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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.
4501. |
Amended Cash Book method in bank reconcillation statement ch is in Syllabus..❓? |
Answer» Ookk<br>Noo its deleted in our syllabus | |
4502. |
Har cheez ki limit Hoti h pta h hme bhi aur hmari limit bhi yhi tk h |
Answer» Mt kro zada bhola bnna ki zarurat nhi hai tuj jese bhot dekhe hai aaya bada sudher ja warning dera hu<br>No need to know you ! You are not a Charlie Chaplin<br>Achaa aap kya hme jnte ho<br>Limitdekhli hai kitni ghatiya soch hai ritik ki niklo yaha se | |
4503. |
cash book format cash book format |
Answer» Single Column Cash Book:In this Cash Book entry and posting are made for purely cash transactions. It has only one amount column in each of the debit and credit sides.See the design of Single Column Cash Book. It is just like any other ledger account in the T-form.ADVERTISEMENTS:In both the debit and credit sides, it has five columns:(i) Date,(ii) Particulars,(iii) Voucher No.,ADVERTISEMENTS:(iv) Ledger Folio, and(v) Amount.In any other ledger account, there is no Voucher No. column, instead there is Journal Folio column. This is so in the Cash Book because it is also a Journal. Reference must be given here about the evidence of occurrence of the transactions. Amount column gives debit or credit amount as per the nature of the transaction.Double Column Cash Book:In this Cash Book entry and posting are made for cash and bank transactions. The design of this Cash Book is like the single column Cash Book except that it has two amount columns on both the debit and credit sides.Triple Column Cash Book:In this Cash Book three amount columns are maintained on both the debit and credit sides—the first column is for discount, the second for cash and the third for bank. | |
4504. |
Debit and credit note |
Answer» A debit note (also known as debit memo) can be issued from a buyer to their seller to indicate or request a return of funds due to incorrect or damaged goods received, purchase cancellation, or other specified circumstances.In other words, a debit note basically acts as a buyer\'s formal request for a credit note from the seller. The document therefore serves as evidence to support a purchase return in the accounting books of a buyer.A credit note or credit memo is a commercial document issued by a seller to a buyer. Credit notes act as a source document for the sales return journal. In other words the credit note is evidence of the reduction in sales. A credit memo, a contraction of the term "credit memorandum", is evidence of a reduction in the amount that a buyer owes a seller under the terms of an earlier invoice.It can also be a document from a bank to a depositor to indicate the depositor\'s balance is being in event other than a deposit, such as the collection by the bank of the depositor\'s note receivable<br>In simple way<br>When goods are returned to a supplier, a debit note is prepared to represent the difference in the quantity. It contains the name of the party (supplier) whose account has been debited, along with the amount and details of the bill and the reason for the debit, in reference to which his account has been debited.On the other hand, when goods are received back from the customer, a credit note is sent to him, indicating that the customer’s account has been credited in the books. | |
4505. |
Describe the type of assets |
Answer» 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.\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. | |
4506. |
What is going concern and consistency concept? |
Answer» The going concern concept\tIt is one of the most fundamental concepts\tIt forms the assumption on which all accounting operations are carried out\tAccording to this concept all accounting transactions must be recorded and reported with the assumption that the business will continue to operate for the foreseeable future\tIt is assumed that the business will keep Fixed Assets and Current Assets as well as\tLiabilities\tit is assumed that the entity will realize its assets and settle its obligations in the normal course of the business\tIf this changes assets should be recorded at their Net realizable value instead of at costThe consistency concept\tDue to the nature that a number of transactions can be treated in a number of alternative ways\tIt is possible to constantly create a favorable set of financial statements simply by changing the way these items are created\tFor example depreciation can be accounted for using either the straight line and reducing balance method\tA business may be tempted hop from method to method depending on which method enhances it’s profit for example\tThe consistency concept prevents this from happening\tIt dictates that once the business adopts an accounting principle or method, it must continue to follow it consistently in future accounting periods\tAny change in accounting policies/principles must be disclosed\tThis ensures consistent accounting records are comparable from period to period | |
4507. |
Is ledger asking in the exams |
Answer» Yes ledger is asked in exam<br>yes?<br>Yes... | |
4508. |
Journalise the following transaction and put them to the ledger account |
Answer» ?<br>Transaction?? | |
4509. |
Differentiate between provision and reserves |
Answer» It\'s not a easy language<br>\tReserveProvisionDefinitionThe portion of profit kept aside for unforeseen obligations of a businessA portion of money from the business set aside for meeting known liabilities or expensesMethod of CreationCreated by debiting Profit and Loss appropriation accountCreated by debiting Profit and Loss AccountPurposeIt provides capital for running the business and safeguards against expenses from unforeseen contingenciesIt secures business from expenses arising from known liabilitiesAllocationPresence of profit is required for allocation of reserve.Presence of profit not necessary for allocationDividend PaymentPaid from reservesCannot be paidImpact on ProfitReduces net profit of the organisationReduces profits for dividend distributionAppears inAlways shown on the liability sideAppears as a deduction from the concerned asset, in case of an asset, in case of liabilities, it is shown in the liabilities sideUtilisationCan be used for any given purposeNeeds to be used for the specific purpose it is allocated for\t | |
4510. |
vijay a consultant |
Answer» | |
4511. |
Ramesh who Owed us ₹ 500 became bankrupt and paid us 50 paisa in a ₹ |
Answer» Cash book entry:-To Ramesh a/c 250 cash | |
4512. |
Total rent paid this year Rs. 40,000 @ Rs. 3000 per month |
Answer» Total months is 16.67 months<br>What are you asking | |
4513. |
TS Grewal rectification of entries back exercise question no. 18 Please send the solution |
Answer» | |
4514. |
Define source document |
Answer» In a business transaction, the source document is the first recorded document for the transaction. In this document, all the important details like date, amount, parties name involved, and the nature of the account is reported. Only from the source document, all the entries in other books are recorded.\xa0 | |
4515. |
State the title of the accounts affected,type of a6 |
Answer» | |
4516. |
How we put journal entries |
Answer» | |
4517. |
What is machinery A/C how it is prepared ? |
Answer» Machinery a/c dr to capital a/c | |
4518. |
How are revenue and expense related to accounting eqiation? |
Answer» The fundamental accounting equation is assets= capital + liabilities.As every accounting equation has two effects( debit and credit). Revenues\xa0lead to increase in assets or capital while expenses reduce assets and may also create liability. Revenue and expenses, therefore, are the reasons for stability and soundness of the balance sheet. | |
4519. |
Tell me some rules of entries. Koi apne notes de do journal pe ?? |
Answer» First: Debit what comes in, Credit what goes out.Second: Debit all expenses and losses, Credit all incomes and gains.Third: Debit the receiver, Credit the giver.<br>Book m bhut ache notes h vha se pdho<br>Ooh koi nhi<br>Mene toh banae hi nhi | |
4520. |
On 1 April 2014 a veeru Ltd company purchased machinery 2500000 |
Answer» Machinery a/c dr. 2500000 To cash a/c 2500000<br>Answer | |
4521. |
Which is the modern approach for presentation of accounting transaction? |
Answer» Hello | |
4522. |
Sc sharma chapter 15 question 18 answer |
Answer» | |
4523. |
Real account always have a debit balance. Why? |
Answer» The\xa0real accounts\xa0are the balance sheet accounts such as the accounts for recording assets, liabilities, and the owner\'s (or stockholders\') equity.\xa0Business transactions are events that have a monetary impact on the financial statements of an organisation. When accounting for these transactions, numbers are recorded in two accounts, where the debit column is on the left and the credit column is on the right.A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It si positioned to the left in the accounting entry.Assets, expenses, losses and the owner\'s drawing account will normally have debit balances. Their balances will increase with a debit entry, and will decrease with a credit entry. | |
4524. |
Name the side on which decrease in capital is recorded... |
Answer» Capital mai decrease ho ya increase. They will recorded in credit site<br>Debit side<br>Credit | |
4525. |
Sir is subject ki koi quiz hoti hai |
Answer» | |
4526. |
Basic accounting terms |
Answer» Basic accounting termsBusiness TransactionAn Economic activity that affects financial position of the business and can be measured in terms of money e.g., purchase of goods for use in business.Account: Account refers to a summarized record of relevant transactions of particular head at one place. All accounts are divided into two sides. The left side of an account is called debit side and the right side of an account is called credit side.Capital: Amount invested by the owner in the firm is known as capital. It may be brought in the form of cash or assets by the owner.Drawings: The money or goods or both withdrawn by owner from business for personal use, is known as drawings. Example: Purchase of car for wife by withdrawing money from business.Assets: Assets are valuable and economic resources of an enterprise useful in its operations. Assets can be broadly classified as:Current Assets: Current Assets are those assets which are held for short period and can be converted into cash within one year. For example: Debtors, stock etc.Non-Current Assets: Non-Current Assets are those assets which are hold for long period and used for normal business operation. For example: Land, Building, Machinery etc.They are further classified into:Tangible Assets: Tangible Assets are those assets which have physical existence and can be seen and touched. For Example: Furniture, Machinery etc.Intangible Assets: Intangible Assets are those assets which have no physical existence and can be felt by operation. For example: Goodwill, Patent, Trade mark etc.Liabilities: Liabilities are obligations or debts that an enterprise has to pay after some time in the future.Liabilities can be classified as:Current Liabilities: Current Liabilities are obligations or debts that are payable within a period of one year. For Example: Creditors, Bill Payable etc.Non-Current Liabilities: Non-Current Liabilities are those obligations or debts that are payable after a period of one year. Example: Bank Loan, Debentures etc.ReceiptsRevenue Receipts: Revenue Receipts are those receipts which are occurred by normal operation of business like money received by sale of business products.Capital Receipts: Capital Receipts are those receipts which are occurred by other than business operations like money received by sale of fixed assets.Expenses: Costs incurred by a business for earning revenue are known as expenses. For example: Rent, Wages, Salaries, Interest etc.Expenditure: Spending money or incurring a liability for acquiring assets, goods or services is called expenditure. The expenditure is classified as :Revenue Expenditure: If the benefit of expenditure is received within a year, it is called revenue expenditure. For Example: rent, Interest etc.Capital Expenditure: If benefit of expenditure is received for more than one year, it is called capital expenditure. Example: Purchase of Machinery.Deferred Revenue Expenditure: There are certain expenditures which are revenue in nature but benefit of which is derived over number of years. For Example: Huge Advertisement Expenditure.Profit: The excess of revenues over its related expenses during an accounting year is profit.Profit = Revenue - ExpensesGain: A non-recurring profit from events or transactions incidental to business such as sale of fixed assets, appreciation in the value of an asset etc.Loss: The excess of expenses of a period over its related revenues is termed as loss.Loss = Expenses - RevenueGoods: The products in which the business deal in. The items that are purchased for the purpose of resale and not for use in the business are called goods.Purchases: The term purchases is used only for the goods procured by a business for resale. In case of trading concerns it is purchase of final goods and in manufacturing concern it is purchase of raw materials. Purchases may be cash purchases or credit purchases.Purchase Return: When purchased goods are returned to the suppliers, these are known as purchase return.Sales: Sales are total revenues from goods sold or services provided to customers. Sales may be cash sales or credit sales.Sales Return: When sold goods are returned from customer due to any reason is known as sales return.Debtors: Debtors are persons and/or other entities to whom business has sold goods and services on credit and amount has not received yet. These are assets of the business.Creditors: If the business buys goods/services on credit and amount is still to be paid to the persons and/or other entities, these are called creditors. These are liabilities for the business.Bill Receivable: Bill Receivable is an accounting term of Bill of Exchange. A Bill of Exchange is Bill Receivable for seller at time of credit sale.Bill Payable: Bill Payable is also an accounting term of Bill of Exchange. A Bill of Exchange is Bill Payable for purchaser at time of credit purchase.Discount: Discount is the rebate given by the seller to the buyer. It can be classified as :Trade Discount: The purpose of this discount is to persuade the buyer to buy more goods. It is offered at an agreed percentage of list price at the time of selling goods. This discount is not recorded in the accounting books as it is deducted in the invoice/cash memo.Cash Discount: The objective of providing cash discount is to encourage the debtors to pay the dues promptly. This discount is recorded in the accounting books.Account : Account refers to a summarised record of relevant transaction of particular head at one place.Income: Income is a wider term, which includes profit also. Income means increase in the wealth of the enterprise over a period of time.Stock : The goods available with the business for sale on a particular date is known as stock.Cost : Cost refers to expenditures incurred in acquiring manufacturing and processing goods to make it saleable.Voucher: The documentary evidence in support of a transaction is known as voucher. For example, if we buy goods for cash we get cash memo, if we buy goods on credit, we get an invoice, when we make a payment we get a receipt.Goods and Service Tax (GST) : GST is an indirect tax which is levied on the supply of goods and service. | |
4527. |
Three limitation of readymade software |
Answer» Costly and expensive<br>\xa0Readymade Software: These Software’s are ready to use, easy to handle or easy to operate. These software’s save time and cost. The best example of accounting software is “Tally”.Advantages of Readymade Software’s:\xa0i. Suitable for small business firms.\xa0ii. Easily available.\xa0iii. Affordable (less expensive)User friendly (No special training required)Limitations of Readymade Software’s:\xa0i. Knowledge of computer is required (as well knowledge of accounting is also required)\xa0ii. Costly and installation problems.\xa0iii. Not safe.Customised Software: Readymade software’s are modified as per the requirement. It is known as customised Software’s. The cost of customised software is higher than the readymade software cost and this cost is paid by the user.Advantages of Customised Software’s:\xa0i. Suitable for large and medium houses.\xa0ii. All transactions are recorded in a systematic manner.\xa0iii. Software is customised according to the requirement.\xa0iv. Reliable.Limitations of Customised Software’s:\xa0i. Special training is required to handle these types of software’s.\xa0ii. Costly\xa0iii. Outdated Software’s may cause problems. | |
4528. |
Simran commenced business with cash 65,000 simple column cash book |
Answer» Cash book ke debit column me to capital a/c 65000 | |
4529. |
pass journal ans open ledger prepare trail balance |
Answer» | |
4530. |
how to make account project on ice cream parlour |
Answer» To check it\'s daily routine and make ajournal ledger and trial balance and trading pl and balance sheet your account project should be completed | |
4531. |
Gst syllabus me hai ky? |
Answer» No<br>Yes<br>No<br>check the syllabus on cbse.nic.in | |
4532. |
Purchase return books balance is carried forward in excess by |
Answer» ||100 | |
4533. |
Question on 30 transactions on preparation of journal, ledger, trail balance and final accounts |
Answer» where is the questions sr...<br>ok | |
4534. |
Days of Grace are ________ extra days added to the period of Bill. |
Answer» 3<br>3<br>3 | |
4535. |
Class 11th sample paper bew |
Answer» https://mycbseguide.com/dashboard/category/1411/type/2 | |
4536. |
50 transactions |
Answer» Which ch | |
4537. |
What is the meaning of drawings and does we write drawing in trading account |
Answer» T<br>Money or goods withdrawn by owner for personal use is called drawings. Drawing is written in Balance Sheet.<br>No, we do not write drawing in trading account<br>The money or goods or both withdrawn by owner from business for personal use, is known as drawings. Example: Purchase of car for wife by withdrawing money from business | |
4538. |
What a conclusion for comprehensive project for class 11 .It must be 150 words |
Answer» | |
4539. |
mr manoij a commerce student |
Answer» | |
4540. |
alteast 30 transaction for project |
Answer» | |
4541. |
25 transaction with journal , ledger trial balance , final accounts.. |
Answer» | |
4542. |
Various causes of difference between cash book and pass book balances |
Answer» 1. Transaction recorded by bank2. diiff due to timing | |
4543. |
Golden rules of accountancy |
Answer» | |
4544. |
Yha koi delhi government school ka student h |
Answer» Yes<br>Ha | |
4545. |
What id difference between accountancy and accounting? |
Answer» Accountancy is subject matter where as accounting is the art of recording, classifying ,summarising economic transaction of an organisation due to this an organisation know it\'s financial Position | |
4546. |
What is the importance of accounting standards in accountancy? |
Answer» Accounting standards ensure the financial statements from multiple companies are comparable. Because all entities follow the same rules, accounting standards make the financial statements credible and allow for more economic decisions based on accurate and consistent information. | |
4547. |
What is objective of accounting information |
Answer» To ascertain profit and loss of a business To ascertain financial position of a business<br>To ascertain profit and loss.. | |
4548. |
Bhai accounting ka paper 20 ko hai dar lag raha hai kya kiya jaye |
Answer» I am a commerce student?first of all you don\'t worry just be clear with the important topics<br>Look i am not a commercian but till i know accountancy is based on formulas so firstly remember all the formulas ...And solve question based on that formulas ....Go ahead all the best ..Keep calm ..and B+... | |
4549. |
Vouchers is prepared for writing of the bad debts |
Answer» These vouchers are prepared to record the non-cash transactions of the business. Under the direct write off method, when a small business determines an invoice is uncollectible they can debit the Bad Debts Expense account and credit Accounts Receivable immediately. | |
4550. |
Discuss the advantages of keeping cash book |
Answer» Advantages of Cash BookCash book offers the following advantages:\tIt offers easy verification of cash by matching the balance in the cash book with actual cash in hand and is therefore helpful in identifying mistakes in the entry.\tIt helps in creating a regular record of transactions date wise for the convenience of accounting personnel.\tAs it is maintained date wise, any cash payments or the transaction can be correctly traced back in the cash book.\tIt is helpful in detecting any cash frauds in the organisation.\tIt helps in saving time and labour by reducing the workload | |