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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.
| 851. |
Revenue reserves are created out of revenue profits of thebusiness. |
| 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> | |
| 852. |
Revenue is transferred to ________ |
| 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> 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> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a></body></html> | |
| 853. |
Revenue Income is transferred to |
| Answer» <html><body><p><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> <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/><a href="https://interviewquestions.tuteehub.com/tag/trading-1424689" style="font-weight:bold;" target="_blank" title="Click to know more about TRADING">TRADING</a> and Profit and Loss Account<br/>Balance Sheet<br/>None of these</p>Solution :Trading and Profit and Loss Account</body></html> | |
| 854. |
Revenue from Operations refers to |
| Answer» <html><body><p>Revenue <a href="https://interviewquestions.tuteehub.com/tag/earned-7273289" style="font-weight:bold;" target="_blank" title="Click to know more about EARNED">EARNED</a> from <a href="https://interviewquestions.tuteehub.com/tag/operating-1136761" style="font-weight:bold;" target="_blank" title="Click to know more about OPERATING">OPERATING</a> Activities<br/>Revenue earned from activities that are not Operating Activities<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/><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 :Revenue earned from Operating Activities</body></html> | |
| 855. |
Revenue Expenditure is transferred to |
| Answer» <html><body><p><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> <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/><a href="https://interviewquestions.tuteehub.com/tag/trading-1424689" style="font-weight:bold;" target="_blank" title="Click to know more about TRADING">TRADING</a> and Profit and Loss Account<br/>Balance Sheet<br/>None of these</p>Solution :Trading and Profit and Loss Account</body></html> | |
| 856. |
Revenue Expenditure is transferred to _______ |
| 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> 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> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a></body></html> | |
| 857. |
Revenue are matched with expenses in accordance with going concern assumption. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 858. |
Returns Inward appearing in the Trial Balance is deducted from |
| Answer» <html><body><p>Purchases<br/><a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a><br/>returns outward<br/>None of these</p>Solution :Sales</body></html> | |
| 859. |
Returned damaged office stationary and received 50,000. The account to be credited is ............ |
| 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/office-1129028" style="font-weight:bold;" target="_blank" title="Click to know more about OFFICE">OFFICE</a> <a href="https://interviewquestions.tuteehub.com/tag/stationary-633001" style="font-weight:bold;" target="_blank" title="Click to know more about STATIONARY">STATIONARY</a></body></html> | |
| 860. |
Return of goods purchased on credit on credit to the suppliers will be entered in ……. Journal. |
| 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/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> <a href="https://interviewquestions.tuteehub.com/tag/return-1187910" style="font-weight:bold;" target="_blank" title="Click to know more about RETURN">RETURN</a></body></html> | |
| 861. |
Return Inward in theTrial Balance are deducted from |
| Answer» <html><body><p>purchase<br/><a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a><br/>return outward<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> :sales</body></html> | |
| 862. |
Resignation by a Marketing Manager is not recorded in the books of account . Why? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :It is not <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a> because it cannot be <a href="https://interviewquestions.tuteehub.com/tag/measured-7257656" style="font-weight:bold;" target="_blank" title="Click to know more about MEASURED">MEASURED</a> in <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/terms-1242559" style="font-weight:bold;" target="_blank" title="Click to know more about TERMS">TERMS</a>.</body></html> | |
| 863. |
Reserves can be specific or general |
| 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> | |
| 864. |
Reserves are not the items of the owner's equity. |
| 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> | |
| 865. |
Reserves arising from capital receipts are _______ reserve. |
| 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></body></html> | |
| 866. |
Reserves appear on the liabilities sideof the Balance Sheet. |
| 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> | |
| 867. |
Reserves arising from capital receipts are known as |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> Reserve.<br/>Reserve Fund.<br/>Any of (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>) <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>Answer :A</body></html> | |
| 868. |
Reserve created for maintaining a stable rate ofdividendis treatedas secretreserve. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 869. |
Reserve is not a liability in the real sense. Do you agree with this statement ? |
| Answer» <html><body><p></p>Solution :Yes, <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> is not a liability in the real sense. It represents accumulated <a href="https://interviewquestions.tuteehub.com/tag/divisible-2588966" style="font-weight:bold;" target="_blank" title="Click to know more about DIVISIBLE">DIVISIBLE</a> profit which belonges to the shareholdders or partnes just <a href="https://interviewquestions.tuteehub.com/tag/like-1073845" style="font-weight:bold;" target="_blank" title="Click to know more about LIKE">LIKE</a> <a href="https://interviewquestions.tuteehub.com/tag/captial-2498907" style="font-weight:bold;" target="_blank" title="Click to know more about CAPTIAL">CAPTIAL</a> and has not been distributed as dividend as yet, that is why it is shown on the <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> side of the Balance Sheet,</body></html> | |
| 870. |
Reserves |
| Answer» <html><body><p>are <a href="https://interviewquestions.tuteehub.com/tag/part-596478" style="font-weight:bold;" target="_blank" title="Click to know more about PART">PART</a> of <a href="https://interviewquestions.tuteehub.com/tag/proprietor-1170512" style="font-weight:bold;" target="_blank" title="Click to know more about PROPRIETOR">PROPRIETOR</a>'s <a href="https://interviewquestions.tuteehub.com/tag/equity-974514" style="font-weight:bold;" target="_blank" title="Click to know more about EQUITY">EQUITY</a>. <br/>are not part of proprietor's equity. <br/>are Liabities of the Firm<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> :are part of proprietor's equity.</body></html> | |
| 871. |
Reserve arising from capital receipts are |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> reserve<br/>Reserve <a href="https://interviewquestions.tuteehub.com/tag/fund-1002092" style="font-weight:bold;" target="_blank" title="Click to know more about FUND">FUND</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/general-471730" style="font-weight:bold;" target="_blank" title="Click to know more about GENERAL">GENERAL</a> Reserve <br/>None of these </p>Solution :Capital reserve</body></html> | |
| 872. |
Rent, rates and taxes is an example of direct expenses. |
| 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/f-455800" style="font-weight:bold;" target="_blank" title="Click to know more about F">F</a></body></html> | |
| 873. |
Rent payable is a libility. |
| 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> | |
| 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» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Yes , the accountant has given the correct treatment because rent for April , <a href="https://interviewquestions.tuteehub.com/tag/2019-2847" style="font-weight:bold;" target="_blank" title="Click to know more about 2019">2019</a> is a Prepaid Expense for the year ended 31st March , 2019 . Prepaid <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> are shown as an asset in the 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>.</body></html> | |
| 875. |
Rent paid is |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a><br/>Real Account<br/><a href="https://interviewquestions.tuteehub.com/tag/nominal-571419" style="font-weight:bold;" target="_blank" title="Click to know more about NOMINAL">NOMINAL</a> Account<br/>All of these</p>Solution :Nominal Account</body></html> | |
| 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» <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/accrual-847173" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUAL">ACCRUAL</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a>.</body></html> | |
| 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» <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> | |
| 878. |
Reduction in amount payable allowed by the seller of goods after the goods have been sold is |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rebate-613693" style="font-weight:bold;" target="_blank" title="Click to know more about REBATE">REBATE</a><br/>Trade Discount<br/>Cash discount<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> :Rebate</body></html> | |
| 879. |
Redraft correctly the Trial Balance given below: |
| Answer» <html><body><p><br/></p>Answer :Total of <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/trial-1427200" style="font-weight:bold;" target="_blank" title="Click to know more about TRIAL">TRIAL</a> <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> - Rs. 27,460.</body></html> | |
| 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» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> Proper <br/>Sales <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/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> Book <br/><a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> Book </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> :Journal Proper</body></html> | |
| 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» <html><body><p></p>Solution :(i) Pawan's A/c is debited by Rs. 2,000 against Rs. 20,000, hence a further <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 Rs. 18,000 is required. It will be rectified by giving a note on the debit side of Pawan's A/c as under:<br/> ''To short debit for sales (error rectified) ….. Rs. 18,000''.<br/>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.<br/> (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:<br/> ''To short debit for sales (errors rectified).... Rs. 18,000''.<br/>(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,<br/>(a) Wrong credit has to be cancelled. For this, debit his account by Rs. 2,000.<br/>(b) Debit has to be given of Rs. 20,000.<br/> 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:<br/> ''To error rectified for credit sales ..... Rs. 22,000''.<br/> (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:<br/> ''By excess debit on account of sales (now rectified) .... Rs. 900''.<br/>(v) Less credit by Rs. 3,177 (i.e., Rs. 8,755 - Rs. 5,578) is given to <a href="https://interviewquestions.tuteehub.com/tag/naman-573133" style="font-weight:bold;" target="_blank" title="Click to know more about NAMAN">NAMAN</a>'s A/c account of credit purchases from him. Rs. 3,177 will be written on the credit side of Naman's A/c:<br/>''By less credit for purchase (now rectified) .... Rs. 3,177''.<br/> 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:<br/> ''To excess credit for purchases (now rectified) .... Rs. 1,980''.<br/>(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.<br/>(viii) <a href="https://interviewquestions.tuteehub.com/tag/ramesh-618332" style="font-weight:bold;" target="_blank" title="Click to know more about RAMESH">RAMESH</a>'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:<br/> ''To a debit wrongly balance wrongly carried as credit, now rectified .... Rs. 10,000''.<br/>(ix) In this case, both the accounts are <a href="https://interviewquestions.tuteehub.com/tag/incorrect-499101" style="font-weight:bold;" target="_blank" title="Click to know more about INCORRECT">INCORRECT</a>. Furniture A/c and Raunaq's A/c are short by Rs.9,000 each. Rectification will be made by <a href="https://interviewquestions.tuteehub.com/tag/passing-1148520" style="font-weight:bold;" target="_blank" title="Click to know more about PASSING">PASSING</a> the following Journal entry:<br/>`{:(,"Journal entry:",,Rs.,Rs),(,"Furniture A/c",...Dr.,9.000,),("To Raunaq",,,,9.000):}`<br/> 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.</body></html> | |
| 882. |
Rectifying entries are passed in ________. |
| 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/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> <a href="https://interviewquestions.tuteehub.com/tag/proper-1169819" style="font-weight:bold;" target="_blank" title="Click to know more about PROPER">PROPER</a></body></html> | |
| 883. |
Rectification entries are normally passed in |
| Answer» <html><body><p>Journal <a href="https://interviewquestions.tuteehub.com/tag/proper-1169819" style="font-weight:bold;" target="_blank" title="Click to know more about PROPER">PROPER</a> <br/><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/day-944776" style="font-weight:bold;" target="_blank" title="Click to know more about DAY">DAY</a> Books<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> :Journal Proper</body></html> | |
| 884. |
Recording the transactions and events correctly and preparing financial statements are the only objectives of accounting. Do you agree? |
| Answer» <html><body><p></p>Solution :No. Besides recording them correctly and <a href="https://interviewquestions.tuteehub.com/tag/preparing-2949211" style="font-weight:bold;" target="_blank" title="Click to know more about PREPARING">PREPARING</a> financialstatements, <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 the objectives of <a href="https://interviewquestions.tuteehub.com/tag/facilitating-982702" style="font-weight:bold;" target="_blank" title="Click to know more about FACILITATING">FACILITATING</a> management <a href="https://interviewquestions.tuteehub.com/tag/control-425557" style="font-weight:bold;" target="_blank" title="Click to know more about CONTROL">CONTROL</a> and communicating financialinformation to the <a href="https://interviewquestions.tuteehub.com/tag/users-25567" style="font-weight:bold;" target="_blank" title="Click to know more about USERS">USERS</a>.</body></html> | |
| 885. |
Recording of transaction in the Journal is called: |
| Answer» <html><body><p> <a href="https://interviewquestions.tuteehub.com/tag/casting-12673" style="font-weight:bold;" target="_blank" title="Click to know more about CASTING">CASTING</a> <br/> <a href="https://interviewquestions.tuteehub.com/tag/posting-603386" style="font-weight:bold;" target="_blank" title="Click to know more about POSTING">POSTING</a><br/> <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/>Recording<br/></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a></body></html> | |
| 886. |
Recording is made in purchases book : |
| Answer» <html><body><p>After <a href="https://interviewquestions.tuteehub.com/tag/deducting-7328769" style="font-weight:bold;" target="_blank" title="Click to know more about DEDUCTING">DEDUCTING</a> <a href="https://interviewquestions.tuteehub.com/tag/trade-711631" style="font-weight:bold;" target="_blank" title="Click to know more about TRADE">TRADE</a> <a href="https://interviewquestions.tuteehub.com/tag/discount-955451" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOUNT">DISCOUNT</a> <br/>After <a href="https://interviewquestions.tuteehub.com/tag/adding-2399902" style="font-weight:bold;" target="_blank" title="Click to know more about ADDING">ADDING</a> trade discount<br/>After deducting <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> discount<br/>After adding cash discount</p>Answer :A</body></html> | |
| 887. |
Recording of financial transactions and preparing the financial statements are the only objectives of accounting. Do you agree ? |
| Answer» <html><body><p></p>Solution :No. Besides these <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a>, accounting has the objective 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> <a href="https://interviewquestions.tuteehub.com/tag/useful-1441152" style="font-weight:bold;" target="_blank" title="Click to know more about USEFUL">USEFUL</a> information to the <a href="https://interviewquestions.tuteehub.com/tag/management-1085657" style="font-weight:bold;" target="_blank" title="Click to know more about MANAGEMENT">MANAGEMENT</a> and communication of financial information to the users.</body></html> | |
| 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» <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/NCERT_ACC_XI_P1_C06_E01_002_S01.png" width="80%"/></body></html> | |
| 889. |
Recording is made in Journal Proper of : |
| Answer» <html><body><p>All transactions <br/>Those transactions which are not recorded in any subsidiary <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/>All cash transactions <br/>All credit Transactions </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> | |
| 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» <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/NCERT_ACC_XI_P1_C03_S01_010_S01.png" width="80%"/></body></html> | |
| 891. |
Receipts are shown in the credit side of the Cash Book |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 892. |
Recognition of cost in the same period as associated revenues is called ……………….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/matching-11928" style="font-weight:bold;" target="_blank" title="Click to know more about MATCHING">MATCHING</a></body></html> | |
| 893. |
Receiver's Account is __________ |
| 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/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a></body></html> | |
| 894. |
Received interest- Interest Account will be ______ |
| 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/credited-7316860" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITED">CREDITED</a></body></html> | |
| 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» <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/NCERT_ACC_XI_P1_C03_S01_009_S01.png" width="80%"/></body></html> | |
| 896. |
Rebate is calculated for the period between date of |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/payment-1149239" style="font-weight:bold;" target="_blank" title="Click to know more about PAYMENT">PAYMENT</a> and Maturity <a href="https://interviewquestions.tuteehub.com/tag/date-11316" style="font-weight:bold;" target="_blank" title="Click to know more about DATE">DATE</a>. <br/>Drawing and payment of Bill<br/>Drawing and Maturing Date. <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> :Payment and Maturity Date.</body></html> | |
| 897. |
Realisation concept has been formulated to resolve the issues relating to revenue recognition .Do yu 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> :yes .The <a href="https://interviewquestions.tuteehub.com/tag/essence-453052" style="font-weight:bold;" target="_blank" title="Click to know more about ESSENCE">ESSENCE</a> of <a href="https://interviewquestions.tuteehub.com/tag/realisation-1178917" style="font-weight:bold;" target="_blank" title="Click to know more about REALISATION">REALISATION</a> concept is <a href="https://interviewquestions.tuteehub.com/tag/timing-1420652" style="font-weight:bold;" target="_blank" title="Click to know more about TIMING">TIMING</a> of revenue of recongnition.</body></html> | |
| 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» <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> | |
| 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» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a> recorded inn the books of <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> is not <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 <a href="https://interviewquestions.tuteehub.com/tag/deposit-948619" style="font-weight:bold;" target="_blank" title="Click to know more about DEPOSIT">DEPOSIT</a> into the bank is recorded on the Receipts side of the Cash Book in the bank column and cash deposited is <a href="https://interviewquestions.tuteehub.com/tag/payment-1149239" style="font-weight:bold;" target="_blank" title="Click to know more about PAYMENT">PAYMENT</a>, it is recorded on the Payments side of the Cash Book in the cash column.</body></html> | |
| 900. |
Rate of depreciation @ on written down value basis, |
| Answer» <html><body><p></p>Solution :Depreciation for 2 year (2015-16) = `<a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>.` 1,00,000-`Rs.` <a href="https://interviewquestions.tuteehub.com/tag/7500-335415" style="font-weight:bold;" target="_blank" title="Click to know more about 7500">7500</a>=`Rs.` 92,500 <br/> `"" Rs. 92500xx(<a href="https://interviewquestions.tuteehub.com/tag/10-261113" style="font-weight:bold;" target="_blank" title="Click to know more about 10">10</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>)=Rs. 9250`</body></html> | |