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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.
| 451. |
What are the demerits of Straight Line Method? (Any two) |
| Answer» <html><body><p></p>Solution :Demerits of <a href="https://interviewquestions.tuteehub.com/tag/straight-633156" style="font-weight:bold;" target="_blank" title="Click to know more about STRAIGHT">STRAIGHT</a> Line Method are:(i) Interest element on capital is ignored. (ii) <a href="https://interviewquestions.tuteehub.com/tag/repair-1185018" style="font-weight:bold;" target="_blank" title="Click to know more about REPAIR">REPAIR</a> and <a href="https://interviewquestions.tuteehub.com/tag/maintenance-1084114" style="font-weight:bold;" target="_blank" title="Click to know more about MAINTENANCE">MAINTENANCE</a> cost which is likely to be more in later years is not <a href="https://interviewquestions.tuteehub.com/tag/considered-7257760" style="font-weight:bold;" target="_blank" title="Click to know more about CONSIDERED">CONSIDERED</a>.</body></html> | |
| 452. |
whatare theadvantages of readymadesoftware? (Two points) |
| Answer» | |
| 453. |
whataretheAdvantagesofcomputerisedAccounting? |
| Answer» | |
| 454. |
What are the classification of errors? |
| Answer» <html><body><p></p>Solution :(i) Errors of Omission <br/>(ii) Errors of <a href="https://interviewquestions.tuteehub.com/tag/commision-422813" style="font-weight:bold;" target="_blank" title="Click to know more about COMMISION">COMMISION</a><br/>(<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) Errors of <a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a> <br/> (<a href="https://interviewquestions.tuteehub.com/tag/iv-501699" style="font-weight:bold;" target="_blank" title="Click to know more about IV">IV</a>) <a href="https://interviewquestions.tuteehub.com/tag/compensating-2531812" style="font-weight:bold;" target="_blank" title="Click to know more about COMPENSATING">COMPENSATING</a> Errors.</body></html> | |
| 455. |
whataretheadvantagesof computerisedAccounting ? |
| Answer» | |
| 456. |
What are the advantages of Cash Basis of Accounting ? (Two points) |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/advantages-18129" style="font-weight:bold;" target="_blank" title="Click to know more about ADVANTAGES">ADVANTAGES</a> of <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> <a href="https://interviewquestions.tuteehub.com/tag/basis-893664" style="font-weight:bold;" target="_blank" title="Click to know more about BASIS">BASIS</a> of Accounting are : <br/> (i) It is a simple system as adjustments are not <a href="https://interviewquestions.tuteehub.com/tag/required-1185621" style="font-weight:bold;" target="_blank" title="Click to know more about REQUIRED">REQUIRED</a>. <br/> (ii) It is more objective as very few estimates and judgments are <a href="https://interviewquestions.tuteehub.com/tag/made-3718337" style="font-weight:bold;" target="_blank" title="Click to know more about MADE">MADE</a>.</body></html> | |
| 457. |
What are the advantages of allowing Trade Discount? (Two points) |
| Answer» <html><body><p></p>Solution :Advantages of Trade <a href="https://interviewquestions.tuteehub.com/tag/discount-955451" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOUNT">DISCOUNT</a> are: <br/> (i) It improves <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> as <a href="https://interviewquestions.tuteehub.com/tag/purchaser-1172769" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASER">PURCHASER</a> is encouraged to buy large <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a>. <br/> (ii) It <a href="https://interviewquestions.tuteehub.com/tag/reduces-621012" style="font-weight:bold;" target="_blank" title="Click to know more about REDUCES">REDUCES</a> purchase cost for purchaser and thus, improves profit margin.</body></html> | |
| 458. |
What are theadvantages of allowing Cash Discount? (Two points) |
| Answer» <html><body><p></p>Solution :Two advantages of <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> Discount are:(i) <a href="https://interviewquestions.tuteehub.com/tag/seller-1200249" style="font-weight:bold;" target="_blank" title="Click to know more about SELLER">SELLER</a> gets the due <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> <a href="https://interviewquestions.tuteehub.com/tag/within-732414" style="font-weight:bold;" target="_blank" title="Click to know more about WITHIN">WITHIN</a> the due date. Thus, his liquidity <a href="https://interviewquestions.tuteehub.com/tag/remains-621920" style="font-weight:bold;" target="_blank" title="Click to know more about REMAINS">REMAINS</a> good.(ii) purchaser gets Cash Discount thus, it increases theprofits.</body></html> | |
| 459. |
What are the advantages of Accrual Basis of Accounting?(Two Points) |
| Answer» <html><body><p></p>Solution :Advantages of <a href="https://interviewquestions.tuteehub.com/tag/accrual-847173" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUAL">ACCRUAL</a> Basis of Accounting are : <br/> (i) It gives a true and fair view of profit or <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> and the financial position . <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) It shows complete picture of financial <a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a> as it accounts prepaid and outstanding expenses, earned and unearned incomes, assets and liabilities.</body></html> | |
| 460. |
What are the advantages of Accounting? (Any Two) |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> advantages of Accounting are: <br/> (i) Financial performance and position is known, and<br/> (ii) <a href="https://interviewquestions.tuteehub.com/tag/assist-364272" style="font-weight:bold;" target="_blank" title="Click to know more about ASSIST">ASSIST</a> management in making business <a href="https://interviewquestions.tuteehub.com/tag/plans-1155788" style="font-weight:bold;" target="_blank" title="Click to know more about PLANS">PLANS</a>, take decisions and exercisecontrol.</body></html> | |
| 461. |
whatare theadvantages of aComputer systemoverthemanual system ? |
| Answer» | |
| 462. |
What are source documents of accountancy? |
| Answer» <html><body><p></p>Solution :Source documents are the first <a href="https://interviewquestions.tuteehub.com/tag/record-1180336" style="font-weight:bold;" target="_blank" title="Click to know more about RECORD">RECORD</a> about the <a href="https://interviewquestions.tuteehub.com/tag/details-949819" style="font-weight:bold;" target="_blank" title="Click to know more about DETAILS">DETAILS</a> of a business <a href="https://interviewquestions.tuteehub.com/tag/transaction-16213" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTION">TRANSACTION</a>. Such documents report the date, the amount, <a href="https://interviewquestions.tuteehub.com/tag/parties-1148160" style="font-weight:bold;" target="_blank" title="Click to know more about PARTIES">PARTIES</a> involved and the nature of the transaction. <a href="https://interviewquestions.tuteehub.com/tag/entries-972860" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRIES">ENTRIES</a> in the books are always made from the source documents.</body></html> | |
| 463. |
What are Representative Personal Accounts? Give one example. |
| Answer» <html><body><p></p>Solution :When an account represents a <a href="https://interviewquestions.tuteehub.com/tag/particular-1147539" style="font-weight:bold;" target="_blank" title="Click to know more about PARTICULAR">PARTICULAR</a> person or <a href="https://interviewquestions.tuteehub.com/tag/group-1013370" style="font-weight:bold;" target="_blank" title="Click to know more about GROUP">GROUP</a> of <a href="https://interviewquestions.tuteehub.com/tag/persons-21809" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONS">PERSONS</a>, it is termed as a <a href="https://interviewquestions.tuteehub.com/tag/representative-1185392" style="font-weight:bold;" target="_blank" title="Click to know more about REPRESENTATIVE">REPRESENTATIVE</a> personal account. For <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a>, Outstanding Rent Account.</body></html> | |
| 464. |
What are Real Accounts? |
| Answer» <html><body><p></p>Solution :The accounts of all those things whose <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> can be measured in <a href="https://interviewquestions.tuteehub.com/tag/terms-1242559" style="font-weight:bold;" target="_blank" title="Click to know more about TERMS">TERMS</a> of <a href="https://interviewquestions.tuteehub.com/tag/money-25502" style="font-weight:bold;" target="_blank" title="Click to know more about MONEY">MONEY</a> and which are the properties of the business are <a href="https://interviewquestions.tuteehub.com/tag/termed-7331110" style="font-weight:bold;" target="_blank" title="Click to know more about TERMED">TERMED</a> as Real Accounts such as <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> Account, Furniture Account etc.</body></html> | |
| 465. |
What are Natural Personal Accounts? Give on example. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Accounts of <a href="https://interviewquestions.tuteehub.com/tag/natural-575613" style="font-weight:bold;" target="_blank" title="Click to know more about NATURAL">NATURAL</a> Persons means the accounts of human beings. For <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a>, Mohans <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a>.</body></html> | |
| 466. |
What are Nominal Accounts? |
| Answer» <html><body><p></p>Solution :These are the <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a> which are in <a href="https://interviewquestions.tuteehub.com/tag/name-573193" style="font-weight:bold;" target="_blank" title="Click to know more about NAME">NAME</a> only and which do not <a href="https://interviewquestions.tuteehub.com/tag/really-2240024" style="font-weight:bold;" target="_blank" title="Click to know more about REALLY">REALLY</a> exist such as the accounts of all expenses and <a href="https://interviewquestions.tuteehub.com/tag/incomes-1040086" style="font-weight:bold;" target="_blank" title="Click to know more about INCOMES">INCOMES</a>.</body></html> | |
| 467. |
What are Personal Accounts? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :The accounts which relate to an <a href="https://interviewquestions.tuteehub.com/tag/individual-1041871" style="font-weight:bold;" target="_blank" title="Click to know more about INDIVIDUAL">INDIVIDUAL</a>, firm, company or an <a href="https://interviewquestions.tuteehub.com/tag/institution-499467" style="font-weight:bold;" target="_blank" title="Click to know more about INSTITUTION">INSTITUTION</a> are called <a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> accounts.</body></html> | |
| 468. |
What are major types of Reserves ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :(i) <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> Reserve.</body></html> | |
| 469. |
What are Liabilities ? |
| Answer» <html><body><p></p>Solution :It <a href="https://interviewquestions.tuteehub.com/tag/refers-1181652" style="font-weight:bold;" target="_blank" title="Click to know more about REFERS">REFERS</a> to the amount which the <a href="https://interviewquestions.tuteehub.com/tag/firm-989667" style="font-weight:bold;" target="_blank" title="Click to know more about FIRM">FIRM</a> <a href="https://interviewquestions.tuteehub.com/tag/owes-7703111" style="font-weight:bold;" target="_blank" title="Click to know more about OWES">OWES</a> to <a href="https://interviewquestions.tuteehub.com/tag/outsiders-1143181" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSIDERS">OUTSIDERS</a> (expecting theamount <a href="https://interviewquestions.tuteehub.com/tag/owed-7272201" style="font-weight:bold;" target="_blank" title="Click to know more about OWED">OWED</a> to proprietors).</body></html> | |
| 470. |
What are Internal Liabilities? |
| Answer» <html><body><p></p>Solution :All amounts which a <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> entity has to <a href="https://interviewquestions.tuteehub.com/tag/pay-25544" style="font-weight:bold;" target="_blank" title="Click to know more about PAY">PAY</a> to the proprietor or <a href="https://interviewquestions.tuteehub.com/tag/owners-1144396" style="font-weight:bold;" target="_blank" title="Click to know more about OWNERS">OWNERS</a> are internal <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> such as capital andaccumulated profits.</body></html> | |
| 471. |
What are financial statements? What information do they provide. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :N/a</body></html> | |
| 472. |
What are Fixed Assets ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Fixed Assets are the assets which are <a href="https://interviewquestions.tuteehub.com/tag/acquired-1967529" style="font-weight:bold;" target="_blank" title="Click to know more about ACQUIRED">ACQUIRED</a> not with a <a href="https://interviewquestions.tuteehub.com/tag/purpose-1173268" style="font-weight:bold;" target="_blank" title="Click to know more about PURPOSE">PURPOSE</a> to resell but with a purpose to increase the <a href="https://interviewquestions.tuteehub.com/tag/earning-964156" style="font-weight:bold;" target="_blank" title="Click to know more about EARNING">EARNING</a> capacity of the <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a></body></html> | |
| 473. |
What are Fictitious Assets? |
| Answer» <html><body><p></p>Solution :These are the Assets which cannot be realised in Cash or no further benefit can be derived from these assets. Such assets include Debit balance of P & L A/c andthe <a href="https://interviewquestions.tuteehub.com/tag/expenditure-980222" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENDITURE">EXPENDITURE</a> not yetwritten off such as Advertisement <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> <a href="https://interviewquestions.tuteehub.com/tag/etc-975753" style="font-weight:bold;" target="_blank" title="Click to know more about ETC">ETC</a>.</body></html> | |
| 474. |
What are error of principle ? |
| Answer» <html><body><p></p>Solution :When some <a href="https://interviewquestions.tuteehub.com/tag/fundamental-466867" style="font-weight:bold;" target="_blank" title="Click to know more about FUNDAMENTAL">FUNDAMENTAL</a> <a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a> of acountancy is violated while recording a transaction, the error is termed as error of principle. These error are committed in those cases where a <a href="https://interviewquestions.tuteehub.com/tag/proper-1169819" style="font-weight:bold;" target="_blank" title="Click to know more about PROPER">PROPER</a> distinction between capital and <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> items is not made, i.e., a capital expenditure is treated as a revenue expenditure or vice-versa.</body></html> | |
| 475. |
What are error of Commission. |
| Answer» <html><body><p></p>Solution :If a <a href="https://interviewquestions.tuteehub.com/tag/wrong-1462035" style="font-weight:bold;" target="_blank" title="Click to know more about WRONG">WRONG</a> amount is entered either in the journal or in the subsidiary <a href="https://interviewquestions.tuteehub.com/tag/books-900981" style="font-weight:bold;" target="_blank" title="Click to know more about BOOKS">BOOKS</a> it is called error of commission. Trial <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> will tally bacause the same amount (<a href="https://interviewquestions.tuteehub.com/tag/though-2306877" style="font-weight:bold;" target="_blank" title="Click to know more about THOUGH">THOUGH</a> wrong) will be posted in both the <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a> affected by the transaction.</body></html> | |
| 476. |
What are error of Omission ? |
| Answer» <html><body><p></p>Solution :If a transaction remain altogether unrecorded <a href="https://interviewquestions.tuteehub.com/tag/either-7265046" style="font-weight:bold;" target="_blank" title="Click to know more about EITHER">EITHER</a> in the journal or in Subsidiary Books, it will be termed as an error of omission, Such an error will not <a href="https://interviewquestions.tuteehub.com/tag/effect-966056" style="font-weight:bold;" target="_blank" title="Click to know more about EFFECT">EFFECT</a> the <a href="https://interviewquestions.tuteehub.com/tag/agreement-851812" style="font-weight:bold;" target="_blank" title="Click to know more about AGREEMENT">AGREEMENT</a> of a Trial Balance, as <a href="https://interviewquestions.tuteehub.com/tag/neither-1113494" style="font-weight:bold;" target="_blank" title="Click to know more about NEITHER">NEITHER</a> the transaction has been entered on the debit <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> of an account nor on the credit side of any other account.</body></html> | |
| 477. |
What are Drawings? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Drawings refer to any Cash or <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> withdrawn by <a href="https://interviewquestions.tuteehub.com/tag/theowner-3201832" style="font-weight:bold;" target="_blank" title="Click to know more about THEOWNER">THEOWNER</a> for personal <a href="https://interviewquestions.tuteehub.com/tag/use-1441041" style="font-weight:bold;" target="_blank" title="Click to know more about USE">USE</a>.</body></html> | |
| 478. |
What are Direct Expenses? |
| Answer» <html><body><p></p>Solution :Direct Expenses are those expenses which are incurred on purchases of goods up the <a href="https://interviewquestions.tuteehub.com/tag/point-1157106" style="font-weight:bold;" target="_blank" title="Click to know more about POINT">POINT</a> of <a href="https://interviewquestions.tuteehub.com/tag/bringing-402272" style="font-weight:bold;" target="_blank" title="Click to know more about BRINGING">BRINGING</a> them to the place of business. In the <a href="https://interviewquestions.tuteehub.com/tag/case-910082" style="font-weight:bold;" target="_blank" title="Click to know more about CASE">CASE</a> of manufacturing business, they are the expenses incurred to make them ready for <a href="https://interviewquestions.tuteehub.com/tag/sale-1193496" style="font-weight:bold;" target="_blank" title="Click to know more about SALE">SALE</a></body></html> | |
| 479. |
What are Current Liabilities? |
| Answer» <html><body><p></p>Solution :Current liabilities refer to those liabilities which are to be paid in <a href="https://interviewquestions.tuteehub.com/tag/near-1112277" style="font-weight:bold;" target="_blank" title="Click to know more about NEAR">NEAR</a> <a href="https://interviewquestions.tuteehub.com/tag/future-2559" style="font-weight:bold;" target="_blank" title="Click to know more about FUTURE">FUTURE</a> (normally within one <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a>).</body></html> | |
| 480. |
What are Current Assets? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Current Assets <a href="https://interviewquestions.tuteehub.com/tag/include-11332" style="font-weight:bold;" target="_blank" title="Click to know more about INCLUDE">INCLUDE</a> Cash and other assets which are expected to be converted into Cash within a short <a href="https://interviewquestions.tuteehub.com/tag/period-1151023" style="font-weight:bold;" target="_blank" title="Click to know more about PERIOD">PERIOD</a> (normally within <a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a> <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a>).</body></html> | |
| 481. |
What are Contra Entries ? Why these are not posted into the Ledger ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Contra entries means entrieswhich are <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a> on both sides of the cash <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> . These entries are <a href="https://interviewquestions.tuteehub.com/tag/made-3718337" style="font-weight:bold;" target="_blank" title="Click to know more about MADE">MADE</a> with depositing or withdrawing cash from the <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> .</body></html> | |
| 482. |
What are closing entries? Give four examples of closing entries. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :N/a</body></html> | |
| 483. |
What are Assets? |
| Answer» <html><body><p></p>Solution :Assets are <a href="https://interviewquestions.tuteehub.com/tag/valuable-723168" style="font-weight:bold;" target="_blank" title="Click to know more about VALUABLE">VALUABLE</a> resources <a href="https://interviewquestions.tuteehub.com/tag/owned-1144371" style="font-weight:bold;" target="_blank" title="Click to know more about OWNED">OWNED</a> by a <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> enterprise which can bemeasured in <a href="https://interviewquestions.tuteehub.com/tag/terms-1242559" style="font-weight:bold;" target="_blank" title="Click to know more about TERMS">TERMS</a> of money.</body></html> | |
| 484. |
What are Assets ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Asset is a property (land, <a href="https://interviewquestions.tuteehub.com/tag/machine-550312" style="font-weight:bold;" target="_blank" title="Click to know more about MACHINE">MACHINE</a>, goods, premises, etc) or legal rights (patents, copyrights, etc). Owned by an <a href="https://interviewquestions.tuteehub.com/tag/individual-1041871" style="font-weight:bold;" target="_blank" title="Click to know more about INDIVIDUAL">INDIVIDUAL</a> or business which can be measured in <a href="https://interviewquestions.tuteehub.com/tag/money-25502" style="font-weight:bold;" target="_blank" title="Click to know more about MONEY">MONEY</a> terms</body></html> | |
| 485. |
What are Artificial Personal Accounts ? Give one example. |
| Answer» <html><body><p></p>Solution :These accounts do not have physical existence as human <a href="https://interviewquestions.tuteehub.com/tag/beings-894710" style="font-weight:bold;" target="_blank" title="Click to know more about BEINGS">BEINGS</a> but they <a href="https://interviewquestions.tuteehub.com/tag/work-20377" style="font-weight:bold;" target="_blank" title="Click to know more about WORK">WORK</a> as perosonal accounts. For <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a>, any Firms account.</body></html> | |
| 486. |
What are adjusting entries? Why are they necessary for preparing final accounts? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :N/a</body></html> | |
| 487. |
What are Accounting Standards? |
| Answer» <html><body><p></p>Solution :These are <a href="https://interviewquestions.tuteehub.com/tag/written-732709" style="font-weight:bold;" target="_blank" title="Click to know more about WRITTEN">WRITTEN</a> <a href="https://interviewquestions.tuteehub.com/tag/statements-17642" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENTS">STATEMENTS</a> specifying uniform rules and practices for <a href="https://interviewquestions.tuteehub.com/tag/preparing-2949211" style="font-weight:bold;" target="_blank" title="Click to know more about PREPARING">PREPARING</a> the financial statements.</body></html> | |
| 488. |
What adjusting entries would you record for the following : (a) Depreciation (b) Discount on debtors (c) Interest on capital (d) Manager’s commission |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :N/a</body></html> | |
| 489. |
Welprint Ltd. has given you the following information: Calculate cash flow from Investing Activities on the basis of the above information. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_005_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_005_S02.png" width="80%"/></body></html> | |
| 490. |
Whar are Compensating Errors? |
| Answer» <html><body><p></p>Solution :If the effect of one <a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a> is <a href="https://interviewquestions.tuteehub.com/tag/neutralised-2188316" style="font-weight:bold;" target="_blank" title="Click to know more about NEUTRALISED">NEUTRALISED</a> by the effect of some other error, such error are <a href="https://interviewquestions.tuteehub.com/tag/called-907796" style="font-weight:bold;" target="_blank" title="Click to know more about CALLED">CALLED</a> compensating <a href="https://interviewquestions.tuteehub.com/tag/errors-15514" style="font-weight:bold;" target="_blank" title="Click to know more about ERRORS">ERRORS</a>.</body></html> | |
| 491. |
Wages paid to X will be posted to ……….account on the …………………side. (X, Wages, Debit, Credit) |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/wages-1448569" style="font-weight:bold;" target="_blank" title="Click to know more about WAGES">WAGES</a>, <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a></body></html> | |
| 492. |
Wages, when paid, are creditd to Wages Accounts. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 493. |
Wages paid for installation of machine is added to the cost of machine because of ________ |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> <a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a></body></html> | |
| 494. |
Wages paid for installation of machine in added to the cost of machine because of |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/accrual-847173" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUAL">ACCRUAL</a> Concept <br/>Matching Principle <br/><a href="https://interviewquestions.tuteehub.com/tag/materiality-1089371" style="font-weight:bold;" target="_blank" title="Click to know more about MATERIALITY">MATERIALITY</a> Principle<br/>Cost Principle </p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html> | |
| 495. |
Wages paid to a worker for making additions to machinery amounting to Rs. 5,000 were debited to the Wages Account. Identify the type of error. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a> of <a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a>.</body></html> | |
| 496. |
Wages and Salaries Account in shown in |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/trading-1424689" style="font-weight:bold;" target="_blank" title="Click to know more about TRADING">TRADING</a> Account<br/>Profile and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> Account<br/>Balance Sheet<br/>None of these. </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html> | |
| 497. |
Wages and Salaries Account is shown in |
| Answer» <html><body><p>Trading <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> Account. <br/><a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> <a href="https://interviewquestions.tuteehub.com/tag/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a> <br/>None of these. </p>Solution :Trading Account</body></html> | |
| 498. |
Voucher is prepared from: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/documentary-441331" style="font-weight:bold;" target="_blank" title="Click to know more about DOCUMENTARY">DOCUMENTARY</a> <a href="https://interviewquestions.tuteehub.com/tag/evidence-977636" style="font-weight:bold;" target="_blank" title="Click to know more about EVIDENCE">EVIDENCE</a> <br/> <a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> entry<br/>Ledger account<br/>All of the above<br/></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/iv-501699" style="font-weight:bold;" target="_blank" title="Click to know more about IV">IV</a></body></html> | |
| 499. |
Voucher is prepared for: |
| Answer» <html><body><p> <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> and <a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a> <br/> Cash/Credit sales<br/>Cash/Credit purchase<br/>All of the above<br/></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/iv-501699" style="font-weight:bold;" target="_blank" title="Click to know more about IV">IV</a></body></html> | |
| 500. |
Voucher is prepared for |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> and <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a>. <br/>Cash and Credit sales.<br/>Cash <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> and <a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a>. <br/>All of these.</p>Solution :All of these.</body></html> | |