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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.
| 651. |
The main purpose of preparing a Trial Balance is to check the arithmetical accuracy of double entry. |
| 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> | |
| 652. |
The main objective of providing depreciation is to calculate the correct profit. |
| 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> | |
| 653. |
The main cause of depreciation is wear and tear caused by its usage. |
| 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> :T</body></html> | |
| 654. |
The liabilities of a firm are 3,000, the capital of the proprietor is 7,000. The totalassets are : |
| Answer» <html><body><p>₹7,000.<br/>₹10,000<br/>₹4,000<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 :₹10,000</body></html> | |
| 655. |
The last step in accounting as a process of information is |
| Answer» <html><body><p>recording the transaction.<br/>preparation of <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>. <br/><a href="https://interviewquestions.tuteehub.com/tag/communication-11846" style="font-weight:bold;" target="_blank" title="Click to know more about COMMUNICATION">COMMUNICATION</a> of information.<br/>All of these</p>Answer :A::C</body></html> | |
| 656. |
The journal entry to record the sale of services on credit should include: |
| Answer» <html><body><p>Debit to <a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</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> to <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a><br/> Debit to <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 Credit to debtors<br/> Debit to fees income and Credit to debtors. <br/> Debit to debtors and Credit to fees income. <br/></p>Solution :d</body></html> | |
| 657. |
The ledger folio column of journal is used to: |
| Answer» <html><body><p> <a href="https://interviewquestions.tuteehub.com/tag/record-1180336" style="font-weight:bold;" target="_blank" title="Click to know more about RECORD">RECORD</a> 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> on which amount <a href="https://interviewquestions.tuteehub.com/tag/posted-2944562" style="font-weight:bold;" target="_blank" title="Click to know more about POSTED">POSTED</a> to a ledger <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/> Record the <a href="https://interviewquestions.tuteehub.com/tag/number-582134" style="font-weight:bold;" target="_blank" title="Click to know more about NUMBER">NUMBER</a> of ledger account to which information is posted. <br/> Record the number of amounts posted to the ledger account. <br/> Record the page number of the ledger account.<br/></p>Solution :d</body></html> | |
| 658. |
The journal entry to record purchase of equipment for2,00,000 cash and a balance of8,00,000 due in 30 days include: |
| Answer» <html><body><p>Debit <a href="https://interviewquestions.tuteehub.com/tag/equipment-974462" style="font-weight:bold;" target="_blank" title="Click to know more about EQUIPMENT">EQUIPMENT</a> for2,00,000 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> cash2,00,000.<br/> Debit equipment for10,00,000 and Credit cash 2,00,000 and <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a> 8,00,000.<br/> Debit equipment2,00,000 and Credit debtors8,00,000<br/>Debit equipment10,00,000 and Credit cash10,00,000.<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> | |
| 659. |
The Journal entry to record a gain ( profit) on the sale of fixed assets is : If Asset Disposal Account is not maintained : |
| Answer» <html><body><p>`{:("Debit","Credit"),("FixedAsset Account ","<a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> Account "):}`<br/>`{:("Debit","Credit"),("<a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> Account ","Profit and Loss Account "):}`<br/>`{:("Debit","Credit"),("Profit and Loss Account "," Fixed Asset Account "):}`<br/></p>Solution :`{:("Debit","Credit"),("FixedAsset Account ","Profit and Loss Account "):}`</body></html> | |
| 660. |
The journal entry to record payment of monthly bill will include: |
| Answer» <html><body><p>Debit monthly bill and Credit <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a>. <br/> Debit capital and Credit <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a>.<br/>Debit monthly bill and Credit cash.<br/> Debit monthly bill and Credit creditors. <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> :c</body></html> | |
| 661. |
The Journal entry to record a gain ( profit) on the sale of fixed assets is : If Asset Disposal Account ismaintained : |
| 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>","<a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a>"),("Asset DisposalAccount ","Profit and Loss <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/>`{:("Debit","Credit"),("FixedAsset Account ","Profit and Loss Account "):}`<br/>`{:("Debit","Credit"),("Profit and Loss Account ","Asset <a href="https://interviewquestions.tuteehub.com/tag/disposal-956194" style="font-weight:bold;" target="_blank" title="Click to know more about DISPOSAL">DISPOSAL</a> Account "):}`<br/></p>Solution :`{:("Debit","Credit"),("Asset DisposalAccount ","Profit and Loss Account "):}`</body></html> | |
| 662. |
The hundi Payable at sight is called Darshant hundi. |
| 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> | |
| 663. |
The following Trial Balance is drawn from the books of Brown Traders: You are required to comment whether it is correct or not. If this Trial Balance is not correct, draw the correct one. |
| Answer» <html><body><p></p>Solution :Even though 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> and credit sides agree,the <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 is <a href="https://interviewquestions.tuteehub.com/tag/incorrect-499101" style="font-weight:bold;" target="_blank" title="Click to know more about INCORRECT">INCORRECT</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>, i.e., Fixtures and Debtors are wrongly shown on the credit side and Returns Outword, Discount Received, Bank Overdraft and Creditors on the debit side. The redrafted Trial Balance will be as bollow: <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_007_S01.png" width="80%"/></body></html> | |
| 664. |
The following transactions took place in Prabhat Electric Co., Delhi. Prepare the debit vouchers: |
| 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_C07_S01_001_S01.png" width="80%"/></body></html> | |
| 665. |
The following transactions took place in M/s Ace Traders, Patna. Prepare the debit vouchers: |
| 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_C07_S01_002_S01.png" width="80%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C07_S01_002_S02.png" width="80%"/></body></html> | |
| 666. |
The following is the Profit and Loss Account of Yamuna Limited: Additional information: (i) Trade receivables decrease by Rs 30,000 during the year. (ii) Prepaid expenses increase by Rs 5,000 during the year. (iii) Trade payables increase by Rs 15,000 during the year. (iv) Outstanding expenses payable increased by Rs 3,000 during the year. (v) Other expenses included depreciation of Rs 25,000. Compute net cash from operations for the year ended March 31, 2017 by the indirect method. |
| 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/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> from <a href="https://interviewquestions.tuteehub.com/tag/operations-793" style="font-weight:bold;" target="_blank" title="Click to know more about OPERATIONS">OPERATIONS</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> 2,18,000</body></html> | |
| 667. |
The following information are extract from the Trial Balance of M/s Nisha traders on 31 March 2017 {:("Sundary Debtors" , "80,500"),("Bad debts","1,000"),("Provision for had debts","5,000"),("Additional Infromation",),("Bad Debts",Rs."500"):} Provision is to be maintained at 2% of Debtors. Prepare bad debts accound, Provision for bad debts account and profit and loss 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> : New <a href="https://interviewquestions.tuteehub.com/tag/provision-607840" style="font-weight:bold;" target="_blank" title="Click to know more about PROVISION">PROVISION</a>`Rs.` 1,600 Profit and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> account [<a href="https://interviewquestions.tuteehub.com/tag/cr-427229" style="font-weight:bold;" target="_blank" title="Click to know more about CR">CR</a>.] `Rs.`1,9000</body></html> | |
| 668. |
The following are the balances as on 31st March, 2019 extracted from the books of Dass: The stock on 31st March, 2019 was valued at Rs 2,40,000 You are required to prepare Trading Account, Profit and Loss Account and Balance Sheet as at 31st March, 2019 |
| 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> 2,86,000; Net Profit - Rs 1,81,100; <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 8,65,000</body></html> | |
| 669. |
The following are the balances extracted from the books of Mr. A. Mukhopadhyay. Prepare a Trial Balance as on 31st March, 2019: |
| 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> :Teial <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/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</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>. 2,43,400.</body></html> | |
| 670. |
The following balances were extracted from the books of Harish Chandra on 31st March, 2019: Stock on 31st March, 2019 was valued at Rs 2,35,000 Prepare final accounts for the year ended 31st March, 2019 |
| 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/input-11237" style="font-weight:bold;" target="_blank" title="Click to know more about INPUT">INPUT</a> CGST A/C and Input <a href="https://interviewquestions.tuteehub.com/tag/sgst-630622" style="font-weight:bold;" target="_blank" title="Click to know more about SGST">SGST</a> A/c will be <a href="https://interviewquestions.tuteehub.com/tag/set-11758" style="font-weight:bold;" target="_blank" title="Click to know more about SET">SET</a> off against Output IGST A/c</body></html> | |
| 671. |
The Financial statements under Ind-AS include a statement of financial position. |
| 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> | |
| 672. |
The expression depreciation at 10% and 10% p.a. convey the same meaning. |
| 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> | |
| 673. |
The fact that a business is separate and distinguishable from its owner is bestexemplified by the ……………….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/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> | |
| 674. |
The financial statements consist of: |
| Answer» <html><body><p><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<br/>Profit and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> account<br/>balance sheet<br/>II & <a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a></p></body></html> | |
| 675. |
The essence of convention of prudence is to anticipate no profit and provide for all possible losses. |
| 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> | |
| 676. |
The essence of Consevatism Concept is to anticipate no profit and provided for all possible losses. |
| 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> | |
| 677. |
The errors are credited or debited to the Suspense Account in the next year and the balance, if any, is transferred to the Capital 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> | |
| 678. |
The difference of the capital at the end and the capital in the beginning will show _____ provided that there are neither drawings nor additional capital introduced during the 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/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> <a href="https://interviewquestions.tuteehub.com/tag/earned-7273289" style="font-weight:bold;" target="_blank" title="Click to know more about EARNED">EARNED</a>.</body></html> | |
| 679. |
The debts written off as bad, if recovered subsequently, are credited to the Debtor's Account. It is correct ? Why ? |
| Answer» <html><body><p></p>Solution :No, because Bad debts when <a href="https://interviewquestions.tuteehub.com/tag/written-732709" style="font-weight:bold;" target="_blank" title="Click to know more about WRITTEN">WRITTEN</a> off are debited to Bad debts Account by <a href="https://interviewquestions.tuteehub.com/tag/crediting-7670529" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITING">CREDITING</a> <a href="https://interviewquestions.tuteehub.com/tag/debtor-945512" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTOR">DEBTOR</a>'s Account and the Debors's account is closed. <a href="https://interviewquestions.tuteehub.com/tag/therefore-706901" style="font-weight:bold;" target="_blank" title="Click to know more about THEREFORE">THEREFORE</a>, when Bad Debts are recovered , they are credited to Bad Debts Recovered Account and becomes an income.</body></html> | |
| 680. |
The Diminishing Value Method mean a method by which |
| Answer» <html><body><p>the <a href="https://interviewquestions.tuteehub.com/tag/rate-1177476" style="font-weight:bold;" target="_blank" title="Click to know more about RATE">RATE</a> of Depreciation <a href="https://interviewquestions.tuteehub.com/tag/falls-983294" style="font-weight:bold;" target="_blank" title="Click to know more about FALLS">FALLS</a> <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a> by year. <br/>the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> on which depreciation is calculated falls year by year. <br/>the rate as well as the Amount to which it is applied fall year by year <br/>None of these </p>Solution :the amount on which depreciation is calculated falls year by year.</body></html> | |
| 681. |
The debit balance of the bank account as per the cash book should be equal to the credit balance of the account of the business in the books of the bank. |
| 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> :T</body></html> | |
| 682. |
The cost of a small calculator is accounted as an expense and not shown as an asset in a financial statement of a business entity due to …………….. |
| Answer» <html><body><p>MaterialityConvention <br/>Matching concept <br/>Periodicityconcept <br/>Convention of <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> </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</body></html> | |
| 683. |
The credit balance of a personal account 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> in hand<br/><a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> receivable<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> <br/>Amount payable</p>Answer :D</body></html> | |
| 684. |
The ______ Concept requires that accounting transactions should be free from the bias of accountants and others. |
| 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/verifiable-2323098" style="font-weight:bold;" target="_blank" title="Click to know more about VERIFIABLE">VERIFIABLE</a> <a href="https://interviewquestions.tuteehub.com/tag/objective-25531" style="font-weight:bold;" target="_blank" title="Click to know more about OBJECTIVE">OBJECTIVE</a> (<a href="https://interviewquestions.tuteehub.com/tag/evidence-977636" style="font-weight:bold;" target="_blank" title="Click to know more about EVIDENCE">EVIDENCE</a> )</body></html> | |
| 685. |
The correct accounting equation is |
| Answer» <html><body><p>Assets=<a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</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><br/>Assets=Liabilities + Capital <br/>Liabilities=Assets+Capitals<br/>Capital=Assets + Liabilities. </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> :Assets=Liabilities + Capital</body></html> | |
| 686. |
The Convention of Conservatism takes into account |
| Answer» <html><body><p>all <a href="https://interviewquestions.tuteehub.com/tag/prospective-7265775" style="font-weight:bold;" target="_blank" title="Click to know more about PROSPECTIVE">PROSPECTIVE</a> <a href="https://interviewquestions.tuteehub.com/tag/profits-1168748" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITS">PROFITS</a> and prospective <a href="https://interviewquestions.tuteehub.com/tag/losses-544756" style="font-weight:bold;" target="_blank" title="Click to know more about LOSSES">LOSSES</a>.<br/>all prospective profits and <a href="https://interviewquestions.tuteehub.com/tag/leaves-1070823" style="font-weight:bold;" target="_blank" title="Click to know more about LEAVES">LEAVES</a> out prospective losses.<br/>all prospective losses but leaves out prospective profits.<br/>None of the above.</p>Solution :all prospective losses but leaves out prospective profits.</body></html> | |
| 687. |
The _________ Concept rquires that the same accounting method should be used form one |
| 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/consistency-930013" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENCY">CONSISTENCY</a></body></html> | |
| 688. |
The Concept of Conservatism takes into account |
| Answer» <html><body><p>all prospective <a href="https://interviewquestions.tuteehub.com/tag/profits-1168748" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITS">PROFITS</a> and all prospective losses.<br/>all prospective profits and <a href="https://interviewquestions.tuteehub.com/tag/leaves-1070823" style="font-weight:bold;" target="_blank" title="Click to know more about LEAVES">LEAVES</a> all prospectives losses.<br/>all prosepective losses but not the prospective profits. <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 the above.</p>Solution :all prosepective losses but not the prospective profits.</body></html> | |
| 689. |
The chief accountant of rana motors has taken a decision that adjustments for outstanding expenses and prepaid expenses of the current year should not be mae while preparing the finanical statement (i) Whether his decision is correct? (ii) Which accounting concepts are not being followed? |
| Answer» <html><body><p></p>Solution :(i) The decision of the chief accountant is not correct<br/> (ii) The decision is not <a href="https://interviewquestions.tuteehub.com/tag/correcty-935523" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECTY">CORRECTY</a> because the fundalmental accounting concept , i.e accrual concept and matching concept is being <a href="https://interviewquestions.tuteehub.com/tag/ignored-2124854" style="font-weight:bold;" target="_blank" title="Click to know more about IGNORED">IGNORED</a> .As a result ,profit and loss account will not show correct profit earned or loss <a href="https://interviewquestions.tuteehub.com/tag/incurred-2733406" style="font-weight:bold;" target="_blank" title="Click to know more about INCURRED">INCURRED</a> . <a href="https://interviewquestions.tuteehub.com/tag/also-373387" style="font-weight:bold;" target="_blank" title="Click to know more about ALSO">ALSO</a> balance sheet will not show correct financial position</body></html> | |
| 690. |
The chief accountant of grand marketing has taken decision that adjustements for acccrued incomesand incomes received in advance of the current year should not be adjusted while preparing the finanacial statements (i) Whether his decision is correct? (ii) Which accounting concepts are not being followed? |
| Answer» <html><body><p></p>Solution :(i) The decision of the <a href="https://interviewquestions.tuteehub.com/tag/chief-417885" style="font-weight:bold;" target="_blank" title="Click to know more about CHIEF">CHIEF</a> accountant is not correct <br/> (ii) The decision is not correct because thefundamental accounting concept i.e <br/> Accrual concept and matching concept , is not being follwed .In the case of accrued <br/> income being not accounted in the current year <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> will be accounted whereas income will not be accounted .similary in the case of <a href="https://interviewquestions.tuteehub.com/tag/incomes-1040086" style="font-weight:bold;" target="_blank" title="Click to know more about INCOMES">INCOMES</a> received in advance , income will be acconted whereas cost will be accounted in the next year . Thus profit and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> accout will not show correct profit earned or loss <br/> <a href="https://interviewquestions.tuteehub.com/tag/incurred-2733406" style="font-weight:bold;" target="_blank" title="Click to know more about INCURRED">INCURRED</a> . Also balance sheet will not show correct financial position</body></html> | |
| 691. |
The column in a Journal is not filled at the time of Journalising? |
| Answer» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/column-922494" style="font-weight:bold;" target="_blank" title="Click to know more about COLUMN">COLUMN</a> '<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/folio-457926" style="font-weight:bold;" target="_blank" title="Click to know more about FOLIO">FOLIO</a>' is filled at <a href="https://interviewquestions.tuteehub.com/tag/thetime-1412788" style="font-weight:bold;" target="_blank" title="Click to know more about THETIME">THETIME</a> of posting into the ledger and not at thetime of Journalising.</body></html> | |
| 692. |
The cash Book recorded |
| Answer» <html><body><p>all <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/receipt-1179268" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIPT">RECEIPT</a> and payments. <br/>cash 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> sale of goods <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/>None of these. </p>Solution :all cash receipt and payments.</body></html> | |
| 693. |
The Capitalof a businessis ₹2,00,000and outside liabilitiesare ₹1,50,000. Calculate the totalassets of a business. |
| Answer» <html><body><p></p>Solution :₹3,50,000 ( <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/outside-1143075" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSIDE">OUTSIDE</a> Liabilities =Total <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> -Capital).</body></html> | |
| 694. |
The Capitalof a businessis ₹2,00,000and outside liabilitiesare ₹1,50,000. Calculate the totalassets of a business. |
| Answer» <html><body><p></p>Solution :₹3,50,000 ( <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> + Outside <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> =Total <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> -Capital).</body></html> | |
| 695. |
The Capitalin the beginning of the accouting year is ascertained by preparing: |
| Answer» <html><body><p>Debtor's Account<br/>Cash Account<br/>Opening <a href="https://interviewquestions.tuteehub.com/tag/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a> of <a href="https://interviewquestions.tuteehub.com/tag/affairs-851191" style="font-weight:bold;" target="_blank" title="Click to know more about AFFAIRS">AFFAIRS</a>. <br/>Creditor's Account. </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> :Opening Statement of Affairs.</body></html> | |
| 696. |
The book in which every account is maintained 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/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a></body></html> | |
| 697. |
The Bills Receivable Book is part of |
| Answer» <html><body><p>the Journal<br/>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><br/>theprofit<br/>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>. </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :the Ledger</body></html> | |
| 698. |
The bank has given a wrong credit or Rs. 10,000 . The accountant of the firm recorded it inthe books of accountby credtting the amount to 'Miscellaneous Income'. Give your opinion with reason is he correct is doing go ? |
| Answer» <html><body><p></p>Solution : No. The accountant is not correct because the monery does not the firm and 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> will <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> the account when <a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a> is dectected.</body></html> | |
| 699. |
The book in which all accounts are maintained is known as: |
| 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/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a><br/> <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> Book <br/>Ledger<br/></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/iv-501699" style="font-weight:bold;" target="_blank" title="Click to know more about IV">IV</a></body></html> | |
| 700. |
The balance of sales column in the sales day book is Rs. 30,000. Rs. 5,000 were recovered from debtors. Then balance of sales column will be transferred by which amount? |
| 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>. 25,000<br/>Rs. 30,000<br/>Rs. 20,000<br/>Rs. 35,000</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> | |