor in the business called Capital. | |
| 3860. |
Where is the solution of chapter not for profit organisation? |
| Answer» NOt for profit organisation is not in the syllabus of class 11 | |
| 3861. |
What is principle of prudence? |
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Answer» "Do not anticipate a profit, but provide all losses" Anticipate future losse but not anticipater future gains |
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| 3862. |
Ncert financial statement with adjustment question no. 3 |
| Answer» | |
| 3863. |
Make tha bad debts resurve |
| Answer» | |
| 3864. |
Question no. 10 of acconts from incomplete records (chapter no.9) |
| Answer» | |
| 3865. |
Simple defination of accounting |
| Answer» Accounting is a systematic process of classification and identifications of financial transactions and recording it in books of accounts | |
| 3866. |
Give an example of a transaction which increasess one liability and decrease other |
| Answer» Payment of outstanding expenses....o/exp increase and capital decrease... | |
| 3867. |
Where is bank reconciliation statement |
| Answer» BRS is a list of statements that causes difference between bank balance as per cash book and bank balance as per pass book ? ? | |
| 3868. |
Plz send project |
| Answer» | |
| 3869. |
Why closing stock does not appear in trial blance ? |
| Answer» Closing stock is the leftover balance out of goods which were purchased during an accounting period. Total purchases are already included in the trial balance, Hence closing stock should not be included in the trial balance again. If it is included, the effect will be doubled. | |
| 3870. |
Whats is the incomplete record |
| Answer» It refers to situation when any organisation or businessman is not using double entry system. Incompete records is also known for single entry system. | |
| 3871. |
Is conversion method in latest syllabus |
| Answer» | |
| 3872. |
Where to put Sold investment for cash In double column cash book |
| Answer» In Dr. side in Cash , To Investments A/c | |
| 3873. |
What is the depreciation |
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Answer» Depriciaction means fall in the value of fixed tangible assets because of its usage,efflux of time ,due to obsolescene or accidents. Depreciation is the gradual and permanent decrease in the value of fixed assets...?? |
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| 3874. |
Most important question |
| Answer» | |
| 3875. |
What is meaning of accounts |
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Answer» Accounts is the book in which we do accounting. Accounts is the art of recording, classifying, & summarizing the transactions of financial nature.....Hope it helps ..? |
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| 3876. |
Last five year board examination paper of class 13 accountacy with solution |
| Answer» | |
| 3877. |
Features of single entry system |
| Answer» Single entry system is auitable for small business.There is no uniformity as it differ from firm to firm | |
| 3878. |
Return of goods worth rupees 5000 by a customer was entered in in purchase return book |
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Answer» Purchase Return A/c Dr. 5,000Sales Return A/c Dr. 5,000 To Customer A/c 10,000 Customer a/c dr. 10000 To p/r a/c 5000 To s/r a/c 5000 |
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| 3879. |
Please tell questions from sc sharma based on adjustments financial statements incomplete records |
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Answer» Goods returned by Ram is returned to mohan admission of a partner |
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| 3880. |
What do you understand by double entry system |
| Answer» The double entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits. | |
| 3881. |
Is amended cash book is in our syllabus |
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Answer» yes Noo |
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| 3882. |
In maths what means perpendicular |
| Answer» 90 degree angle | |
| 3883. |
Cash book undercast by rs.250 |
| Answer» Cash a/c dr To suspense a/c | |
| 3884. |
What is meant by contingent liablity? |
| Answer» A possible future liability, which depends on the happenings of certain uncertain event, is called contingent liability. These liabilities are not shown in the total of liability side, but are shown as a footnote to the balance sheet.The following are some examples of contingent liabilities: -\t\tUncalled liabilities on partly paid shares\t\t\tLiabilities under Guarantee\t\t\tArrears of dividends on cumulative preference shares\t\t\tClaim against the company now acknowledged as debts\t\t\tLiabilities on Bills Receivable discounted but not matured.\t | |
| 3885. |
Is trial balance a statement or an accounting |
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Answer» It\'s a statement showing the balance of all the ledger account It is a statement between assets and liabilities |
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| 3886. |
Give two example of fictius assets |
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Answer» Advt. Exp . Not yet written off Bad debts recovered Accrued income Huge Advertisement Expense , whose effect will remain for years (i) discount on issue of shares and debentures(ii) profit and loss (dr.bal), |
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| 3887. |
What is difference between profit and gain |
| Answer» Profit is earned from sales of goods and other sources but gain means income from sources like sale of asset | |
| 3888. |
How many types of cash book |
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Answer» Petty cash book are of 2 types-1.simple petty cash book.2.analytical petty cash book. (1) single column cash book(2) Double column cash book(3) Triple column cash book(4) Petty cash book |
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| 3889. |
Goods costing rs.2,00,000 sold at loss of 5% out of which rs.1,20,000 received in cash. Iska j/e |
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Answer» Since given that on 5% loss we sold the goods so , amount of loss on good will be 2,00,000/100 × 5 = 10,000 So , original sp = 2,00,000-10,000 = 1,90,000So the given journal entry will be :- Cash A/C. Dr. 1,20,000Debtors A/c dr. 70,000 To sales A/c 1,90,000 Goods less by 2,00,000 and cash add 1,20,000 create debtors colum 70,000 and 10,000 less by capital Casha/c dr.120000 Debtors a/c dr.70000 ToSales A/c190000 |
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| 3890. |
Prepare cash book coloum |
| Answer» | |
| 3891. |
Whow to prepare provisions for depreciation |
| Answer» Earlier when you charged dep on any machine you write it on (by)side of the machinery accounts....but if you have to make provision for depreciation you have to make a new account by the name of provision for depreciation...the same method you do to find dep ...you have to apply the same...just the thing u have to do is instead of writing the dep on machinery account by side ..u have to write in by side of provision for dep.....✌ | |
| 3892. |
Personal account showing credit balance, what does it means |
| Answer» Its means jo hmra balance hai abhi utna left hai hmare pass yeah bank ki pass book mai show hota hai Ch-12 BRS study kro ache se usme hai | |
| 3893. |
What are the difference between closing stock and inventory |
| Answer» While closing stock deals with products that are sold as a part of the business\'s daily operation .Whereas,inventory includes sale of products and goods and the materials used to produce them. | |
| 3894. |
what is the objextive of accounting ? |
| Answer» Objective of accounting are : 1)- maintaining systematic records for transactions . 2)- ascertaining profit and loss. 3)- ascertaining financial position. | |
| 3895. |
What will be the entry of Shyam\'s bill endorsed to Radha |
| Answer» Radha A/c Dr. To B/R A/c | |
| 3896. |
Amount due to ram Journal entry for this |
| Answer» Ram\'s A/c ....dr. To cash a/c | |
| 3897. |
Ram paid goods to mahesh chand of Rs.5330 pass journal entries |
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Answer» Mahesh chand A/c dr. ₹5,300 To Purchases A/c ₹5,300 Purchases A/C Dr. 5330 To Cash A/C 5330 |
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| 3898. |
Describe the various types of accounting software along with their advantage and limitations |
| Answer» | |
| 3899. |
Give an example of revenue |
| Answer» Revenue is creation of wealth by the process of doing business. It is the reward for doing business while expense is the sacrifice.Revenue represents what the company charges its customers for the goods and services it provides. Revenue is generated from production, trade and service.A manufacturing company generates revenue from\xa0production. A merchant generates revenue from\xa0trade\xa0and service firms such as audit firms advocates etc. earn revenue from\xa0service. | |
| 3900. |
Purchase good to rakes what is journal entry |
| Answer» Purchases a/c .......dr. To Rakesh A/c ..... | |