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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.
| 501. |
Vinod's capital is ₹ 2,30,000 and liabilities are 90,000. His fixed and current assets are in the ratio of 3:1. His fixed and current assets will be ₹ 1,72,000 and ₹ 57,500. |
| 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> | |
| 502. |
Vikas'sCash Book showed an overdrawn Cash Book balance or Rs. 20,200 on 31st March, 2019. He received a bank statement showingan overdrawn balance of Rs. 20,310 on 31st March, 2019. The reason for the difference is that bank charged Rs. 310 adn allowed interest Rs. 200 has not been recorded in the Cash Book. What entries should Vikas pass to update his Case Book? |
| Answer» <html><body><p></p>Solution :In the Paments (Cr.) side in 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> <a href="https://interviewquestions.tuteehub.com/tag/column-922494" style="font-weight:bold;" target="_blank" title="Click to know more about COLUMN">COLUMN</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> Book an <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a> for Rs. 310will be recorde against Banks <a href="https://interviewquestions.tuteehub.com/tag/charges-914492" style="font-weight:bold;" target="_blank" title="Click to know more about CHARGES">CHARGES</a>. <br/> In the Receipts (Dr.) side in the bank column of Cash Book an entry for Rs.200 will be recorded against Intrest received.</body></html> | |
| 503. |
Vikash maintains his books of account on Single Entry System. He proveids following information from his books. Find out additional capital introduced in the business during the year 2018-19. Opening Capital-Rs. - 1,30,000Drawings duringthe year Rs. 50,000 Closing Capital Rs. 2,00,000Profit made during the year Rs. 1,00,000 |
| 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/additional-367648" style="font-weight:bold;" target="_blank" title="Click to know more about ADDITIONAL">ADDITIONAL</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> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 20,000.</body></html> | |
| 504. |
Vikas is keeping his accounts according to Single Entry System. His capital on 31st December, 2015 was Rs. 2,50,000 and his capital on 31st December, 2016 was Rs. 4,25,000. He further informs you that during the year he gave a loan of Rs. 30,000 to his brother on private account and withdrew Rs. 1,000 per month for personal purposes. He used a flat for his personal purpose, the rent of which @ Rs. 1,800 per month and electricity charges at an average of 10% of rent per month were paid from the businesss account. During the year he sold his 7% Goverment Bonds of Rs. 50,000 at 1% premium and brought that money into the business. Pepare a Statement of Profit of Loss for the year ended 31st December, 2016. |
| 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/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 1,90,260.</body></html> | |
| 505. |
Vijay commenced business as food grains merchant on 1st April, 2018 with a capital of Rs. 40,00,000. On the same day, he purchased furniture for Rs. 80,000. Form thefollowing particulars obtained from his books which do not conform to Double Entry principles, you are required to prepare the Trading and Profit and Loss Account for the year ended 31st March, 2019 and the Balance Sheet as on that date: {:(,"Rs."),("Sales (including Cash Sales Rs. 2,00,000","5,00,000"),("Purchases (including Cash Purchases Rs. 1,20,000)","4,00,000"),("Vijay's Drawings (in Cash)"," 40,000"),("Salaries to Staff"," 48,000"),("Bad Debts written off","4,000"),("Trade Expenses paid"," 16,000"):} Vijay used goods of Rs. 12,000 for personal purposes during the year. On 31st March, 2019, his Debtors amounted to Rs. 1,40,000 and Creditors Rs. 80,000. Stock-in-Trade on that date was Rs. 1,60,000. |
| 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> :Gross Profit - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 2,72,000; <a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> Profit - Rs. 2,04,000; Balance <a href="https://interviewquestions.tuteehub.com/tag/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a> <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> - Rs. 6,32,000.</body></html> | |
| 506. |
Vijay, aconsultant, during thefinancial year 2018-19 earned Rs. 4,00,000. Out of which he received Rs. 3,50,000. He incurred an expense of Rs. 1,70,000, out of which Rs. 40,000 are outstanding. He also received consultancy fee relating to previous year Rs. 45,000 and also paid Rs. 20,000 expenses of last year. (i) he follows Cash Basis of Accounting and (ii) he follows Accrual Basis of Accounting. |
| 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> :(i) <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 2,45,000 ; (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) Rs. 2,30,000.</body></html> | |
| 507. |
Valuation of stock at lower of cost or net realisable value is an example of |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/consistency-930013" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENCY">CONSISTENCY</a> <a href="https://interviewquestions.tuteehub.com/tag/convention-933064" style="font-weight:bold;" target="_blank" title="Click to know more about CONVENTION">CONVENTION</a><br/><a href="https://interviewquestions.tuteehub.com/tag/conservatism-424801" style="font-weight:bold;" target="_blank" title="Click to know more about CONSERVATISM">CONSERVATISM</a> Convention.<br/>Realisation Concept.<br/>Matching Concept.</p>Solution :Conservatism Convention.</body></html> | |
| 508. |
Using the data given in Illustration 1, calculate cash flows from operating activities using indirect method. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_002_S01.png" width="80%"/> <br/>You will notice that the amount of cash <a href="https://interviewquestions.tuteehub.com/tag/flows-993448" style="font-weight:bold;" target="_blank" title="Click to know more about FLOWS">FLOWS</a> from operating <a href="https://interviewquestions.tuteehub.com/tag/activities-848359" style="font-weight:bold;" target="_blank" title="Click to know more about ACTIVITIES">ACTIVITIES</a> are the same whether <br/> we <a href="https://interviewquestions.tuteehub.com/tag/use-1441041" style="font-weight:bold;" target="_blank" title="Click to know more about USE">USE</a> direct method or indirect method for its <a href="https://interviewquestions.tuteehub.com/tag/calculation-907729" style="font-weight:bold;" target="_blank" title="Click to know more about CALCULATION">CALCULATION</a>.<br/> Working Notes : <br/> The net profit before taxation and extraordinary items has been <a href="https://interviewquestions.tuteehub.com/tag/worked-7256840" style="font-weight:bold;" target="_blank" title="Click to know more about WORKED">WORKED</a> out as under:<br/>Net Profit = Rs 32,000 <br/>+ Income Tax = Rs 10,000<br/> = Net Profit before Tax and Extraordinary Items = Rs 42,000</body></html> | |
| 509. |
Usually, capital reserves are notavailable fordistribution as eachdividends. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 510. |
Use accounting equation to show the effect of the following transactions of M/s Royal Traders: M/s Royal Traders: (a) Started business with cash 1,20,000 (b) Purchased goods for cash 10,000 (c) Rent receive 5,000 (d) Salary outstanding 2,000 (e) Prepaid Insurance 1,000 (f) Received interest 700 (g) Sold goods for cash (Costing5,0007,000 (h) Goods destroyed by fire 500 |
| 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/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> = <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> 1,21,200 + Goods4,500 + <a href="https://interviewquestions.tuteehub.com/tag/prepaid-2227976" style="font-weight:bold;" target="_blank" title="Click to know more about PREPAID">PREPAID</a> insurance 1,000, Liabilities = Outstanding salary 2,000 + Capital 1,25,200</body></html> | |
| 511. |
Unearned Incomes is credited to Profit and Loss Account. Do you agree with the statement ? |
| Answer» <html><body><p></p>Solution :No, because Unearned income means amount that has been <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> against which <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> will be <a href="https://interviewquestions.tuteehub.com/tag/sold-631881" style="font-weight:bold;" target="_blank" title="Click to know more about SOLD">SOLD</a> or <a href="https://interviewquestions.tuteehub.com/tag/services-1202745" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICES">SERVICES</a> will be rendered in the <a href="https://interviewquestions.tuteehub.com/tag/next-578185" style="font-weight:bold;" target="_blank" title="Click to know more about NEXT">NEXT</a> year.</body></html> | |
| 512. |
Unfavourable bank balance means: |
| Answer» <html><body><p> Credit balance in passbook <br/> Credit balance in <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> book <br/><a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> balance in cash book (d<br/> <a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these <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</body></html> | |
| 513. |
Unfavourable bank balance means |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> balance in the Cash Book<br/>Credit balance in the <a href="https://interviewquestions.tuteehub.com/tag/pass-1148402" style="font-weight:bold;" target="_blank" title="Click to know more about PASS">PASS</a> Book<br/>Debit balance in the Cash Book <br/><a href="https://interviewquestions.tuteehub.com/tag/favourable-456527" style="font-weight:bold;" target="_blank" title="Click to know more about FAVOURABLE">FAVOURABLE</a> balance in the Cash Book.</p>Answer :A</body></html> | |
| 514. |
Unearned income means |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> received in <a href="https://interviewquestions.tuteehub.com/tag/advance-850602" style="font-weight:bold;" target="_blank" title="Click to know more about ADVANCE">ADVANCE</a><br/>Income <a href="https://interviewquestions.tuteehub.com/tag/earned-7273289" style="font-weight:bold;" target="_blank" title="Click to know more about EARNED">EARNED</a> but not received. <br/>Income of the firm in the <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a> of receipt<br/>None of the above.</p>Solution :Income received in advance</body></html> | |
| 515. |
Unearned income means income received in ________ |
| 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/advance-850602" style="font-weight:bold;" target="_blank" title="Click to know more about ADVANCE">ADVANCE</a></body></html> | |
| 516. |
Unearned Income is |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> to be received <br/>Income received in <a href="https://interviewquestions.tuteehub.com/tag/advance-850602" style="font-weight:bold;" target="_blank" title="Click to know more about ADVANCE">ADVANCE</a> <br/>Can be both (a) and (b) <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> 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> :Income received in advance</body></html> | |
| 517. |
Undervaluation of Closing Stock will |
| Answer» <html><body><p>Understate <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> of Goodsmanufactured <br/>Overstate Current Assest. <br/>Overstate <a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> Profit. <br/>Understate <a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> Income. </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> :Understate Net Income.</body></html> | |
| 518. |
Undercasting of Sales Book is corrected by ______ Sales Account. |
| 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/crediting-7670529" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITING">CREDITING</a></body></html> | |
| 519. |
Under which principle, resignation by a Marketing Manager is not recorded in books of 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> :<a href="https://interviewquestions.tuteehub.com/tag/money-25502" style="font-weight:bold;" target="_blank" title="Click to know more about MONEY">MONEY</a> <a href="https://interviewquestions.tuteehub.com/tag/measurement-19276" style="font-weight:bold;" target="_blank" title="Click to know more about MEASUREMENT">MEASUREMENT</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a>.</body></html> | |
| 520. |
Under which principle the calibre or quality of the management is not disclosed in the balance sheet? |
| 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/money-25502" style="font-weight:bold;" target="_blank" title="Click to know more about MONEY">MONEY</a> <a href="https://interviewquestions.tuteehub.com/tag/measurement-19276" style="font-weight:bold;" target="_blank" title="Click to know more about MEASUREMENT">MEASUREMENT</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a>.</body></html> | |
| 521. |
Under which method of depreciation asset is depreciated more in the initial years as compared to the later years of its life? |
| 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/written-732709" style="font-weight:bold;" target="_blank" title="Click to know more about WRITTEN">WRITTEN</a> Down <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> <a href="https://interviewquestions.tuteehub.com/tag/method-559432" style="font-weight:bold;" target="_blank" title="Click to know more about METHOD">METHOD</a>.</body></html> | |
| 522. |
Under which concept if advance is received against sale of goods , the advance received is recorded as Advance Against Sale ' and not Sales? |
| 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/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> <a href="https://interviewquestions.tuteehub.com/tag/recognition-1180173" style="font-weight:bold;" target="_blank" title="Click to know more about RECOGNITION">RECOGNITION</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a>.</body></html> | |
| 523. |
Under which circumstances drawer and payee is same person. ? |
| Answer» <html><body><p>When <a href="https://interviewquestions.tuteehub.com/tag/drawer-959479" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWER">DRAWER</a> discounted the <a href="https://interviewquestions.tuteehub.com/tag/bill-398201" style="font-weight:bold;" target="_blank" title="Click to know more about BILL">BILL</a> with banker<br/>When drawer endorses the bill to the <a href="https://interviewquestions.tuteehub.com/tag/third-1414358" style="font-weight:bold;" target="_blank" title="Click to know more about THIRD">THIRD</a> pary <br/>When drawer holds the bill <a href="https://interviewquestions.tuteehub.com/tag/till-709848" style="font-weight:bold;" target="_blank" title="Click to know more about TILL">TILL</a> maturity<br/>When drawer <a href="https://interviewquestions.tuteehub.com/tag/rejects-1183015" style="font-weight:bold;" target="_blank" title="Click to know more about REJECTS">REJECTS</a> to acceps the bill. </p>Solution :When drawer holds the bill till maturity</body></html> | |
| 524. |
Under which accounting principle, quality of manpower is not recorded in the books of account? |
| 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/money-25502" style="font-weight:bold;" target="_blank" title="Click to know more about MONEY">MONEY</a> <a href="https://interviewquestions.tuteehub.com/tag/measurement-19276" style="font-weight:bold;" target="_blank" title="Click to know more about MEASUREMENT">MEASUREMENT</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> | |
| 525. |
Under which accounting concept asset is recorded at cost , even if the market price is more or less ? |
| 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/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a>.</body></html> | |
| 526. |
Under which accounting concept is Provision for Doubtful Debts made ? |
| 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> :Under the <a href="https://interviewquestions.tuteehub.com/tag/prudence-1171261" style="font-weight:bold;" target="_blank" title="Click to know more about PRUDENCE">PRUDENCE</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a>.</body></html> | |
| 527. |
Under the Diminishing Balance Method, depreciation is calculated on the original cost of the asset. |
| 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> | |
| 528. |
Under the 'liquidity approach' assets which are most liquid are presented at the bottom of the Balance Sheet. Comment |
| 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> :Under the 'liquidity approach' <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> which are more <a href="https://interviewquestions.tuteehub.com/tag/liquid-1075124" style="font-weight:bold;" target="_blank" title="Click to know more about LIQUID">LIQUID</a> are presented <a href="https://interviewquestions.tuteehub.com/tag/first-461760" style="font-weight:bold;" target="_blank" title="Click to know more about FIRST">FIRST</a>.</body></html> | |
| 529. |
Under the Cash Basis of Accounting, expenses are recorded |
| Answer» <html><body><p>on <a href="https://interviewquestions.tuteehub.com/tag/payment-1149239" style="font-weight:bold;" target="_blank" title="Click to know more about PAYMENT">PAYMENT</a>.<br/>on being incurred.<br/>either (a) or (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>) .<br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these.</p>Solution :on payment.</body></html> | |
| 530. |
Under the Accrual Basis of Accounting, expenses are recorded |
| Answer» <html><body><p>on payment.<br/>on being <a href="https://interviewquestions.tuteehub.com/tag/incurred-2733406" style="font-weight:bold;" target="_blank" title="Click to know more about INCURRED">INCURRED</a>.<br/>either (a) or (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>) .<br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these.</p>Solution :on being incurred.</body></html> | |
| 531. |
Under Double Entry System, one aspect of each transcation is recorded |
| 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> | |
| 532. |
Under Straight Line Method, the depreciation charge is constant every year. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 533. |
Under Cash Basis of Accounting, expenses are recorded |
| Answer» <html><body><p>on <a href="https://interviewquestions.tuteehub.com/tag/payment-1149239" style="font-weight:bold;" target="_blank" title="Click to know more about PAYMENT">PAYMENT</a><br/>on being incurred<br/>Both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>)<br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>Solution :on payment</body></html> | |
| 534. |
Under cash basis of accounting, entries in the books of accounts are passed when cash is received or paid. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 535. |
Under Accrual Basis of Accounting, expenses are recorded |
| Answer» <html><body><p>on payment<br/>on being <a href="https://interviewquestions.tuteehub.com/tag/incurred-2733406" style="font-weight:bold;" target="_blank" title="Click to know more about INCURRED">INCURRED</a><br/>Both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>)<br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> 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> :on being incurred</body></html> | |
| 536. |
Under Accrual Basis of Accounting |
| Answer» <html><body><p>both <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/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a> 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> .<br/>only credit transactions are recorded.<br/>None of the above.<br/></p>Solution :both Cash and Credit transactions are recorded .</body></html> | |
| 537. |
Two primary qualitative characteristics of financial statements are : Understandability and Materiality. |
| 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> | |
| 538. |
Two primary qualitative characteristics of financial statements are : |
| Answer» <html><body><p> <a href="https://interviewquestions.tuteehub.com/tag/understandability-2316965" style="font-weight:bold;" target="_blank" title="Click to know more about UNDERSTANDABILITY">UNDERSTANDABILITY</a> and Materiality.<br/><a href="https://interviewquestions.tuteehub.com/tag/relevance-25517" style="font-weight:bold;" target="_blank" title="Click to know more about RELEVANCE">RELEVANCE</a> and <a href="https://interviewquestions.tuteehub.com/tag/reliability-1183890" style="font-weight:bold;" target="_blank" title="Click to know more about RELIABILITY">RELIABILITY</a> <br/>Relevance and Materiality<br/>All of these</p>Solution :Relevance and reliability</body></html> | |
| 539. |
Trial Balance shows |
| Answer» <html><body><p>only credit <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a>. <br/>only <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> balance. <br/>both debit and credit balances. <br/><a href="https://interviewquestions.tuteehub.com/tag/either-7265046" style="font-weight:bold;" target="_blank" title="Click to know more about EITHER">EITHER</a> debit or credit balance. </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> :both debit and credit balances.</body></html> | |
| 540. |
Trial Balance of Mr. Joe shows the following balances as on 31 March, 2019 Value of Closing Stock on 31st March, 2019 was Rs 50,000 |
| Answer» <html><body><p><br/></p>Answer :1: Opening Stock; 2: Rs 30,000 3: Closing Stock; 4; Rs 50,000; 5: Rs 2,37,000; 6: Rs 5,50,000; 7: Rs 5,50,000; 8: Rs 2,37,000; 9: Allowed; 10: Rs 4,000; 11: Received ; <a href="https://interviewquestions.tuteehub.com/tag/12-269062" style="font-weight:bold;" target="_blank" title="Click to know more about 12">12</a>: Rs 5,000; 13: Rs 78,000; 14: Rs 2,42,000; <a href="https://interviewquestions.tuteehub.com/tag/15-274069" style="font-weight:bold;" target="_blank" title="Click to know more about 15">15</a>: Rs 2,42,000; 16: <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a>; 17: Rs 40,000; 18: Rs 5,000; 19: Debtors; 20: Rs 90,000; 21: Add: Net Profit; 22: Rs 78,000; 23: Rs 2,28,000; <a href="https://interviewquestions.tuteehub.com/tag/24-295400" style="font-weight:bold;" target="_blank" title="Click to know more about 24">24</a>: Closing Stock; 25: Rs 50,000; 26: Rs 2,68,000; <a href="https://interviewquestions.tuteehub.com/tag/27-298706" style="font-weight:bold;" target="_blank" title="Click to know more about 27">27</a>: Rs 2,68,000</body></html> | |
| 541. |
Trial Balance of Gopal as at 31st March, 2019 was as follows : Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance sheet as at that date following adjustments : (i) Stock on 31st march, 2019 was Rs62,750. (ii) Depreciation on furniture is to be charged @10%. (iii) Sundry Debtors include an amount of Rs2,500 due from a customer who has become insolvent. (iv) The remaining debtors are not considered to be doubtful of recovery. (v) Goods costing Rs7,500 plus IGST@12% were destroyed by fire and insurance company admitted a claim for Rs 8,000 (vi) Received goods from Rahul & Co. of Rs 6,000 plus IGST @12% on 27th March. 2019 but the invoice of purchase was not recorded in the Puchases Book. |
| 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/TSG_ACC_XI_C19_S01_021_S01.png" width="80%"/></body></html> | |
| 542. |
Trial balance of a business as at 31st March, 2019 is given below: Prepare Trading and Profit and Loss Account for the year ened 31st March, 2019 and Balance Sheet as at that date after taking into account the following adjustments: (i) Closing Stock was valued at Rs 7,000. (ii) Outstanding liabilites for wages were Rs 600 and salaries Rs 1,400. (iii) Depreciation is to be provided @ 5% p.a. on fixed assets. (iv) Plant and Machinery includes a machine purchased for Rs 10,000 on 1st October, 2018. (v) Insurance premium paid in advance Rs 200. |
| 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/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html> | |
| 543. |
Trial Balance of Chatter Sen on 31st March, 2019 revealed the following balances: Stock on 31st March, 2019 was valued at Rs 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date |
| Answer» <html><body><p><br/></p>Answer :Gross <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> - Rs 53,525; Net Profit - Rs 41,900; <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> Sheet <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> - Rs 1,76,900</body></html> | |
| 544. |
Trial Balance is prepared to locate |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/errors-15514" style="font-weight:bold;" target="_blank" title="Click to know more about ERRORS">ERRORS</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>. <br/>Errors of omission.<br/>Compensating Errors. <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these.</p>Solution :None of these.</body></html> | |
| 545. |
Trial Balance is prepared on the basis of balances in the Ledger. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 546. |
Trial balance is prepared from the balance taken from |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/day-944776" style="font-weight:bold;" target="_blank" title="Click to know more about DAY">DAY</a> <a href="https://interviewquestions.tuteehub.com/tag/books-900981" style="font-weight:bold;" target="_blank" title="Click to know more about BOOKS">BOOKS</a> <br/>Journal <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/>Ledger <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a>.</p>Solution :Ledger Accounts.</body></html> | |
| 547. |
Trial Balance is prepared for a particular period. |
| 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> | |
| 548. |
Trial Balance is prepared from |
| Answer» <html><body><p>Ledger<br/>Ledger and <a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> Book <br/>Ledger and Cash Book. <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> 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> :Ledger and Cash Book.</body></html> | |
| 549. |
Trial Balance is prepared after preparing the Profit and Loss Account. Comment |
| Answer» <html><body><p></p>Solution :Trial Balance is <a href="https://interviewquestions.tuteehub.com/tag/prepared-1163605" style="font-weight:bold;" target="_blank" title="Click to know more about PREPARED">PREPARED</a> before preparing the <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 Loss Account.</body></html> | |
| 550. |
Trial Balance is not a conclusive proof of correctness of the books of account. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |