InterviewSolution
Saved Bookmarks
InterviewSolution
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.
| 601. |
to ascertain the profit, closing capital is to be adjusted by deducting …………… and adding……………. |
| 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/fresh-1000193" style="font-weight:bold;" target="_blank" title="Click to know more about FRESH">FRESH</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/introduced-2121226" style="font-weight:bold;" target="_blank" title="Click to know more about INTRODUCED">INTRODUCED</a>, <a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a></body></html> | |
| 602. |
To change period in Tally we use ………… key. |
| Answer» <html><body><p>F1<br/>F5<br/>F3<br/>F2</p>Answer :D</body></html> | |
| 603. |
Three days are added for ascertaining the date of maturity. These are knowns as days of grace. |
| 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> | |
| 604. |
Three days are added for ascertaining the date of maturity. These are knowns as days 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/grace-475843" style="font-weight:bold;" target="_blank" title="Click to know more about GRACE">GRACE</a></body></html> | |
| 605. |
Three days are added for ascertaining the date of maturity, these are Known as days of…. |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/maturity-1089814" style="font-weight:bold;" target="_blank" title="Click to know more about MATURITY">MATURITY</a> <br/>grace<br/><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/>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> :payment</body></html> | |
| 606. |
Tho position of Manmoji Lal's business as on 1st April, 2018 was as follows, Sundary Creditors Rs. 1,70,000, Freehold Premises Rs. 5,00,000, Stock Rs. 2,50,000, Sundry Debtors Rs. 2,00,000, Furniture Rs. 20,000. An abstract of the Cash Book is given below: Additional Information: Closing Stock Rs. 3,00,000, Closing Debtors Rs. 2,50,000, Closing Creditors Rs. 1,20,000. No additons were made during the year to Premises and Furniture Account, but they to be depreciated @10% and 15% respectively. A Bad Debts Probision of 2(1)/(2)% is to raised. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and the Balance Sheet as on that date. |
| 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_C20_S01_024_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_024_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_024_S03.png" width="80%"/></body></html> | |
| 607. |
This is a non accounting voucher. |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/receipt-1179268" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIPT">RECEIPT</a> Voucher<br/>Memo Voucher<br/>Payment Voucher<br/>Journal Voucher</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 608. |
There isno error in the books. |
| Answer» <html><body><p> There <a href="https://interviewquestions.tuteehub.com/tag/isno-2751364" style="font-weight:bold;" target="_blank" title="Click to know more about ISNO">ISNO</a> <a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a> in 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>. <br/>There may be two <a href="https://interviewquestions.tuteehub.com/tag/sided-7322692" style="font-weight:bold;" target="_blank" title="Click to know more about SIDED">SIDED</a> errors in the book.<br/>There may be one sided error in the books. <br/>There may be both two sided and one sided errors in the books. <br/></p>Solution : (<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> | |
| 609. |
There are_______parties to a bill of exchange. |
| 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/endorser-971346" style="font-weight:bold;" target="_blank" title="Click to know more about ENDORSER">ENDORSER</a></body></html> | |
| 610. |
There is a need for adjustment of prepaid/outstanding expenses in _______ basis of accounting. |
| 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/accrual-847173" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUAL">ACCRUAL</a></body></html> | |
| 611. |
There are ……. Per defined groups in tally : |
| Answer» <html><body><p>15<br/>13<br/>28<br/>2</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 612. |
The…………concept states that if straight line method of depreciation is used in one used in one year, then it should also be usd in the next year. |
| 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/consistency-930013" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENCY">CONSISTENCY</a></body></html> | |
| 613. |
The work 'C' against an entry in the Cash Booksignifies that this entry is not to be …… to 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/posted-2944562" style="font-weight:bold;" target="_blank" title="Click to know more about POSTED">POSTED</a></body></html> | |
| 614. |
The Trial Balance shows the following balances as at 31st March, 2019 Closing Stock was valued at Rs 35,000. Required: Complete the missing values of Trading Account, Profit and Loss Account and Balance Sheet |
| Answer» <html><body><p><br/></p>Answer :1: Opening Stock; <a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>: Rs 40,000; <a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>: Sales Return ; 4: Rs 2,000; 5: Rs 1,25,500; 6: Purchases Return; 7: Rs 1,275; 8 : Rs 58,725; 9 : Closing Stock ; 10: Rs 35,000; 11: Rs 10,000; 12: Inwards; 13: Rs 1,000; 14: Rs 50,775; 15: Rs 1,60,500; 16: Rs 1,60,500; 17: Allowed; 18: Rs <a href="https://interviewquestions.tuteehub.com/tag/350-308849" style="font-weight:bold;" target="_blank" title="Click to know more about 350">350</a>; 19: Rs 50,775; <a href="https://interviewquestions.tuteehub.com/tag/20-287209" style="font-weight:bold;" target="_blank" title="Click to know more about 20">20</a>: Rs 100; 21: Received; 22: Rs 800; 23: Outwards; 24: Rs 1,200; 25: Rs 38,925; 26: Rs 51,575; 27: Rs 51,575; <br/> 28: Creditors ; 29: Rs 25,000; 30: Debtors; 31: Rs 45,000; 32: Closing ; 33: Rs 35,000; 34: Add: <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; 35: Rs 38,925; 36:Rs 1,52,000; 37: Rs 90,000; 38 : Rs 1,77,000; 39 : Rs 1,77,000</body></html> | |
| 615. |
The Trial Balance of Manish gives the following information : It is decided to create aProvision for Doubtful Debts @ 10% on debtors and a Provision for Discount @ 2% on debtors. Show how the adjustment will appear in the Final Accounts. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html> | |
| 616. |
The Trial Balance of a retail trader on 31st March 2019, includes the following selected accounts : The closing stock on 31st March, 2019, is valued at Rs 30,500 Yor are required to complete the missing values |
| 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_C18_E01_001_S01.png" width="80%"/></body></html> | |
| 617. |
The total of Purchase Return Column of Purchases Return book will be posted to the : |
| Answer» <html><body><p><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 <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> A/c<br/>Credit of Purchases A/c<br/>Debit <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> of Purchases <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<br/>Credit side of Purchases Return A/c</p>Answer :D</body></html> | |
| 618. |
Theterm sales is used only for the sales of …………… and is never used for the sale of ……………. |
| Answer» <html><body><p><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/investments-25466" style="font-weight:bold;" target="_blank" title="Click to know more about INVESTMENTS">INVESTMENTS</a> <br/>Assets, <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> <br/>Intengible Assets, Goods <br/>Goods, Assets </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> :D</body></html> | |
| 619. |
The term book keeping and Acounting can be used interchangeably. |
| Answer» <html><body><p><br/></p>Solution :No, The <a href="https://interviewquestions.tuteehub.com/tag/term-1241851" style="font-weight:bold;" target="_blank" title="Click to know more about TERM">TERM</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> and Acounting cannot be <a href="https://interviewquestions.tuteehub.com/tag/used-2318798" style="font-weight:bold;" target="_blank" title="Click to know more about USED">USED</a> interchangeably.</body></html> | |
| 620. |
The statement of Affairs in the beginning reveals _________ |
| 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/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> in the <a href="https://interviewquestions.tuteehub.com/tag/beginning-894536" style="font-weight:bold;" target="_blank" title="Click to know more about BEGINNING">BEGINNING</a></body></html> | |
| 621. |
The receipt side of the Cash Book ( Bank Column ) was overcast by ₹ 5,000. When the balance as per Cash Book is the starting point. |
| Answer» <html><body><p>₹ 5,000 to be <a href="https://interviewquestions.tuteehub.com/tag/added-367625" style="font-weight:bold;" target="_blank" title="Click to know more about ADDED">ADDED</a>. <br/>₹ 5,000 to be <a href="https://interviewquestions.tuteehub.com/tag/subtracted-2258353" style="font-weight:bold;" target="_blank" title="Click to know more about SUBTRACTED">SUBTRACTED</a>. <br/>No adjustment is required. <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 :₹ 5,000 to be subtracted.</body></html> | |
| 622. |
"The role of accounting has changed over the period of time " Explain. |
| Answer» <html><body><p></p>Solution :The role of <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> has now shifted from that of a <a href="https://interviewquestions.tuteehub.com/tag/mere-547587" style="font-weight:bold;" target="_blank" title="Click to know more about MERE">MERE</a> recording of business transactions to that of <a href="https://interviewquestions.tuteehub.com/tag/providing-7277228" style="font-weight:bold;" target="_blank" title="Click to know more about PROVIDING">PROVIDING</a> information to mangagers and other interested persons in order to help them to make appropriate <a href="https://interviewquestions.tuteehub.com/tag/decisions-25560" style="font-weight:bold;" target="_blank" title="Click to know more about DECISIONS">DECISIONS</a>. It is now regarded as an information <a href="https://interviewquestions.tuteehub.com/tag/system-1237255" style="font-weight:bold;" target="_blank" title="Click to know more about SYSTEM">SYSTEM</a>.</body></html> | |
| 623. |
The rebate on a Bill shows that the bill |
| Answer» <html><body><p>has been paid before the <a href="https://interviewquestions.tuteehub.com/tag/date-11316" style="font-weight:bold;" target="_blank" title="Click to know more about DATE">DATE</a> of maturity.<br/>has been paid after the date of maturity<br/>has been <a href="https://interviewquestions.tuteehub.com/tag/dishonoured-7290360" style="font-weight:bold;" target="_blank" title="Click to know more about DISHONOURED">DISHONOURED</a> <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> :has been paid before the date of maturity.</body></html> | |
| 624. |
The Rebate on a Bill shows that |
| Answer» <html><body><p>it has been <a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a> before the date of <a href="https://interviewquestions.tuteehub.com/tag/maturity-1089814" style="font-weight:bold;" target="_blank" title="Click to know more about MATURITY">MATURITY</a> <br/>it has been paid after the date of maturity<br/>it has been dishonoured <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> :it has been paid before the date of maturity</body></html> | |
| 625. |
The promissory note is signed by Drawer. |
| 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> | |
| 626. |
The profit/loss under __________ of accounting will be different from profit/loss under Accrual Basis of Accounting. |
| 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/basis-893664" style="font-weight:bold;" target="_blank" title="Click to know more about BASIS">BASIS</a></body></html> | |
| 627. |
The process of transferring the accounts from the Journal to the ledger is called |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/journalising-2140640" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNALISING">JOURNALISING</a><br/>Posting. <br/><a href="https://interviewquestions.tuteehub.com/tag/balancing-891824" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCING">BALANCING</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/costing-13313" style="font-weight:bold;" target="_blank" title="Click to know more about COSTING">COSTING</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> :Journalising</body></html> | |
| 628. |
The procedure for passing a rectifying entry is as follows:Step 1. Write on the rough paper the wrong entry which has actually been passed. Step 2. Write on a rough paper the reverse of the wrong entry.Step 3. Write on a rough paper the correct entry which should have been passed.Step 4.Pass in the Journal Proper the rectifying entry which will be the net effect of the correct entry (Step 3) and reverse of the wrong entry (Step 2).Let us explain withe example how the two-sided errors are rectified.A cash sale of Rs. 5,000 was not recorded in the Cash 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_C17_S01_006_S01.png" width="80%"/></body></html> | |
| 629. |
The process of recording a transaction in the Ledger is called posting. |
| 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/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a></body></html> | |
| 630. |
The procedure for passing a rectifying entry is as follows:Step 1. Write on the rough paper the wrong entry which has actually been passed. Step 2. Write on a rough paper the reverse of the wrong entry.Step 3. Write on a rough paper the correct entry which should have been passed.Step 4.Pass in the Journal Proper the rectifying entry which will be the net effect of the correct entry (Step 3) and reverse of the wrong entry (Step 2).Let us explain withe example how the two-sided errors are rectified.Furniture sold on credit to Ajit for Rs. 10,000 was passed through the Sales 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_C17_S01_005_S01.png" width="80%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C17_S01_005_S02.png" width="80%"/></body></html> | |
| 631. |
The procedure for passing a rectifying entry is as follows:Step 1. Write on the rough paper the wrong entry which has actually been passed. Step 2. Write on a rough paper the reverse of the wrong entry.Step 3. Write on a rough paper the correct entry which should have been passed.Step 4.Pass in the Journal Proper the rectifying entry which will be the net effect of the correct entry (Step 3) and reverse of the wrong entry (Step 2).Let us explain withe example how the two-sided errors are rectified.(ii) Rs. 1,000 received from Kamal Kishore has been credited in the account of Krishna Kishore. Pass the rectifying entry. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C17_S01_004_S01.png" width="80%"/><br/>Notes:<br/>1.If error is at the posting stage, then <a href="https://interviewquestions.tuteehub.com/tag/assume-384429" style="font-weight:bold;" target="_blank" title="Click to know more about ASSUME">ASSUME</a> that recording in the original <a href="https://interviewquestions.tuteehub.com/tag/books-900981" style="font-weight:bold;" target="_blank" title="Click to know more about BOOKS">BOOKS</a> (i.e., subsidiary books) has been done correctly.<br/>2. If a <a href="https://interviewquestions.tuteehub.com/tag/transaction-16213" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTION">TRANSACTION</a> is recorded in the Cash Book (like in <a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a> case), then the error in posting relates to the other <a href="https://interviewquestions.tuteehub.com/tag/affectedbrbr-2402998" style="font-weight:bold;" target="_blank" title="Click to know more about AFFECTED">AFFECTED</a> account, not to the Cash/Bank Account.</body></html> | |
| 632. |
The process of accounting starts with _______ and end with _________ |
| 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/identifying-502139" style="font-weight:bold;" target="_blank" title="Click to know more about IDENTIFYING">IDENTIFYING</a> the <a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a>, <a href="https://interviewquestions.tuteehub.com/tag/communicating-924557" style="font-weight:bold;" target="_blank" title="Click to know more about COMMUNICATING">COMMUNICATING</a> <a href="https://interviewquestions.tuteehub.com/tag/information-1043838" style="font-weight:bold;" target="_blank" title="Click to know more about INFORMATION">INFORMATION</a></body></html> | |
| 633. |
The procedure for passing a rectifying entry is as follows:Step 1. Write on the rough paper the wrong entry which has actually been passed. Step 2. Write on a rough paper the reverse of the wrong entry.Step 3. Write on a rough paper the correct entry which should have been passed.Step 4.Pass in the Journal Proper the rectifying entry which will be the net effect of the correct entry (Step 3) and reverse of the wrong entry (Step 2).Let us explain withe example how the two-sided errors are rectified.(i) Machinery purchased on credit from Mohan Rs. 50,000 has been entered in the Purchases Book. Pass a rectification entry. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C17_S01_003_S01.png" width="80%"/><br/> Step <a href="https://interviewquestions.tuteehub.com/tag/4-311707" style="font-weight:bold;" target="_blank" title="Click to know more about 4">4</a>:Rectifying Entry (Net Effect of Step <a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a> and Step 3) will be passed as follows: <br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C17_S01_003_S02.png" width="80%"/><br/><a href="https://interviewquestions.tuteehub.com/tag/note-1125278" style="font-weight:bold;" target="_blank" title="Click to know more about NOTE">NOTE</a>:If the error is committed in books of <a href="https://interviewquestions.tuteehub.com/tag/original-1139424" style="font-weight:bold;" target="_blank" title="Click to know more about ORIGINAL">ORIGINAL</a> entry then assume all postings are done accordingly.</body></html> | |
| 634. |
The principle of consistency is particularly valuable when alternative accounting method is equally acceptable. |
| 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> | |
| 635. |
The preparation of Trial Balance helps in |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/judging-2761831" style="font-weight:bold;" target="_blank" title="Click to know more about JUDGING">JUDGING</a> the <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> Position<br/>Locating <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 All Types.<br/>Preparation of <a href="https://interviewquestions.tuteehub.com/tag/final-461168" style="font-weight:bold;" target="_blank" title="Click to know more about FINAL">FINAL</a> Accounts.<br/>None of these.</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 636. |
The payment side of the Cash Book ( Bank Column) was overcast by ₹ 10,000. When the balance as per Cash Book is the starting point |
| Answer» <html><body><p>₹ 10,000 to be added <br/>₹ 10,000 to be subtracted. <br/>No <a href="https://interviewquestions.tuteehub.com/tag/adjustment-18695" style="font-weight:bold;" target="_blank" title="Click to know more about ADJUSTMENT">ADJUSTMENT</a> is <a href="https://interviewquestions.tuteehub.com/tag/require-11720" style="font-weight:bold;" target="_blank" title="Click to know more about REQUIRE">REQUIRE</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> :₹ 10,000 to be subtracted.</body></html> | |
| 637. |
The person to whom payment is to be made in a bill or exchange is called payee |
| 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/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a></body></html> | |
| 638. |
The preparation of a Trial Balance helps in |
| Answer» <html><body><p>preparation of 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>. <br/><a href="https://interviewquestions.tuteehub.com/tag/correct-409949" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECT">CORRECT</a> <a href="https://interviewquestions.tuteehub.com/tag/totalling-3225776" style="font-weight:bold;" target="_blank" title="Click to know more about TOTALLING">TOTALLING</a> of the Trial balance. <br/>locating <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 principle<br/>None of these. </p>Solution :preparation of Balance Sheet.</body></html> | |
| 639. |
The party which is ordered to pay the amount is known as… |
| Answer» <html><body><p>drawer<br/><a href="https://interviewquestions.tuteehub.com/tag/payee-1149220" style="font-weight:bold;" target="_blank" title="Click to know more about PAYEE">PAYEE</a><br/>drawee<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> :payee</body></html> | |
| 640. |
The payment of promissory note is made by its maker. 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> :<a href="https://interviewquestions.tuteehub.com/tag/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a>,as he had <a href="https://interviewquestions.tuteehub.com/tag/promised-7377624" style="font-weight:bold;" target="_blank" title="Click to know more about PROMISED">PROMISED</a> <a href="https://interviewquestions.tuteehub.com/tag/topay-1422276" style="font-weight:bold;" target="_blank" title="Click to know more about TOPAY">TOPAY</a>.</body></html> | |
| 641. |
The party which is ordered to pay the amount is known as ________ |
| 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/drawee-959475" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWEE">DRAWEE</a></body></html> | |
| 642. |
The ownerof the firm records his medical expenses in the firms' income statement. Indicate the principle that is violated. |
| Answer» <html><body><p>Cost <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a> <br/>Prudence <br/><a href="https://interviewquestions.tuteehub.com/tag/full-1001178" style="font-weight:bold;" target="_blank" title="Click to know more about FULL">FULL</a> <a href="https://interviewquestions.tuteehub.com/tag/disclosure-955394" style="font-weight:bold;" target="_blank" title="Click to know more about DISCLOSURE">DISCLOSURE</a> <br/>Entity concept </p>Answer :D</body></html> | |
| 643. |
The objective of book keepind is to maintain complete record of financial transactions. |
| 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> | |
| 644. |
The nature of capital is a __________ |
| 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/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a></body></html> | |
| 645. |
The nature of accured income is _______ |
| 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/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a></body></html> | |
| 646. |
The nature of capital is |
| Answer» <html><body><p>an asset<br/>a <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a><br/>an income<br/>an expense</p>Solution :a liability</body></html> | |
| 647. |
The nature of accrued income is |
| Answer» <html><body><p>revenue<br/>liability<br/>expenses<br/><a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a></p>Solution :asset</body></html> | |
| 648. |
The Manger is entitled to commission of 5% on profits before deducting the commission. The profit is Rs 2,100, therefore, the commission will be |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> <a href="https://interviewquestions.tuteehub.com/tag/100-263808" style="font-weight:bold;" target="_blank" title="Click to know more about 100">100</a>. <br/>Rs <a href="https://interviewquestions.tuteehub.com/tag/105-266496" style="font-weight:bold;" target="_blank" title="Click to know more about 105">105</a>. <br/>Rs 111.<br/>Rs <a href="https://interviewquestions.tuteehub.com/tag/115-268597" style="font-weight:bold;" target="_blank" title="Click to know more about 115">115</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> :Rs 105.</body></html> | |
| 649. |
The Manager is entitled to commission of 5% on profits before deducting the commission. The profit is Rs. 2,100, therefore, the commission will be |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 100<br/>Rs. 105<br/>Rs. 110.53<br/>None of these. </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/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 650. |
Themanagement of a firm is remarkably incomponent, but the firm's accountant cannot take this into account while preparing books of accounts because of ………..concept. |
| 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/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></body></html> | |