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.
| 4401. |
Define accounting? |
| Answer» Dhruv you are very abusive boy | |
| 4402. |
Which is the first book of accounting |
| Answer» | |
| 4403. |
What is business entity concept ?? |
| Answer» According to business entity concept business and businessman is not same. Business is an artificial person and businessman is a natural person. | |
| 4404. |
What is joint stork company? |
| Answer» A joint stock Company is a business organization where the stock of the company are bought and owned by the shareholders jointly. It is a company, which has some features of a corporation and some features of a partnership. The company sells fully transferable stock, but all shareholders have unlimited liability. | |
| 4405. |
Hi is baar sabkoi pass hoge kya 10 mai |
| Answer» सब्र करो रिजल्ट आएगा<br>Hello | |
| 4406. |
Briefly explain the features of accounting? |
| Answer» Salient features of accounting are\tAccounting principles must be feasible, predictable, and applicable. This must be easy to apply in the accounting system and must be easy enough to be implemented by everyone\tAccounting is special in that it documents all financial transactions. It offers a framework for the accurate recording of the transaction that businesses may make use of. The recording is systematic and is necessary for anyone who is knowledgeable in accounting standards and laws.\tAccounts include the classification into a separate group/category of all financial transactions. These categories are grouped in accordance to their similarities in one place.\tAccounting has a feature of repeatability because of established procedures and formulae. The steps in accounting are calculated based on fixed formulas.\tThe accounting principles are considered to be helpful and provide the individual important information. There are several sections and headings for the multiple transactions to make it easier for the finder to to locate a particular transaction\tAny specialist will read and understand a description of the financial statement. The definition is identical and does not distinguish between individuals or auditors. It remains constant regardless of the person interpreting it that gives accounting the feature of universality.\tAccounting is known to provide summaries of relevant and complex financial statements. Statements of fund flow, balance sheet, and cash flow, are summarised simply and presented to the investors and the public. These statements are useful for investors to make investing decisions\tThe statements made by a qualified auditor or bookkeeper for the financial department may be audited for authenticity and verified. All entries in the accounting system are linked to the company\'s business operation, and a financial statement offers an overview of the organisation\'s performance | |
| 4407. |
Define- Art of classifying business transacriins. |
| Answer» | |
| 4408. |
Explain the following meanings : (1) Assets |
| Answer» Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars. Examples include cash, investments, accounts receivable, inventory, supplies, land, buildings, equipment, and vehicles. | |
| 4409. |
Explain the classification of accounting softwares |
| Answer» | |
| 4410. |
We can click photo |
| Answer» | |
| 4411. |
What is the basic accounting equations? |
| Answer» Asset=liabilities+captial<br>The\xa0accounting equation\xa0is considered to be the foundation of the double-entry\xa0accounting\xa0system. The\xa0accounting equation\xa0shows on a company\'s balance sheet whereby the total of all the company\'s assets equals the sum of the company\'s liabilities and shareholders\' equity.\xa0The balance sheet is based on the fundamental equation: Assets = Liabilities +\xa0Equity. Image: CFI\'s Financial Analysis Course. As such, the balance sheet is divided into two sides (or sections). The left side of the balance sheet outlines all of a company\'s assets. | |
| 4412. |
Please solve my given question |
| Answer» You given a question<br>Than ask for your abswer<br>Type your question first<br>????? Where is the question❓ | |
| 4413. |
Distinguish between receipt & payment A/c income expenture a/c on basic of balance |
| Answer» Receipts and payments account is not required to prepare balance sheet. Income and expenditure account is required to prepare balance sheet. | |
| 4414. |
select any business of their choice or develop the transaction of imaginery business |
| Answer» select any business of their choice or develop the transaction of imaginery business | |
| 4415. |
Which is the best book for accountancy? |
| Answer» TS Grewal is the best book for accountancy<br>Accounts book by DK goel is the best | |
| 4416. |
Explain money measurements concept |
| Answer» Money measurement concept sates that transactions and events that can be measured in money term are recorded in books of accounts of the enterprise.<br>Money Measurement Concept states that only those events that can be expressed in monetary terms are recorded in the books of accounts. For example, 12 television sets of Rs10,000 each are purchased and this event is recorded in the books with a total amount of Rs 1,20,000. Money acts a common denomination for all the transactions and helps in expressing different measurement units into a common unit, for example rupees. Thus, money measurement concept enables consistency in maintaining accounting records. But on the other hand, the adherence to the money measurement concept makes it difficult to compare the monetary values of one period with that of another. It is because of the fact that the money measurement concept ignores the changes in the purchasing power of the money, i.e. only the nominal value of money is concerned with and\xa0not\xa0the real value. What Rs 1 could buy 10 years back\xa0cannot\xa0buy today; hence, the nominal value of money makes comparison difficult. In fact, the real value of money would be a more appropriate measure as it considers the price level (inflation), which depicts the changes in profits, expenses, incomes, assets and liabilities of the business. | |
| 4417. |
salary paid to ram Rs 10000 |
| Answer» salary a/c Dr. 10,000 to cash a/c 10,000 | |
| 4418. |
State the functions of accounting |
| Answer» The basic role of\xa0accounting\xa0is to provide relevant financial information to the businessmen and the stakeholders. Furthermore, facilitating the decision making processes and keeping them updated. There are two types of\xa0functions of accounting, first, historical functioning and second, managerial functionals.\xa0The\xa0main functions of accounting\xa0are to keep an accurate record of financial transactions, to create a journal of expenditure, and to prepare this information for statements that are often required by law. The most\xa0basic function\xa0is to record the data. | |
| 4419. |
What is a voucher and its types? |
| Answer» Normally the following types of vouchers are used: (i) Receipt Voucher. (ii) Payment Voucher. (iii) Non-Cash or Transfer Voucher or Journal Voucher. (iv) Supporting Voucher. | |
| 4420. |
Procces of accounting in briefly |
| Answer» The\xa0accounting process\xa0is a series of activities that begins with a transaction and ends with the closing of the books. Record the transaction by making entries in the appropriate journal, such as the sales journal, purchase journal, cash receipt or disbursement journal, or the general journal.\xa0The\xa0accounting cycle\xa0is a collective process of identifying, analyzing, and recording the\xa0accounting\xa0events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements. | |
| 4421. |
For what...... |
| Answer» As u wish! Baki m bat krugi usse<br>,,,,,,<br>Koi baat nahi<br>App pr aane se<br>Chdo vo mna kr rhi h | |
| 4422. |
What is the format to make balance sheet..... |
| Answer» Tum shi m interested ho?<br>Raat gai baat gai<br>Leave it<br>Mere jb last tym bat hue thi usse toh usne btaya tha...<br>Ek bat btao... Tum lakshay ho na.. Jisne kuch tym phle uske lie shayari dali thi.... Usne btaya tha hume... | |
| 4423. |
State the end product of financial accounting? |
| Answer» 1. Income statements (Trading and/or Profit and Loss Account)− An income statement that includes Trading and Profit and Loss Account, ascertains the financial results of a business in terms of gross (or net) profit or loss.2. Balance Sheet− It depicts the true financial positions of a business that provides required information like assets and liabilities of a business firm, to the users of accounting information like owners, creditors, investors, government, customers, shareholders etc. | |
| 4424. |
Word used for not showing the actual position in the financial statement is |
| Answer» Is it window dressing? | |
| 4425. |
What is liability?Mention its types and explain. |
| Answer» liability means benefits will be given in future types : current , non- current and contingent<br>Current: obligations which are payable witin 12 months or within the operating cycle of a business .Non-current: these are long term obligations of a business and are not payable within a year or an accounting period.Contingent: those liabilities that may or may not be incurred by a business depending on the outcome of a future occurance.<br>There are 3 primary types of liability: current, non-current and contingent liability<br>There are 3 primary types of liability: current , non-current and contingent liability<br>Liability is something a person or company owes, usually a sum of money.. recorded on the right side of balance sheet . It includes loans, accounts payable, earned premiums, accured expenses etc. | |
| 4426. |
What is fictitious assets with example |
| Answer» A fictitious assets is not an actual assets.It is just the not write off the losses of the business happened due to some event of busines.These are not transfer to P&L becz they follow the going concern principle of accounting. It is believe that these losses will occur on the affairs of business which provide the benefits for a few years.So,these will be written off with proportionate amount in the coming years of the business..e.g, preliminary expenses,discount on issue of debentures.and so on. | |
| 4427. |
True or falseIncrease in income is always debited |
| Answer» False<br>False, because of this given below rule :Debit all the expenses & lossesCredit all the Income & gain<br>false | |
| 4428. |
rajan commenced business by introducing capital in cash 11000 and by cheque 1,50,00 |
| Answer» | |
| 4429. |
What is the meaning of consistency concept |
| Answer» Consistency concept means the accounting practice once adopted should be same or consistent .For example : if a enterprises chooses written down value method should always use the same method year after year | |
| 4430. |
Give 40 transactions for accountancy project |
| Answer» | |
| 4431. |
where can be shoe trade dis in books |
| Answer» | |
| 4432. |
What is consistency concept |
| Answer» The concept of consistency means that accounting methods once adopted must be applied consistently in future. Also same methods and techniques must be used for similar situations.It implies that a business must refrain from changing its accounting policy unless on reasonable grounds. If for any valid reasons the accounting policy is changed, a business must disclose the nature of change, the reasons for the change and its effects on the items of financial statements.Examples:Company A has been using declining balance depreciation method for its IT equipment. According to consistency concept it should continue to use declining balance depreciation method in respect of its IT equipment in the following periods. If the company wants to change it to another depreciation method, say for example the straight line method, it must provide in its financial report, the reason(s) for the change, the nature of the change and the effects of the change on items such as accumulated depreciation. | |
| 4433. |
Give three example of revenue |
| Answer» 1 we have to pay GST and gst is tax(revenue)2 while travel on road we have to pay toltax and tool tax is revenue3 when ever we did someone wrong in school we have to pay Fine, the fine is revenue of making mistake | |
| 4434. |
State different kinds of transactions that increase and decrease capital |
| Answer» \tCapital is defined as the large amount of money which is used to start the business\xa0or which the person invest in order to make more amount of money. The person could the capital to refer the machinery and buildings which are required to produce the goods.\tThe different kinds or the types of the transactions which increase as well as decrease the capital are:1. The entry (credit or debit) make to:Rise of Increase in Revenue (Credit)Decrease in expense (Credit)Post the fresh capital that is introduced through the owner (Credit)Post the drawings (Debit) | |
| 4435. |
Accounting provides information on |
| Answer» Financial transactions<br>Accounting provides information on | |
| 4436. |
Why is it necessary for accountant to assume that business entity will remain going concern |
| Answer» RegardsDiwesh sharma8100612127<br>ANSWERThe concept of going concern assumes that a business firm would continue to carry out its operation indefinitely it allows accountants to change from the revenues of a period only that part of assets which has been consumed or used to earn that revenue in that period and carry forward the remaining amount to the next years, own the estimated life of the assets. | |
| 4437. |
What is term accountancy |
| Answer» Accountancy refers to collecting, summarising, analysing and reporting the information of business in monatry terms.monatry means money<br>Accountancy is the process of doing accounting<br>Accountancy is a process of recording, classifying, measuring transaction and record in books of account.RegardsDiwesh8100612127 | |
| 4438. |
what is identification |
| Answer» | |
| 4439. |
What is personal rule |
| Answer» Personal Rule. The\xa0Personal Rule\xa0(also known as the Eleven Years\' Tyranny) was the period from 1629 to 1640, when King Charles I of England, Scotland and Ireland ruled without recourse to Parliament. The King claimed that he was entitled to do this under the Royal Prerogative. | |
| 4440. |
What is asset rule |
| Answer» Rule for an Asset Account is \'Increases in assets are debits and decreases credit\' | |
| 4441. |
Is chapter 1 is important for the exam point of you |
| Answer» Yes the 1 chap is the basis teams so donot leave it . | |
| 4442. |
Feb1 : cash at bank , cash in hand |
| Answer» ????? | |
| 4443. |
purchase goods on credit from ragani 35000 |
| Answer» Purchases A/C......dr To Ragani A/C | |
| 4444. |
My question is this I am not taking admission in any school . so how can I start my studies |
| Answer» I know yarr I can start like this but . there are some topics I can\'t understand<br>You can start study in house get the books and with the help of videos, you can start studying | |
| 4445. |
How to calculate closing stock when groos profit is given |
| Answer» Cost of sales is >> Opening Stock + Purchases – Closing StockGross Profit is >> Sales – cost of sales<br>Gross profit + opening stock + purchases + direct expenses- Sales | |
| 4446. |
NCERT Book Q no. 7 |
| Answer» | |
| 4447. |
journal entry of dividents received by bank |
| Answer» | |
| 4448. |
What is Proproghter |
| Answer» the owner of a business, or a holder of property. | |
| 4449. |
Make jornal entry of "Depriciation charge on building rupees 10000" |
| Answer» | |
| 4450. |
Nominal account are related to |
| Answer» Nominal account is related to the credit and debitCredit- Sales,gains,incomesDebit- Expenses,loses | |