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.
| 4051. |
What is capital expenditures |
| Answer» Capital expenditure is money spent by a business or organization on acquiring or maintaining fixed assets, such as land, buildings, and equipment. | |
| 4052. |
Classification of events |
| Answer» | |
| 4053. |
What do you mean by finincial accounting?Explain its one main function. |
| Answer» Financial accounting is a specialized branch of accounting that keeps track of a company\'s financial transactions.The financial accounting function is responsible for periodically reporting pecuniary information to business owners. | |
| 4054. |
What is the process of accounting? |
| Answer» Step 1-IdentifyingStep 2-Measuring Step 3- Recording Step 4-Classifying Step 5-Summarizing Step 6- Analysing Step 7-Interpreting Step 8- communicating | |
| 4055. |
which of the following transaction is not a financial character |
| Answer» | |
| 4056. |
To know the exact reasons leading to net profit or not loss |
| Answer» | |
| 4057. |
What is the meaning of asset |
| Answer» Property of the business or the things which is in the possession =(अधिकार )of the firm or the amount paid which will be benefit in future ??<br>Which can be expressed in terms of money | |
| 4058. |
Meaning of gain |
| Answer» Kuch milna ya lena<br>to hv or receive the advantage of profit is gain\xa0 | |
| 4059. |
What you mean by revenue? Explain it with suitable example. |
| Answer» | |
| 4060. |
Ch -9 Journal entry question no-3 |
| Answer» | |
| 4061. |
What is trade discount |
| Answer» A trade discount is a routine reduction from the regular, established price of a product. The use of trade discounts allows a company to vary the final price based on each customer\'s volume or status. | |
| 4062. |
Explain the following terms with examples:Capital expenditure, non current assets |
| Answer» Representative personal a/c | |
| 4063. |
Describe the informational needs of externa users |
| Answer» | |
| 4064. |
Name any 2 sub field of accounting |
| Answer» Financial, cost, management, tax ,social resposibilities accounting<br>These various types of accounting are known as subfields of accounting. They include financial accounting, management accounting, human resource accounting, etc.<br>If it is wrong then soory<br>Statastics and business | |
| 4065. |
Definition of assets and liabilitys |
| Answer» \tasisAssetsLiabilitiesMeaningThe economic value of an item which is possessed by the enterprise is referred to as AssetsThe economic value of any obligation or debt owed by the enterprise to any other establishment or individual is referred to as a liabilityDepreciationDepreciableNon-depreciableCalculationAssets = Liabilities + Owner’s EquityLiabilities = Assets – Owners EquityPosition in Balance SheetRightLeftTypesNon-Current Asset, Current AssetsNon-Current Liabilities, Current LiabilitiesExampleCash, Account Receivable, Goodwill, Investments, Building, etc.,Bank Overdraft, Account Payable, Long term borrowings, etc.,\t | |
| 4066. |
Dk goel chapter 11 |
| Answer» | |
| 4067. |
Settled the account of Amit by paying cash under a discount of 2% |
| Answer» | |
| 4068. |
How is an increase in asset without corresponding increase in liability be an increase in liability |
| Answer» Its just an imagination | |
| 4069. |
Why are following parties are intersted in accounting information, investors and government |
| Answer» | |
| 4070. |
Who are the user of accounting information |
| Answer» There are two types of users internal as well as external. Internal are those like owner, officer, employee, etc. | |
| 4071. |
Difference between single entry sysystem and double entry system |
| Answer» \tBasisDouble entry\xa0SystemSingle entry systemRecording of Both aspectsThis system records both the aspects of a transaction.This system does not record both aspects of a transaction , for some transaction two aspects, for\xa0some other one aspect and yet for others no aspect at all are recorded.Type of AccountsUnder double entry system, all accounts i.e., personal, real and nominal are maintained. Balance Sheet is prepared to ascertain the financial position.Under single entry system, only personal accounts and a cash book are maintained. No Balance Sheet can be prepared to ascertain the financial position.Arithmetical AccuracyUnder this system, arithmetical accuracy of\xa0books of accounts can be checked by preparing a trial balance.Under this system, arithmetical accuracy of books\xa0of accounts cannot be checked, as a trial balance\xa0cannot be prepared due to incomplete system of accounting.AuthenticityThis system is considered authentic by the court.The court does not consider this system as authentic.UseThis system is used by almost all the businesses.This system is used by only tiny businesses and institutions.\t | |
| 4072. |
What type of application based questions will come in accountancy? |
| Answer» | |
| 4073. |
What is the slybuss of 1st quarter exam in 2019_20 |
| Answer» what is account | |
| 4074. |
journalise the following transaction question in text book notes in 2019_20 |
| Answer» | |
| 4075. |
Opening balance cash 50,000 & good 40,000 debotor 30,000 creditor 20,000 |
| Answer» Cash a/c dr.50000Stock a/c dr.40000Debtors a/c dr.30000To creditors a/c20000To capital a/c100000 | |
| 4076. |
Chapter 1practise question |
| Answer» No need of practice questions Learn the meaning of account, accountancy, and book keeping, diff. B/w book keeping and accounting is sooo important | |
| 4077. |
Give some questions of opening entry |
| Answer» | |
| 4078. |
Accountancy....... |
| Answer» Accountancy means knowledge | |
| 4079. |
Labour cost means |
| Answer» Labour cost represents human contribution and is sensitive in nature. | |
| 4080. |
One third of the good 60000 sold at profit of 20% on cost half the payment receive in cash |
| Answer» Cash A/c 12000Name A/c 12000 To sales A/c 24000 | |
| 4081. |
Buying of goods by the trader for selling them to his customers is known as sales true or false |
| Answer» True | |
| 4082. |
What is journal entry |
| Answer» A journal entry is the logging of a transaction in an accounting journal that shows a company\'s debit and credit balances.<br>Journal entry is abook in which transaction can be measured in terms of money are recorded in the book of account<br>It shows you debit and credit | |
| 4083. |
Ch=5 Q 27 |
| Answer» | |
| 4084. |
What is ut GST |
| Answer» Universal gst<br>Where supply is made from union territory that does not have their own legislation. for eg: nagaland, puducherry, etcAlong with cgst, utgst would be charged and sgst would be replaced with utgst. | |
| 4085. |
Prepare accounting equation from the following :(a) kunal started business with cash Rs 250000 |
| Answer» Add in cash and add in capital | |
| 4086. |
Definition of Accounting. |
| Answer» According to me accounting is related to buisness and business having more transactions & we record these transactions so the system of recording transactions is called accounting.....may be its helpful to you ??☺<br>Accounting is a process of identifying, measuring, recording, classifying and summarising in terms of money, transactions and events of a financial nature , and interpreting the results thereof. | |
| 4087. |
Jounral entry koi samjha do |
| Answer» Journal<br>Jornal is a book in which we record all the financial transaction in the systematic manner and Cosedring double entry system | |
| 4088. |
What is liquid assets |
| Answer» Those assets which can be convertable into cash with in3months.<br>Assets which can converted into cash within a year is called liquid assets . | |
| 4089. |
Can i use calculator in exams ?? |
| Answer» No | |
| 4090. |
Numerical question in ln3 |
| Answer» | |
| 4091. |
Natural personl account |
| Answer» Accounts of human beings are called natural personal account. For example, Mohan\'s account etc.<br>Human beings are natural personl account . | |
| 4092. |
Plz suggest me a YouTube channel for accountancy ,help |
| Answer» | |
| 4093. |
What is profit |
| Answer» Profit refers to the excess of revenue over cost.Profit = TR-TVCTVC=Total variable costs. We take only TVC into consideration as fixed costs are constant.or we can also write Profit = MR-MC | |
| 4094. |
Cbse sample paper 2019-20 |
| Answer» | |
| 4095. |
Solution of class 11 accountancy double entry book keeping by T s grewals sultan chand |
| Answer» | |
| 4096. |
Define accountinh |
| Answer» Accounting is the art of recording, summarising and maintaining the financial information to the users | |
| 4097. |
What is the meaning of revenue |
| Answer» The income generated from sales of goods or doing service<br>The income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted. Revenue is shown usually as the top item in an income (profit and loss) statement from which all charges, costs, and expenses are subtracted to arrive at net income.\xa0<br>Revenue is doing regular | |
| 4098. |
Capital/profit is the liability of business.explain |
| Answer» As per business entity principle business and business man both are separate person and when we record the transaction, we treated ourself as business not business man so business is payable profit to businessman in every year and at the time of winding up of the business, capital is also payable to its owners so capital and profit is liability for the business because it is payable as per business point of view. | |
| 4099. |
What is materiality principle |
| Answer» According to this principle, only those items or information should be disclosed that have material effect and relevant to the users. So, item having an insignificant effect or being irrelevant to user need not be disclosed separately, these may be merged with other item.If the knowledge of any information may effect the decision of a user of account, is termed as material information.It should be noted that an item material for one enterprise may not be material for another enterprise. E.g. an item of expenses ϕ 50,000 is material for an enterprise having turnover of ϕ 1,50,000 but it is not material for an enterprise having turnover of ϕ 100 crore.The nature of transaction should be taken into consideration for materiality of information. E.g. a difference of ϕ 200 in the valuation of stock may be immaterial but the difference of ϕ 50 in cash could be termed as material. | |
| 4100. |
Paid electicity bill in cash for 2011 july 1 |
| Answer» Electricity expenses A/c Dr... To cash A/c<br>July 1 Cash A/C_ Dr To electricity bill (Being paid electricity bill in cash) | |