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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.
| 551. |
Trial Balance is prepared |
| Answer» <html><body><p>before Journal is <a href="https://interviewquestions.tuteehub.com/tag/written-732709" style="font-weight:bold;" target="_blank" title="Click to know more about WRITTEN">WRITTEN</a> <br/>after Journal is written <br/>after Journal is posted into ledger accounts. <br/>after <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</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> have been prepared. </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> :after Journal is posted into ledger accounts.</body></html> | |
| 552. |
Trial Balance is not a part of the double entry system 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/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> <a href="https://interviewquestions.tuteehub.com/tag/keeping-1063392" style="font-weight:bold;" target="_blank" title="Click to know more about KEEPING">KEEPING</a></body></html> | |
| 553. |
Trial Balance is an account. Do you agree ? |
| 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> :No, it is not an account. It is a <a href="https://interviewquestions.tuteehub.com/tag/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a>, <a href="https://interviewquestions.tuteehub.com/tag/prepared-1163605" style="font-weight:bold;" target="_blank" title="Click to know more about PREPARED">PREPARED</a> with the debit 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/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> of ledger accounts.</body></html> | |
| 554. |
Trial Balance is an account. It it correct? Give reason. |
| 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> :Trail Balance is not <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a>. It is a <a href="https://interviewquestions.tuteehub.com/tag/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a> which shows the names and <a href="https://interviewquestions.tuteehub.com/tag/balances-891822" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCES">BALANCES</a> of all the accounts in the Ledger and Cash Book of an enterprise at any given <a href="https://interviewquestions.tuteehub.com/tag/date-11316" style="font-weight:bold;" target="_blank" title="Click to know more about DATE">DATE</a>.</body></html> | |
| 555. |
"Trial Balance is only a prima facie evidence of the arithmetical accuracy of records". Do you agree with this statement? Give reason. |
| Answer» <html><body><p></p>Solution :A <a href="https://interviewquestions.tuteehub.com/tag/trial-1427200" style="font-weight:bold;" target="_blank" title="Click to know more about TRIAL">TRIAL</a> Balance essentially proves the <a href="https://interviewquestions.tuteehub.com/tag/arithmetical-884194" style="font-weight:bold;" target="_blank" title="Click to know more about ARITHMETICAL">ARITHMETICAL</a> correctness of the <a href="https://interviewquestions.tuteehub.com/tag/books-900981" style="font-weight:bold;" target="_blank" title="Click to know more about BOOKS">BOOKS</a> of account. It totals of both the sides of a Trial Balance <a href="https://interviewquestions.tuteehub.com/tag/match-556225" style="font-weight:bold;" target="_blank" title="Click to know more about MATCH">MATCH</a> then it is proved that books are at least arithmetically correct.</body></html> | |
| 556. |
Trial Balance is always prepared at the end of each month. |
| 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> | |
| 557. |
Trial Balance is a statement not an 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> | |
| 558. |
Trial Balance is a part of the Ledger. |
| 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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 559. |
Trial Balance is a result of posting into Ledger accounts and its balacing. |
| 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> | |
| 560. |
Trial Balanceis a _________ of debit and credit balances in Ledger at a particular date. |
| 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/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a> .</body></html> | |
| 561. |
Trial Balance is a list of the balance of |
| Answer» <html><body><p>All Accounts.<br/>Only <a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> and <a href="https://interviewquestions.tuteehub.com/tag/real-1178490" style="font-weight:bold;" target="_blank" title="Click to know more about REAL">REAL</a> Accounts.<br/>Only Real and <a href="https://interviewquestions.tuteehub.com/tag/nominal-571419" style="font-weight:bold;" target="_blank" title="Click to know more about NOMINAL">NOMINAL</a> Accounts.<br/>Only personal Accounts.</p>Answer :A</body></html> | |
| 562. |
Trial Balance has an item 'Salaries and Wages'. To which account will you transfer it? |
| 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> :Salaries and <a href="https://interviewquestions.tuteehub.com/tag/wages-1448569" style="font-weight:bold;" target="_blank" title="Click to know more about WAGES">WAGES</a> will be <a href="https://interviewquestions.tuteehub.com/tag/transferred-2310410" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSFERRED">TRANSFERRED</a> to <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> | |
| 563. |
Trial balance is: |
| Answer» <html><body><p>An accoun<br/>A <a href="https://interviewquestions.tuteehub.com/tag/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a>.<br/> A <a href="https://interviewquestions.tuteehub.com/tag/subsidiary-654572" style="font-weight:bold;" target="_blank" title="Click to know more about SUBSIDIARY">SUBSIDIARY</a> book. <br/>A <a href="https://interviewquestions.tuteehub.com/tag/principal-1166121" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPAL">PRINCIPAL</a> book. <br/></p>Solution : (b)</body></html> | |
| 564. |
Transactions of M/s Vipin Traders are given below. Show the effects on Assets, Liabilities and Capital with the help of accounting Equation. (a) Business started with cash1,25,000 (b) Purchased goods for cash 50,000 (c) Purchase furniture from R.K. Furniture 10,000 (d) Sold goods to Parul Traders (Costing 7,000 vide 9,000 bill no. 5674) (e) Paid cartage 100 (f) Cash Paid to R.K. furniture in full settlement 9,700 (g) Cash sales (costing10,000) 12,000 (h) Rent received4,000 (i) Cash withdrew for personal use 3,000 |
| Answer» <html><body><p></p>Solution :Asset = cash 78,200 + <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> 33,000 + Furniture 10,000 Debtors9,000 = 1,30,200, Liabilities = <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> 1,30,200</body></html> | |
| 565. |
Trial Balance facilitates the preparation of Final Accounts. It it correct? Give reason. |
| 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> :Yes. 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> facilitates the <a href="https://interviewquestions.tuteehub.com/tag/preparation-1163590" style="font-weight:bold;" target="_blank" title="Click to know more about PREPARATION">PREPARATION</a> of Final Accounts by making <a href="https://interviewquestions.tuteehub.com/tag/available-888895" style="font-weight:bold;" target="_blank" title="Click to know more about AVAILABLE">AVAILABLE</a> the <a href="https://interviewquestions.tuteehub.com/tag/balances-891822" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCES">BALANCES</a> of all the accounts at one place.</body></html> | |
| 566. |
Transfer vouchers are prepared to record |
| 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/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a>. <br/>non-cash transactions. <br/>(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 :non-cash transactions.</body></html> | |
| 567. |
Trial Balance can be prepared |
| Answer» <html><body><p>at any time of 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>. <br/>at the <a href="https://interviewquestions.tuteehub.com/tag/end-971042" style="font-weight:bold;" target="_blank" title="Click to know more about END">END</a> of the year<br/>in the beginning of the year<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> :at any time of the year.</body></html> | |
| 568. |
Trial Balance cannot be prepared from Accounts from Incomplete Records because |
| Answer» <html><body><p>Dual <a href="https://interviewquestions.tuteehub.com/tag/aspect-885708" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECT">ASPECT</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> is not <a href="https://interviewquestions.tuteehub.com/tag/followed-2079285" style="font-weight:bold;" target="_blank" title="Click to know more about FOLLOWED">FOLLOWED</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/matching-11928" style="font-weight:bold;" target="_blank" title="Click to know more about MATCHING">MATCHING</a> Principle is not followed<br/>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>Solution :Dual Aspect Principle is not followed.</body></html> | |
| 569. |
Transactions between owner and business are recorded due to ______ Concept. |
| 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/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> <a href="https://interviewquestions.tuteehub.com/tag/entity-972730" style="font-weight:bold;" target="_blank" title="Click to know more about ENTITY">ENTITY</a></body></html> | |
| 570. |
Transaction between the firm and proprietor is accounted in the books of account because of Business Entity Principle . |
| 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> | |
| 571. |
Transaction not posted in the ledger from two column Cash Book is |
| Answer» <html><body><p>withdrawalfrom bank for office use <br/><a href="https://interviewquestions.tuteehub.com/tag/withdrawl-744284" style="font-weight:bold;" target="_blank" title="Click to know more about WITHDRAWL">WITHDRAWL</a> from bank for <a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> use <br/><a href="https://interviewquestions.tuteehub.com/tag/cheque-915097" style="font-weight:bold;" target="_blank" title="Click to know more about CHEQUE">CHEQUE</a> issued for purchased of asset<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> :withdrawalfrom bank for office use</body></html> | |
| 572. |
Transactions are posted into ledger account from Journal Book. |
| 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> | |
| 573. |
Transaction posted in the ledger from two column Cash Book is |
| 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> deposited into <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a><br/>Cash <a href="https://interviewquestions.tuteehub.com/tag/withdrawn-3281170" style="font-weight:bold;" target="_blank" title="Click to know more about WITHDRAWN">WITHDRAWN</a> from Bank.<br/>Cash withdraw from bank for personal use <br/>None of these </p>Solution :Cash withdraw from bank for personal use</body></html> | |
| 574. |
Transactions are posted into Ledger Account from |
| Answer» <html><body><p>Vouchers.<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> <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a>.<br/>Bank Statement.<br/>None of these.</p>Solution :Journal book.</body></html> | |
| 575. |
Trail Balace shows |
| Answer» <html><body><p>both <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</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/balances-891822" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCES">BALANCES</a><br/>only debit balance<br/>only credit balance<br/>None of these</p>Solution :both debit and credit balances</body></html> | |
| 576. |
Trail balance is prepared |
| Answer» <html><body><p> After preparation financial statement. <br/>After recording transactions in subsidiary books<br/>After posting to <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a> is complete. <br/>After posting to ledger is complete and <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a> have been <a href="https://interviewquestions.tuteehub.com/tag/balanced-389334" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCED">BALANCED</a>,<br/></p>Solution :(d)</body></html> | |
| 577. |
Trading Account is prepared to know |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</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> <br/><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. <br/>Both (a) and (b)<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> :Gross Profit</body></html> | |
| 578. |
Trade discount received on purchases is recorded in the books of account as follows |
| Answer» <html><body><p>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> is credited to Discount Received Account. <br/>Trade Discount is <a href="https://interviewquestions.tuteehub.com/tag/deducted-7288075" style="font-weight:bold;" target="_blank" title="Click to know more about DEDUCTED">DEDUCTED</a> from the Invoice Price and recorded at <a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> value<br/>None of the above<br/>Any of (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>)</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> :Trade Discount is deducted from the Invoice Price and recorded at net value</body></html> | |
| 579. |
Trade Discount received on purchases is recorded in the books of account as follows: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/trade-711631" style="font-weight:bold;" target="_blank" title="Click to know more about TRADE">TRADE</a> <a href="https://interviewquestions.tuteehub.com/tag/discount-955451" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOUNT">DISCOUNT</a> is <a href="https://interviewquestions.tuteehub.com/tag/credited-7316860" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITED">CREDITED</a> to Discount Received Account.<br/>Trade Discount is <a href="https://interviewquestions.tuteehub.com/tag/deducted-7288075" style="font-weight:bold;" target="_blank" title="Click to know more about DEDUCTED">DEDUCTED</a> from the Invoice Price and recorded at net value.<br/>None of the above.<br/>Any of (a) and (b).</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> :Trade Discount is deducted from the Invoice Price and recorded at net value.</body></html> | |
| 580. |
Trade Discount is recorded in the books. |
| 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> | |
| 581. |
Trade discount is ________ in the books. |
| 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> :not <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a></body></html> | |
| 582. |
Trade discount allowed is deducted from the gross sales. Sales is recorded in the books of account at |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> and <a href="https://interviewquestions.tuteehub.com/tag/trade-711631" style="font-weight:bold;" target="_blank" title="Click to know more about TRADE">TRADE</a> Discount separately<br/><a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> Sales Invoice<br/>None of the above<br/>Any of (a) and (b)</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> :Net Sales Invoice</body></html> | |
| 583. |
Trade Discount allowed is deducted from the gross sales. Sales is recorded in the books of account at: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> Salesand 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> separately.<br/>Net <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> <a href="https://interviewquestions.tuteehub.com/tag/invoice-1051017" style="font-weight:bold;" target="_blank" title="Click to know more about INVOICE">INVOICE</a>.<br/>None of the above.<br/>Any of (a) and (b).</p>Solution :Net Sales Invoice.</body></html> | |
| 584. |
Trade Discount allowed |
| Answer» <html><body><p>is shown separately in the books of account<br/>is not shown separately in the books of account<br/>can be shown <a href="https://interviewquestions.tuteehub.com/tag/either-7265046" style="font-weight:bold;" target="_blank" title="Click to know more about EITHER">EITHER</a> separately or <a href="https://interviewquestions.tuteehub.com/tag/deducted-7288075" style="font-weight:bold;" target="_blank" title="Click to know more about DEDUCTED">DEDUCTED</a> from purchase cost<br/>None of the above</p>Solution :is not shown separately in the books of account</body></html> | |
| 585. |
Trade Discount is : |
| Answer» <html><body><p>Which is allowed at the <a href="https://interviewquestions.tuteehub.com/tag/time-19467" style="font-weight:bold;" target="_blank" title="Click to know more about TIME">TIME</a> of <a href="https://interviewquestions.tuteehub.com/tag/receiving-1179341" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVING">RECEIVING</a> the payment <br/>Which is allowed at thetime of <a href="https://interviewquestions.tuteehub.com/tag/sale-1193496" style="font-weight:bold;" target="_blank" title="Click to know more about SALE">SALE</a> of goods<br/>Which is allowed both at the time of receiving paymentand sale of goods <br/>Allowed in all of the above</p>Answer :B</body></html> | |
| 586. |
Total Sales=___________+___________ |
| 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/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a>, <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> sales.</body></html> | |
| 587. |
Total of the Sales Book is posted to the credit side of the Sales Account in the General Ledger while individual account of customers is debited by the amount of their respective purchases.Is the above statement correct ? Give reasons. |
| 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> :Yes. Sale is arevenue account and , therefore, following the <a href="https://interviewquestions.tuteehub.com/tag/rule-1192038" style="font-weight:bold;" target="_blank" title="Click to know more about RULE">RULE</a> 'Increase in revenue is <a href="https://interviewquestions.tuteehub.com/tag/credited-7316860" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITED">CREDITED</a> and decrease debited' <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> Account is credited. Since, the Sales Book contains records of credit sales, the Purchaser's Account (being debtors) is debited following the rule applicable to <a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> Accounts, i.e., 'Increase in assets is debited and debited and decrease credited'.</body></html> | |
| 588. |
Total of the purchase invoices recorded in the Purchases Book in posted to debit side of the Purchases Account in the Ledger and creditedto the accounts of suppliers. Do you agree? Give reasons. |
| Answer» <html><body><p></p>Solution :Yes. Purchase is an Expense Account <a href="https://interviewquestions.tuteehub.com/tag/therefore-706901" style="font-weight:bold;" target="_blank" title="Click to know more about THEREFORE">THEREFORE</a>, following the <a href="https://interviewquestions.tuteehub.com/tag/rule-1192038" style="font-weight:bold;" target="_blank" title="Click to know more about RULE">RULE</a> ' Increase in expenses is debited and <a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a> credited.' <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> Account is debited . Since, the Purchases Book contains records of <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> purchases, the Supplier's Account is credited following the rule applicable to LiabilityAccounts, i.e., ' Increase in liabilitiesis credited anddecrease debited.'</body></html> | |
| 589. |
Total of the Sales Bookis posted to |
| 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> of the Sales <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/>credit of the Purchases Account. <br/>credit of the <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> Account <br/>credit of Customer's <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 :credit of the Sales Account.</body></html> | |
| 590. |
Total of the debit side of cash book is ………..than thecredit side. |
| 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> :more</body></html> | |
| 591. |
Total of Sales Return Column in the Sales Return Book is posted to : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> A/<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a> - Debit<br/>Sales A/c - Credit<br/>Sales <a href="https://interviewquestions.tuteehub.com/tag/return-1187910" style="font-weight:bold;" target="_blank" title="Click to know more about RETURN">RETURN</a> A/c - Debit<br/>Sales Return A/c - Credit</p>Answer :C</body></html> | |
| 592. |
Total of Purchase Book is posted to the _______ ofPurchase 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/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a></body></html> | |
| 593. |
Total of Purchase Return Column in the Purchases Return Book is posted to : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> <a href="https://interviewquestions.tuteehub.com/tag/return-1187910" style="font-weight:bold;" target="_blank" title="Click to know more about RETURN">RETURN</a> A/c - Debit<br/>Purchase Return A/c - Credit<br/>Purchases A/c -Debit<br/>Purchases A/c - Credit</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 594. |
Total of Sales Book is posted to the _________ of 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/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a></body></html> | |
| 595. |
Total of debit side and credit side of trial balance matches because of ________ principle. |
| 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/dual-749" style="font-weight:bold;" target="_blank" title="Click to know more about DUAL">DUAL</a> <a href="https://interviewquestions.tuteehub.com/tag/aspect-885708" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECT">ASPECT</a></body></html> | |
| 596. |
Total Debtors Account show _________ + ________ |
| Answer» <html><body><p><br/></p>Solution :Credit sales, <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> / <a href="https://interviewquestions.tuteehub.com/tag/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</a> <a href="https://interviewquestions.tuteehub.com/tag/balances-891822" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCES">BALANCES</a> of <a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a>.</body></html> | |
| 597. |
To which side of the Length Account are the transaction on the receipts side of the Cash Book posted? |
| 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> :They ar posted on the <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> side of the <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a> Account</body></html> | |
| 598. |
To which side of the Ledger Account are the transactions on the payments side of the Cash Book posted? |
| 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> :They are <a href="https://interviewquestions.tuteehub.com/tag/posted-2944562" style="font-weight:bold;" target="_blank" title="Click to know more about POSTED">POSTED</a> on the <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> of the <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a> <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> | |
| 599. |
To record an increase in a Liability Account , it must be credited . Why ? |
| 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> :Increase , in <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a> <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</a> the firm has <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> the benefit for which payment is yet to be made , thus , liability is credited .</body></html> | |
| 600. |
To record a purchase of an asset , why Asset Account is debited ? |
| 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/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> of an asset means <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> inasset and an increase in asset is <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a> .</body></html> | |