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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.
| 4451. |
Example of transection for liability? |
| Answer» | |
| 4452. |
jouranalise the following transaction Purchased goods from samarjeet 6,000 |
| Answer» Purchase s ac To simerjeet | |
| 4453. |
Reliability?? |
| Answer» Losses | |
| 4454. |
Define book keeping , what is the function of book keeping |
| Answer» Book Keeping is a part of Accounting and it is the process of identifying, measuring, recording and classifying the financial transactions.\xa0 | |
| 4455. |
Give any three limitations of accounting |
| Answer» One of the biggest limitations of accounting is that it cannot measure things/events that do not have a monetary value. If a certain factor, no matter how important, cannot be expressed in money it finds no place in accounting. Some very important qualities like management, loyalty, reputation, etc find no place on the balance sheet or the income statement.No Future Assesment: The financial statements show the financial position of the firm on the date of preparation. The users of the statement are more interested in the future of the company in the short term and long term. However, accounting does not make any such estimates.And due to the dynamic nature of the business environment, a lot can change between such dates. Auditors sometimes do disclose the important events occurring after the balance sheet date to rectify these limitations of accounting.Historical Costs:Accounting often uses historical costs to measure the values. This fails to take into consideration factors such as inflation, price changes, etc. This skews the relevance of such accounting records and information. This is one of the major limitations of accounting.Accounting Policies:\xa0There is no global standard in accounting policies. In India, we follow the Accounting Standards. Americans follow the GAAP and then there are the international standards, namely the IFRS. And if a global company operates in more than one country, there may be confusion.Not all accounting policies follow the same line of thinking, and conflicts may arise due to this. It has long been said that the whole world must agree on uniform accounting policies but this has not happened yet.Estimates:\xa0Sometimes in accounting estimation may be required as it is not possible to establish exact amounts. But these estimates will depend on the personal judgment of the accountant. And estimates are extremely subjective in nature. They are basically a person’s guess of future events. In accounting, there are many cases where such estimates need to be made like provision of doubtful debt, methods of depreciation, etc.Verifiability: An audit of the financial statements does not guarantee the correctness of such statements. The auditor can only assure that the statements are free from error to the best of his judgment.Errors and Frauds:\xa0Accounting is done by humans, so there will always be the scope of human errors. There is also the fear of possible manipulation of accounts to cover up a fraud. Since fraud is deliberate, it is that much harder to spot. This is one of the most dreaded limitations of accounting. | |
| 4456. |
What is account?And why we make account ? |
| Answer» Accountancy is essential if\xa0you\xa0want to be able to grow your business in a way that can be measured and predicted. Having a system of tracking your business\' assets, liabilities, and income lets\xa0you\xa0to\xa0make smart, informed business decisions based on the past performance and present financial health of your company. | |
| 4457. |
Pg. S. 47 question :-w,r were partners in a firm sharing profits in the ratio of 3 :2 respectively |
| Answer» | |
| 4458. |
Purchase goods for rs 1,00,000 from Manoj of Cuttack and gst 12% |
| Answer» Ans will be 12000/-100000*12/100Purchase. A/c. Dr. 12000 To manoj a/c. 12000 | |
| 4459. |
What is matching principal |
| Answer» Matching principle is the accounting principle that require that the expenses incurred during a period be recorded in the same period in which the related revenues are earned. This principle recognizes that businesses must incur expenses to earn revenue....<br>Matching Principle:\xa0According to this principle, all expenses incurred by any enterprises during an accounting period are matched with the revenue recognized during the same period.The matching principle facilitates to ascertain the amount of profit or loss incurred in a particular period by deducting the related expenses from the revenue recognized that period.The following treatment of expenses and revenue are done due to matching principle:(1) Ascertainment of Prepaid Expenses!(2) Ascertainment of Income received in advance.(3) Accounting of closing stock.(4) Depreciation charged on fixed assets. | |
| 4460. |
Give one example of the activity which is economic in one side and non economic on other side |
| Answer» Teaching, cooking... | |
| 4461. |
What will journal entry, salary paid to ranjan |
| Answer» Salary ac Dr...To cash ac<br>Salary a/c dr to rajan a/c<br>Salary a/c Dr. To Rajan a/c<br>Rajan a/c dr. To salary a/c | |
| 4462. |
Explain census method ? With a example |
| Answer» Census method is that method in which data is collected by covering each and every item of univers or population for investation Example: you may be interested in the investigation of colour composition of the Maruti car of india<br>Census method is that process of the statistical list where\xa0all members of the population\xa0are analysed. A population relates to the set of all observations under concern. For instance, if you want to carry out a study to find out student’s feedback about the amenities of your school, all the students of your school would form a component of the ‘population’ for your study. | |
| 4463. |
Nominal account is rent account or capital a/c |
| Answer» Nominal is a rent account.<br>Rent account is one of the nominal accounts.<br>Real account | |
| 4464. |
What do you understand by The term Accounting |
| Answer» Accounting is a systematic process of identifying,recording,classifying,summarising,interpreting and communicating finacial information to the user ???HOPE IT WILL HELP YOU | |
| 4465. |
Mention 2 Differences between accounting and accountancy. |
| Answer» \tAccounting\tAccounting begins where book-keeping ends.\tIt summarised statements and communication the results there of to parties interested in them.\tAccounting is the science of recording and classifying business transactions.\tIt makes easy to handle the business.\tAccountancy\tThe knowledge of how to make accounting is called accountancy.\tAccountancy tells how to maintain various books of accounts.\tHow to prepare them and how to communicate accounting information to the parties interested in them.\tThus accounting is a systematic knowledge like other academic subject such as economics, physics, chemistry etc. | |
| 4466. |
Function of accounting |
| Answer» | |
| 4467. |
Received from Amit 50000 cheque on account against dues of 60000 |
| Answer» Bank a/c. Dr. 50000Discount allowed dr. 10000 To amit a/c. 60000 | |
| 4468. |
Vinod bros.purchased a running buisness of kumar bros as follows |
| Answer» | |
| 4469. |
sent goods through vpp to manayta |
| Answer» | |
| 4470. |
Reply Please I\'m new ??? |
| Answer» Give me Answer of this Question : What are the two methods of preparation of Trial Balance?<br>Bolo veer ji?<br>Ha bhai bolo | |
| 4471. |
What is vocher |
| Answer» The documentry evidence in support of a transaction is known as voucher.for example if we buy goods for cash , if we buy goods on credit ,we get an invoice,when we make a payment we get a receipt | |
| 4472. |
Can anyone help me with accounts?? |
| Answer» I want to do journal<br>Ya...what type of help u need?? | |
| 4473. |
You don\'t have secretarial practical |
| Answer» | |
| 4474. |
No one help me ?? this is not fair |
| Answer» How can I help uhh? ? | |
| 4475. |
The information provided in the annual financial statement of an enterprise pertains to |
| Answer» | |
| 4476. |
How is account influenced by personal judgement? |
| Answer» | |
| 4477. |
I am so sad??? |
| Answer» Acchya ji to kya h fr I\'m so sad???? Ye app pdhai ke liye h apna dukhda sunnane ke liye nhi h smjhe...<br>Accha ji.....to mje lo fr<br>Why ? | |
| 4478. |
I am not understand accounting equations??? |
| Answer» | |
| 4479. |
Pass general entries first interest due but not received lable rupees thousand |
| Answer» | |
| 4480. |
Give any two examples of transaction |
| Answer» Each and every transaction has two effects. For example, if someone transacts a purchase of a drink from local store, he pays cash to the shopkeeper and in return, he gets a bottle of drink. This simple transaction has two effects from the perspective of both, the buyer and as well as the seller. The buyer\'s cash balance would decrease by the amount of cost of purchase while on the other hand he will acquire a bottle of drink. Conversely, the seller will be one drink short though his cash balance would increase by the price of drink. | |
| 4481. |
what do you mean by account |
| Answer» Account is a record under a particular head which not only shows the transaction also shows the effect of debit and credit.Hope you understand ?<br>Accounting can be defined as a process of reporting, recording, interpreting and summarizing economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business. Today, accounting is used by everyone and a good understanding of it is beneficial to all. Accountancy act as a language of finance. To understand accounting efficiently, it is important to understand the aspects of accounting.\tEconomic Events-\xa0It is a consequence of a company has to undergo when the number of monetary transactions is involved. Such as purchasing new machinery, transportation, machine installation on-site, etc.\tIdentification, Measurement, Recording, and Communication-\xa0The accounting system should be outlined in such a way that the right data is identified, measured, recorded and communicated to the right individual and at the right time.\tOrganization-In refers to the size of activities and level of a business operation.\tInterested Users of Information-\xa0It is about communicating important financial information to the customers, according to which they will make the correct decision. | |
| 4482. |
What do you mean by assets |
| Answer» <br>Any valuable thing which has monetary value and owned by a business, is its asset. In other words, assets are the monetary values of the properties or the legal rights that are owned by the business organisations.\xa0Fixed Assets− These are those assets that are hold for the long term and increase the profit earning capacity and productive capacity of the business. These assets are not meant for sale, for example, land, building machinery, etc.\xa0Current Assets− Assets that can be easily converted into cash or cash equivalents are termed as current assets. These are required to run day to day business activities; for example, cash, debtors, stock, etc.\xa0\xa0\xa0\xa0Tangible Assets− Assets that have physical existence, i.e., which can be seen and touched, are tangible assets; for example, car, furniture, building, etc.\xa0Intangible Assets− Assets that cannot be seen or touched, i.e. those assets that do not have physical existence, are intangible assets; for example, goodwill, patents, trade mark, etc.\xa0Liquid Assets− Assets that are kept either in cash or cash equivalents are regarded as liquid assets. These can be converted into cash in a very short period of time; for example, cash, bank, bills receivable,Flexible Investments etc.\xa0Fictitious Assets− These are the heavy revenue expenditures, the benefit of whose can be derived in more than one year. They represent loss or expense that are written off over a period of time, for example, if Research and Development expenditure is Rs 1,00,000 for 5 years, then each year Rs 2,00,000 will be written off. | |
| 4483. |
How to solve illustration questions for chapter-2 I\'m Ritika I\'m confused how to do this. |
| Answer» Sorry don\'t know about it ? | |
| 4484. |
What is a voucher defination |
| Answer» A voucher is a bond of the redeemable transaction type which is worth a certain monetary value and which may be spent only for specific reasons or on specific goods. Examples include housing, travel, and food vouchers. | |
| 4485. |
define Debtor |
| Answer» Debtor is a person which give money to company or firm<br>\tPersons or organisations that are liable to pay money to a firm are called debtors.They have debit balance to the firm.They are shown as assets in the Balance sheet under Current Assets.\t | |
| 4486. |
) Debtor |
| Answer» Debtor are the person/firm who has to pay to a business an amount for buying goods/rendering services on credit.<br>\tPersons or organisations that are liable to pay money to a firm are called debtors.They have debit balance to the firm.They are shown as assets in the Balance sheet under Current Assets.\t | |
| 4487. |
State the nature of accounting information required by long term lenders |
| Answer» Account manager | |
| 4488. |
Practical problems question 1 |
| Answer» Khud solve kr | |
| 4489. |
Write any two example of assets |
| Answer» Lands, building, furniture, machinery<br>Two example of assets areLand Cash MoneyFactoryMachinery\'s<br>Examples of current assets include:\tCash and cash equivalents:\xa0Treasury bills, certificates of deposit, and cash\tMarketable securities:\xa0Debt securities or equity that is liquid\tAccounts receivables:\xa0Money owed by customers to be paid in the short-term\tInventory: Goods available for sale or raw materialsExamples of fixed assets include:\xa0\tVehicles (such as company trucks)\tOffice furniture\tMachinery\tBuildings\tLand<br>Any valuable thing which has monetary value and owned by a business, is its asset. In other words, assets are the monetary values of the properties or the legal rights that are owned by the business organisations.Fixed Assets− These are those assets that are hold for the long term and increase the profit earning capacity and productive capacity of the business. These assets are not meant for sale, for example, land, building machinery, etc.Current Assets− Assets that can be easily converted into cash or cash equivalents are termed as current assets. These are required to run day to day business activities; for example, cash, debtors, stock, etc. | |
| 4490. |
30 transaction |
| Answer» | |
| 4491. |
what is Accountancy?? |
| Answer» Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business.The American Institute of Certified Public Accountants (AICPA) had defined accounting as the “art of recording, classifying, and summarising in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof”. | |
| 4492. |
what is Accounting?? |
| Answer» <div style="padding:16px;"> <a href="https://www.instagram.com/reel/CDBC1exnHKd/?utm_source=ig_embed&utm_campaign=loading" style=" background:#FFFFFF; line-height:0; padding:0 0; text-align:center; text-decoration:none; width:100%;" target="_blank"> <div style=" display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div></div></div><div style="padding: 19% 0;"></div> <div style="display:block; height:50px; margin:0 auto 12px; width:50px;"><svg width="50px" height="50px" viewBox="0 0 60 60" version="1.1" xmlns="https://www.w3.org/2000/svg" xmlns:xlink="https://www.w3.org/1999/xlink"><g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"><g transform="translate(-511.000000, -20.000000)" fill="#000000"><g><path d="M556.869,30.41 C554.814,30.41 553.148,32.076 553.148,34.131 C553.148,36.186 554.814,37.852 556.869,37.852 C558.924,37.852 560.59,36.186 560.59,34.131 C560.59,32.076 558.924,30.41 556.869,30.41 M541,60.657 C535.114,60.657 530.342,55.887 530.342,50 C530.342,44.114 535.114,39.342 541,39.342 C546.887,39.342 551.658,44.114 551.658,50 C551.658,55.887 546.887,60.657 541,60.657 M541,33.886 C532.1,33.886 524.886,41.1 524.886,50 C524.886,58.899 532.1,66.113 541,66.113 C549.9,66.113 557.115,58.899 557.115,50 C557.115,41.1 549.9,33.886 541,33.886 M565.378,62.101 C565.244,65.022 564.756,66.606 564.346,67.663 C563.803,69.06 563.154,70.057 562.106,71.106 C561.058,72.155 560.06,72.803 558.662,73.347 C557.607,73.757 556.021,74.244 553.102,74.378 C549.944,74.521 548.997,74.552 541,74.552 C533.003,74.552 532.056,74.521 528.898,74.378 C525.979,74.244 524.393,73.757 523.338,73.347 C521.94,72.803 520.942,72.155 519.894,71.106 C518.846,70.057 518.197,69.06 517.654,67.663 C517.244,66.606 516.755,65.022 516.623,62.101 C516.479,58.943 516.448,57.996 516.448,50 C516.448,42.003 516.479,41.056 516.623,37.899 C516.755,34.978 517.244,33.391 517.654,32.338 C518.197,30.938 518.846,29.942 519.894,28.894 C520.942,27.846 521.94,27.196 523.338,26.654 C524.393,26.244 525.979,25.756 528.898,25.623 C532.057,25.479 533.004,25.448 541,25.448 C548.997,25.448 549.943,25.479 553.102,25.623 C556.021,25.756 557.607,26.244 558.662,26.654 C560.06,27.196 561.058,27.846 562.106,28.894 C563.154,29.942 563.803,30.938 564.346,32.338 C564.756,33.391 565.244,34.978 565.378,37.899 C565.522,41.056 565.552,42.003 565.552,50 C565.552,57.996 565.522,58.943 565.378,62.101 M570.82,37.631 C570.674,34.438 570.167,32.258 569.425,30.349 C568.659,28.377 567.633,26.702 565.965,25.035 C564.297,23.368 562.623,22.342 560.652,21.575 C558.743,20.834 556.562,20.326 553.369,20.18 C550.169,20.033 549.148,20 541,20 C532.853,20 531.831,20.033 528.631,20.18 C525.438,20.326 523.257,20.834 521.349,21.575 C519.376,22.342 517.703,23.368 516.035,25.035 C514.368,26.702 513.342,28.377 512.574,30.349 C511.834,32.258 511.326,34.438 511.181,37.631 C511.035,40.831 511,41.851 511,50 C511,58.147 511.035,59.17 511.181,62.369 C511.326,65.562 511.834,67.743 512.574,69.651 C513.342,71.625 514.368,73.296 516.035,74.965 C517.703,76.634 519.376,77.658 521.349,78.425 C523.257,79.167 525.438,79.673 528.631,79.82 C531.831,79.965 532.853,80.001 541,80.001 C549.148,80.001 550.169,79.965 553.369,79.82 C556.562,79.673 558.743,79.167 560.652,78.425 C562.623,77.658 564.297,76.634 565.965,74.965 C567.633,73.296 568.659,71.625 569.425,69.651 C570.167,67.743 570.674,65.562 570.82,62.369 C570.966,59.17 571,58.147 571,50 C571,41.851 570.966,40.831 570.82,37.631"></path></g></g></g></svg></div><div style="padding-top: 8px;"> <div style=" color:#3897f0; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:550; line-height:18px;"> View this post on Instagram</div></div><div style="padding: 12.5% 0;"></div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"><div> <div style="background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"></div> <div style="background-color: #F4F4F4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"></div> <div style="background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"></div></div><div style="margin-left: 8px;"> <div style=" background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"></div> <div style=" width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg)"></div></div><div style="margin-left: auto;"> <div style=" width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"></div> <div style=" background-color: #F4F4F4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"></div> <div style=" width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"></div></div></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"></div> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"></div></div></a><a href="https://www.instagram.com/reel/CDBC1exnHKd/?utm_source=ig_embed&utm_campaign=loading" style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none;" target="_blank">A post shared by 200K Family (@tom_and_jerry__75)</a> on <time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2020-07-24T07:24:22+00:00">Jul 24, 2020 at 12:24am PDT</time></div> <script async src="//www.instagram.com/embed.js"></script><br><div style="max-width: 56vh;"><div style="left: 0; width: 100%; height: 0; position: relative; padding-bottom: 177.6562%;"><iframe src="//cdn.iframe.ly/xHLf6sw?media=1" style="border: 0; top: 0; left: 0; width: 100%; height: 100%; position: absolute;" allowfullscreen allow="encrypted-media *"></iframe></div></div><script async src="//cdn.iframe.ly/embed.js" charset="utf-8"></script><br>Advantages of Government Company:<p1>The government organization enjoys all autonomy in management decisions and flexibility in day to day activities.</p1><p2>These companies control the local market and sustain it to curb the unhealthy business practices.</p2><br>Accounting\xa0is the process of recording financial transactions pertaining to a business. The\xa0accounting\xa0process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.\xa0Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.\xa0As a result of economic, industrial, and technological developments, different specialized fields in\xa0accounting\xa0have emerged. The famous branches or\xa0types\xa0of\xa0accounting\xa0include: financial\xa0accounting, managerial\xa0accounting, cost\xa0accounting, auditing, taxation, AIS, fiduciary, and forensic\xa0accounting. | |
| 4493. |
Prepare t shape account of ramesh creditor |
| Answer» |Give full question.Take hints from this example:Open a ‘T’ shape account of creditor, Rakesh and write the following transactions on the proper side:(i) Goods purchased from Rakesh on credit – Rs.\xa050,000(ii) Goods returned to Rakesh for – Rs.\xa05,000(iii) Paid to Rakesh – Rs.\xa020,000(iv) Purchase goods from Rakesh on credit – Rs.\xa010,000Rakesh Account (Creditors)<input name="a473855_dofollow" title="Ask a new question relating to this answer" type="submit" value="ask related question" /><br>??sry but how can I prepare Creditor\'s A/c without any transactions?! | |
| 4494. |
Write name of four parties who are interested in accounting information. |
| Answer» CreditorsBankersOwner Management | |
| 4495. |
What do you mean by source documents? Give two examples |
| Answer» Source documents refers to the documents in writing, containing the details of events or transactions. Example :\xa0Cash memo, invoice, and pay-in-slip, etc. | |
| 4496. |
How to do gst tax |
| Answer» | |
| 4497. |
Employees of z.ltd went on strike and accountant of z.ltd recorded this loss |
| Answer» Ok | |
| 4498. |
What is credit and debit?? |
| Answer» \tA\xa0debit\xa0is an\xa0accounting entry\xa0that either increases an\xa0asset or\xa0expense account. Or decreases a\xa0liability or\xa0equity\xa0account. It is positioned on the left in an accounting entry.\tA\xa0credit\xa0is an accounting entry that increases either a\xa0liability\xa0or equity account. Or decreases an asset or expense account. It is positioned on the right in an accounting entry.<br>??<br>Credit is the right side of an account. Debit is the left side of an account | |
| 4499. |
What is real account?? |
| Answer» kar liya google se copy sahil g, dicto same definition<br>Aap k bass Ki baat nhi ha dear....<br>real account\xa0is a general ledger\xa0account\xa0that does not close at the end of the\xa0accounting\xa0year.....<br>insta or fb or in studies?<br>real account in what u need 2 know? | |
| 4500. |
Transaction of ramesh for April are given below journalise them |
| Answer» | |