2427 + Interview Questions in Accounts in Class 11 Page 12 InterviewSolution

551.	Trial Balance is prepared
Answer» before Journal is WRITTEN after Journal is written after Journal is posted into ledger accounts. after FINANCIAL STATEMENTS have been prepared. SOLUTION :after Journal is posted into ledger accounts.

Discussion

552.	Trial Balance is not a part of the double entry system of _______
Answer» SOLUTION :BOOK KEEPING

Discussion

553.	Trial Balance is an account. Do you agree ?
Answer» SOLUTION :No, it is not an account. It is a STATEMENT, PREPARED with the debit and CREDIT BALANCE of ledger accounts.

Discussion

554.	Trial Balance is an account. It it correct? Give reason.
Answer» SOLUTION :Trail Balance is not ACCOUNT. It is a STATEMENT which shows the names and BALANCES of all the accounts in the Ledger and Cash Book of an enterprise at any given DATE.

Discussion

555.	"Trial Balance is only a prima facie evidence of the arithmetical accuracy of records". Do you agree with this statement? Give reason.
Answer» Solution :A TRIAL Balance essentially proves the ARITHMETICAL correctness of the BOOKS of account. It totals of both the sides of a Trial Balance MATCH then it is proved that books are at least arithmetically correct.

Discussion

556.	Trial Balance is always prepared at the end of each month.
Answer» SOLUTION : FALSE

Discussion

557.	Trial Balance is a statement not an account.
Answer» SOLUTION : TRUE

Discussion

558.	Trial Balance is a part of the Ledger.
Answer» ANSWER : FALSE

Discussion

559.	Trial Balance is a result of posting into Ledger accounts and its balacing.
Answer» SOLUTION : TRUE

Discussion

560.	Trial Balanceis a _________ of debit and credit balances in Ledger at a particular date.
Answer» SOLUTION :STATEMENT .

Discussion

561.	Trial Balance is a list of the balance of
Answer» All Accounts. Only PERSONAL and REAL Accounts. Only Real and NOMINAL Accounts. Only personal Accounts. Answer :A

Discussion

562.	Trial Balance has an item 'Salaries and Wages'. To which account will you transfer it?
Answer» SOLUTION :Salaries and WAGES will be TRANSFERRED to PROFIT and Loss Account

Discussion

563.	Trial balance is:
Answer» An accoun A STATEMENT. A SUBSIDIARY book. A PRINCIPAL book. Solution : (b)

Discussion

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» Solution :Asset = cash 78,200 + GOODS 33,000 + Furniture 10,000 Debtors9,000 = 1,30,200, Liabilities = CAPITAL 1,30,200

Discussion

565.	Trial Balance facilitates the preparation of Final Accounts. It it correct? Give reason.
Answer» SOLUTION :Yes. Trial BALANCE facilitates the PREPARATION of Final Accounts by making AVAILABLE the BALANCES of all the accounts at one place.

Discussion

566.	Transfer vouchers are prepared to record
Answer» CASH TRANSACTIONS. non-cash transactions. (a) and (B). NONE of these. Solution :non-cash transactions.

Discussion

567.	Trial Balance can be prepared
Answer» at any time of the YEAR. at the END of the year in the beginning of the year None of these . SOLUTION :at any time of the year.

Discussion

568.	Trial Balance cannot be prepared from Accounts from Incomplete Records because
Answer» Dual ASPECT PRINCIPLE is not FOLLOWED. MATCHING Principle is not followed Both (a) and (b) NONE of these. Solution :Dual Aspect Principle is not followed.

Discussion

569.	Transactions between owner and business are recorded due to ______ Concept.
Answer» SOLUTION :BUSINESS ENTITY

Discussion

570.	Transaction between the firm and proprietor is accounted in the books of account because of Business Entity Principle .
Answer» SOLUTION : TRUE

Discussion

571.	Transaction not posted in the ledger from two column Cash Book is
Answer» withdrawalfrom bank for office use WITHDRAWL from bank for PERSONAL use CHEQUE issued for purchased of asset None of these SOLUTION :withdrawalfrom bank for office use

Discussion

572.	Transactions are posted into ledger account from Journal Book.
Answer» SOLUTION :TRUE

Discussion

573.	Transaction posted in the ledger from two column Cash Book is
Answer» CASH deposited into BANK Cash WITHDRAWN from Bank. Cash withdraw from bank for personal use None of these Solution :Cash withdraw from bank for personal use

Discussion

574.	Transactions are posted into Ledger Account from
Answer» Vouchers. JOURNAL BOOK. Bank Statement. None of these. Solution :Journal book.

Discussion

575.	Trail Balace shows
Answer» both DEBIT and CREDIT BALANCES only debit balance only credit balance None of these Solution :both debit and credit balances

Discussion

576.	Trail balance is prepared
Answer» After preparation financial statement. After recording transactions in subsidiary books After posting to LEDGER is complete. After posting to ledger is complete and ACCOUNTS have been BALANCED, Solution :(d)

Discussion

577.	Trading Account is prepared to know
Answer» GROSS PROFIT NET Profit. Both (a) and (b) None of these. SOLUTION :Gross Profit

Discussion

578.	Trade discount received on purchases is recorded in the books of account as follows
Answer» Trade DISCOUNT is credited to Discount Received Account. Trade Discount is DEDUCTED from the Invoice Price and recorded at NET value None of the above Any of (a) and (B) SOLUTION :Trade Discount is deducted from the Invoice Price and recorded at net value

Discussion

579.	Trade Discount received on purchases is recorded in the books of account as follows:
Answer» TRADE DISCOUNT is CREDITED to Discount Received Account. Trade Discount is DEDUCTED from the Invoice Price and recorded at net value. None of the above. Any of (a) and (b). SOLUTION :Trade Discount is deducted from the Invoice Price and recorded at net value.

Discussion

580.	Trade Discount is recorded in the books.
Answer» SOLUTION : FALSE

Discussion

581.	Trade discount is ________ in the books.
Answer» SOLUTION :not RECORDED

Discussion

582.	Trade discount allowed is deducted from the gross sales. Sales is recorded in the books of account at
Answer» GROSS SALES and TRADE Discount separately NET Sales Invoice None of the above Any of (a) and (b) SOLUTION :Net Sales Invoice

Discussion

583.	Trade Discount allowed is deducted from the gross sales. Sales is recorded in the books of account at:
Answer» GROSS Salesand Trade DISCOUNT separately. Net SALES INVOICE. None of the above. Any of (a) and (b). Solution :Net Sales Invoice.

Discussion

584.	Trade Discount allowed
Answer» is shown separately in the books of account is not shown separately in the books of account can be shown EITHER separately or DEDUCTED from purchase cost None of the above Solution :is not shown separately in the books of account

Discussion

585.	Trade Discount is :
Answer» Which is allowed at the TIME of RECEIVING the payment Which is allowed at thetime of SALE of goods Which is allowed both at the time of receiving paymentand sale of goods Allowed in all of the above Answer :B

Discussion

586.	Total Sales=___________+___________
Answer» SOLUTION :CASH SALES, CREDIT sales.

Discussion

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» SOLUTION :Yes. Sale is arevenue account and , therefore, following the RULE 'Increase in revenue is CREDITED and decrease debited' SALES 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 ASSET Accounts, i.e., 'Increase in assets is debited and debited and decrease credited'.

Discussion

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» Solution :Yes. Purchase is an Expense Account THEREFORE, following the RULE ' Increase in expenses is debited and DECREASE credited.' PURCHASES Account is debited . Since, the Purchases Book contains records of CREDIT purchases, the Supplier's Account is credited following the rule applicable to LiabilityAccounts, i.e., ' Increase in liabilitiesis credited anddecrease debited.'

Discussion

589.	Total of the Sales Bookis posted to
Answer» CREDIT of the Sales ACCOUNT. credit of the Purchases Account. credit of the CAPITAL Account credit of Customer's ACCOUNTS. Solution :credit of the Sales Account.

Discussion

590.	Total of the debit side of cash book is ………..than thecredit side.
Answer» SOLUTION :more

Discussion

591.	Total of Sales Return Column in the Sales Return Book is posted to :
Answer» SALES A/C - Debit Sales A/c - Credit Sales RETURN A/c - Debit Sales Return A/c - Credit Answer :C

Discussion

592.	Total of Purchase Book is posted to the _______ ofPurchase Account.
Answer» SOLUTION :DEBIT

Discussion

593.	Total of Purchase Return Column in the Purchases Return Book is posted to :
Answer» PURCHASE RETURN A/c - Debit Purchase Return A/c - Credit Purchases A/c -Debit Purchases A/c - Credit Answer :B

Discussion

594.	Total of Sales Book is posted to the _________ of Sales Account.
Answer» SOLUTION :CREDIT

Discussion

595.	Total of debit side and credit side of trial balance matches because of ________ principle.
Answer» SOLUTION :DUAL ASPECT

Discussion

596.	Total Debtors Account show _________ + ________
Answer» Solution :Credit sales, OPENING / CLOSING BALANCES of DEBTORS.

Discussion

597.	To which side of the Length Account are the transaction on the receipts side of the Cash Book posted?
Answer» SOLUTION :They ar posted on the CREDIT side of the LEDGER Account

Discussion

598.	To which side of the Ledger Account are the transactions on the payments side of the Cash Book posted?
Answer» SOLUTION :They are POSTED on the DEBIT of the LEDGER ACCOUNT.

Discussion

599.	To record an increase in a Liability Account , it must be credited . Why ?
Answer» SOLUTION :Increase , in LIABILITY MEANS the firm has RECEIVED the benefit for which payment is yet to be made , thus , liability is credited .

Discussion

600.	To record a purchase of an asset , why Asset Account is debited ?
Answer» SOLUTION :PURCHASE of an asset means INCREASE inasset and an increase in asset is DEBITED .

Discussion

Explore topic-wise InterviewSolutions in .

Trial Balance is prepared

Trial Balance is not a part of the double entry system of _______

Trial Balance is an account. Do you agree ?

Trial Balance is an account. It it correct? Give reason.

"Trial Balance is only a prima facie evidence of the arithmetical accuracy of records". Do you agree with this statement? Give reason.

Trial Balance is always prepared at the end of each month.

Trial Balance is a statement not an account.

Trial Balance is a part of the Ledger.

Trial Balance is a result of posting into Ledger accounts and its balacing.

Trial Balanceis a _________ of debit and credit balances in Ledger at a particular date.

Trial Balance is a list of the balance of

Trial Balance has an item 'Salaries and Wages'. To which account will you transfer it?

Trial balance is:

Trial Balance facilitates the preparation of Final Accounts. It it correct? Give reason.

Transfer vouchers are prepared to record

Trial Balance can be prepared

Trial Balance cannot be prepared from Accounts from Incomplete Records because

Transactions between owner and business are recorded due to ______ Concept.

Transaction between the firm and proprietor is accounted in the books of account because of Business Entity Principle .

Transaction not posted in the ledger from two column Cash Book is

Transactions are posted into ledger account from Journal Book.

Transaction posted in the ledger from two column Cash Book is

Transactions are posted into Ledger Account from

Trail Balace shows

Trail balance is prepared

Trading Account is prepared to know

Trade discount received on purchases is recorded in the books of account as follows

Trade Discount received on purchases is recorded in the books of account as follows:

Trade Discount is recorded in the books.

Trade discount is ________ in the books.

Trade discount allowed is deducted from the gross sales. Sales is recorded in the books of account at

Trade Discount allowed is deducted from the gross sales. Sales is recorded in the books of account at:

Trade Discount allowed

Trade Discount is :

Total Sales=___________+___________

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.

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.

Total of the Sales Bookis posted to

Total of the debit side of cash book is ………..than thecredit side.

Total of Sales Return Column in the Sales Return Book is posted to :

Total of Purchase Book is posted to the _______ ofPurchase Account.

Total of Purchase Return Column in the Purchases Return Book is posted to :

Total of Sales Book is posted to the _________ of Sales Account.

Total of debit side and credit side of trial balance matches because of ________ principle.

Total Debtors Account show _________ + ________

To which side of the Length Account are the transaction on the receipts side of the Cash Book posted?

To which side of the Ledger Account are the transactions on the payments side of the Cash Book posted?

To record an increase in a Liability Account , it must be credited . Why ?

To record a purchase of an asset , why Asset Account is debited ?

Total Sales=_+_

Total Debtors Account show _ +