Saved Bookmarks
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 853. |
Revenue Income is transferred to |
|
Answer» PROFIT and LOSS ACCOUNT |
|
| 854. |
Revenue from Operations refers to |
|
Answer» Revenue EARNED from OPERATING Activities |
|
| 855. |
Revenue Expenditure is transferred to |
|
Answer» PROFIT and LOSS ACCOUNT |
|
| 857. |
Revenue are matched with expenses in accordance with going concern assumption. |
|
Answer» |
|
| 858. |
Returns Inward appearing in the Trial Balance is deducted from |
|
Answer» Purchases |
|
| 859. |
Returned damaged office stationary and received 50,000. The account to be credited is ............ |
| Answer» SOLUTION :OFFICE STATIONARY | |
| 860. |
Return of goods purchased on credit on credit to the suppliers will be entered in ……. Journal. |
| Answer» SOLUTION :PURCHASES RETURN | |
| 861. |
Return Inward in theTrial Balance are deducted from |
|
Answer» purchase |
|
| 862. |
Resignation by a Marketing Manager is not recorded in the books of account . Why? |
| Answer» SOLUTION :It is not RECORDED because it cannot be MEASURED in MONEY TERMS. | |
| 867. |
Reserves arising from capital receipts are known as |
|
Answer» CAPITAL Reserve. |
|
| 868. |
Reserve created for maintaining a stable rate ofdividendis treatedas secretreserve. |
|
Answer» |
|
| 869. |
Reserve is not a liability in the real sense. Do you agree with this statement ? |
| Answer» Solution :Yes, RESERVE is not a liability in the real sense. It represents accumulated DIVISIBLE profit which belonges to the shareholdders or partnes just LIKE CAPTIAL and has not been distributed as dividend as yet, that is why it is shown on the LIABILITIES side of the Balance Sheet, | |
| 870. |
Reserves |
|
Answer» are PART of PROPRIETOR's EQUITY. |
|
| 871. |
Reserve arising from capital receipts are |
| Answer» Solution :Capital reserve | |
| 874. |
Rent is paid for the month of April , 2019in March ,2019 . The accounting year ended on 31st March , 2019 . The accountant has shown it on the assets side of the Balance Sheet. Has he given the correct treatment ? Give reasons. |
| Answer» SOLUTION :Yes , the accountant has given the correct treatment because rent for April , 2019 is a Prepaid Expense for the year ended 31st March , 2019 . Prepaid EXPENSES are shown as an asset in the Balance SHEET. | |
| 875. |
Rent paid is |
| Answer» Solution :Nominal Account | |
| 876. |
Rent for the month of March ,2019 is not paid . Under which accounting concept it should be recorded as expense for the year ended 31st March , 2019? |
| Answer» SOLUTION :ACCRUAL CONCEPT. | |
| 877. |
Remesh's Trial Balance gives the following information : Depreciation is provided @ 10% p.a. on the fixed assests. Show how this will be shown in the profit and loss Account. |
|
Answer» |
|
| 878. |
Reduction in amount payable allowed by the seller of goods after the goods have been sold is |
|
Answer» REBATE |
|
| 879. |
Redraft correctly the Trial Balance given below: |
|
Answer» |
|
| 880. |
Rectifying entry for the error of a credit purchase of goods of₹ 10,000 recorded as credit sale to Ravi detected two months later is passed in |
|
Answer» JOURNAL Proper |
|
| 881. |
Rectify the following errors which are detected before preparation of the Trial Balance: (i) Sale to Pawan Rs. 20,000 posted to his account as Rs. 2,000. (ii) Sale to Pawan Rs. 20,000 debited to his account as Rs. 2,000. (iii) Sale to Pawan Rs. 20,000 credited to his account as Rs. 2,000. (iv) Sale to Raman Rs. 5,600 posted to his account as Rs. 6,500.(v) Purchases of Rs. 8,755 from Naman posted to his account as Rs. 5,578. (vi) Purchases of Rs. 6,580 from Naman posted to his account as Rs. 8,560.(vii) Cash sale to Amit of Rs. 10,000 posted as Rs. 1,000.(viii) Debit balance of Rs. 5,000 was carried forward as a credit balance in Ramesh's Account. (ix) Credit purchase of furniture Rs. 10,000 from Raunaq was posted as Rs. 1,000. |
|
Answer» Solution :(i) Pawan's A/c is debited by Rs. 2,000 against Rs. 20,000, hence a further DEBIT of Rs. 18,000 is required. It will be rectified by giving a note on the debit side of Pawan's A/c as under: ''To short debit for sales (error rectified) ….. Rs. 18,000''. Note: In this case since posted word is used, it will stand for the correct side. In this case, it stands for the debit side. (ii) Pawan's A/c is short debited by Rs. 18,000. This error will be rectified by giving a note on the debit side of Pawan's A/c: ''To short debit for sales (errors rectified).... Rs. 18,000''. (iii) It is a sales transaction and Pawan's A/c should be debited. But instead of a debit, a credit of Rs. 2,000 has been given. Therefore, (a) Wrong credit has to be cancelled. For this, debit his account by Rs. 2,000. (b) Debit has to be given of Rs. 20,000. Hence, Pawan's A/c has to be debited by Rs. 22,000 (i.e., Rs. 2,000 + Rs. 20,000) by giving the following note: ''To error rectified for credit sales ..... Rs. 22,000''. (iv) Excess debit is made in Raman's A/c by Rs. 900.Rs.900 (i.e., Rs. 6,500 - Rs. 5,600) will be written on the credit side by giving a note: ''By excess debit on account of sales (now rectified) .... Rs. 900''. (v) Less credit by Rs. 3,177 (i.e., Rs. 8,755 - Rs. 5,578) is given to NAMAN's A/c account of credit purchases from him. Rs. 3,177 will be written on the credit side of Naman's A/c: ''By less credit for purchase (now rectified) .... Rs. 3,177''. Rs. 8,560 is credited to Naman's A/c instead of Rs. 6,580, i.e., excess credit by Rs. 1,980 (i.e., Rs. 8,560 - Rs. 6,580) is granted. REctification will be made by following note on the debit side of Naman's A/c: ''To excess credit for purchases (now rectified) .... Rs. 1,980''. (vii) Cash sale is recorded in the Cash Book with the amount. However, posting is short by Rs. 9,000. Since the sale is against cash, 'Sales A/c' will be credited. (viii) RAMESH's A/c has been affected by Rs. 10,000 (Rs 5,000 a debit balance not recorded and Rs. 5,000 wrongly credited). Therefore, his account will be debited by Rs. 10,000 as: ''To a debit wrongly balance wrongly carried as credit, now rectified .... Rs. 10,000''. (ix) In this case, both the accounts are INCORRECT. Furniture A/c and Raunaq's A/c are short by Rs.9,000 each. Rectification will be made by PASSING the following Journal entry: `{:(,"Journal entry:",,Rs.,Rs),(,"Furniture A/c",...Dr.,9.000,),("To Raunaq",,,,9.000):}` Note: The error was committed while posting both the sides of the entry since credit purchase of furniture will be recorded in General Journal. Both the sides of the entry are posted with individual amounts. |
|
| 883. |
Rectification entries are normally passed in |
|
Answer» Journal PROPER |
|
| 884. |
Recording the transactions and events correctly and preparing financial statements are the only objectives of accounting. Do you agree? |
| Answer» Solution :No. Besides recording them correctly and PREPARING financialstatements, ACCOUNTING has the objectives of FACILITATING management CONTROL and communicating financialinformation to the USERS. | |
| 885. |
Recording of transaction in the Journal is called: |
|
Answer» CASTING |
|
| 886. |
Recording is made in purchases book : |
|
Answer» After DEDUCTING TRADE DISCOUNT |
|
| 887. |
Recording of financial transactions and preparing the financial statements are the only objectives of accounting. Do you agree ? |
| Answer» Solution :No. Besides these TWO, accounting has the objective of PROVIDING USEFUL information to the MANAGEMENT and communication of financial information to the users. | |
| 888. |
Record the rectification entry for the following transactions: rd the rectification entry for the following transactions: 1. Credit sales to Rajni5,000 recorded in Purchases book: This is an error of .......................................... State The wrong entry recorded in the book of accounts |
Answer» SOLUTION :
|
|
| 889. |
Recording is made in Journal Proper of : |
|
Answer» All transactions |
|
| 890. |
Record necessary Journal entries in the books of Suman of Bihar assuming CGST @ 9% and SGST @ 9% : a. Bought goods3,50,000 from Jharkhand. b. Sold goods for2,00,000 Uttar Pradesh. c. Sold goods for4,00,000 locally. d. Paid Insurance premium30,000. e. Bought furniture for office 50000 |
Answer» SOLUTION :
|
|
| 892. |
Recognition of cost in the same period as associated revenues is called ……………….concept. |
|
Answer» |
|
| 895. |
Record necessary Journal entries assuming CGST @ 5% and SGST @ 5% and all transactions are occurred within Delhi) i. Shobit bought goods1,00,000 on credit ii. He sold them for1,35,000 in the same state on credit iii. He paid for Railway transport 8000 iv. He bought computer printer for 10000 v. Paid postal charges |
Answer» SOLUTION :
|
|
| 896. |
Rebate is calculated for the period between date of |
|
Answer» PAYMENT and Maturity DATE. |
|
| 897. |
Realisation concept has been formulated to resolve the issues relating to revenue recognition .Do yu agree? |
| Answer» SOLUTION :yes .The ESSENCE of REALISATION concept is TIMING of revenue of recongnition. | |
| 898. |
Ravi's Trial Balance as on 31st March, 2019 has the following information : What is the amount of outstanding interest to be provided ? |
|
Answer» |
|
| 899. |
Ranjan, an employee of Jumbo Electronics, deposited in the bank Rs. 40,000 as the previous day's sale held overnight in the firm's safe. He has recorded the transaction in the Cash Book as follows: In the bank column on Payments side: and in the cash column on Receipts side. Has he passed the entry correctly? |
| Answer» Solution :The ENTRY recorded inn the books of ACCOUNT is not CORRECT. A DEPOSIT into the bank is recorded on the Receipts side of the Cash Book in the bank column and cash deposited is PAYMENT, it is recorded on the Payments side of the Cash Book in the cash column. | |
| 900. |
Rate of depreciation @ on written down value basis, |
|
Answer» Solution :Depreciation for 2 year (2015-16) = `RS.` 1,00,000-`Rs.` 7500=`Rs.` 92,500 `"" Rs. 92500xx(10)/(100)=Rs. 9250` |
|