Explore topic-wise InterviewSolutions in Class 11.

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.

1251.

Issued cheque for70,000 to pay off on of the creditors. The account to be debited 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/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a></body></html>
Discussion
1252.

Issued a cheque for 8,000 to pay rent. The account to be debited 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/rent-1184968" style="font-weight:bold;" target="_blank" title="Click to know more about RENT">RENT</a></body></html>
Discussion
1253.

I's Trial balance has the following information: 12% Bank loan Rs. 40,000, interest paid Rs. 40,000 interest paid Rs. 3,800 . Interest debited to the Profit & Losss Account is

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>. 4,800<br/>Rs. 5,000<br/>Rs. 5,500 <br/>Rs. 1,000</p>Answer :A</body></html>
Discussion
1254.

Is the basic objective of Book-keeping to maintain systematic records or to ascertain net results of operations of financial transactions?

Answer» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/basic-15343" style="font-weight:bold;" target="_blank" title="Click to know more about BASIC">BASIC</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> of book-keeping is to <a href="https://interviewquestions.tuteehub.com/tag/maintain-1084096" style="font-weight:bold;" target="_blank" title="Click to know more about MAINTAIN">MAINTAIN</a> systematicrecords 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/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a>.</body></html>
Discussion
1255.

Is Trial Balance a part of Double Entry system ?

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> :No. It is only a <a href="https://interviewquestions.tuteehub.com/tag/working-1459914" style="font-weight:bold;" target="_blank" title="Click to know more about WORKING">WORKING</a> <a href="https://interviewquestions.tuteehub.com/tag/paper-1146067" style="font-weight:bold;" target="_blank" title="Click to know more about PAPER">PAPER</a>.</body></html>
Discussion
1256.

Is the basic objective of Book Keeping to maintain systematic records or to ascertain net results of operations of financial transactions?

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> :The basic objective of Book Keeping is to maintain <a href="https://interviewquestions.tuteehub.com/tag/systematic-1237480" style="font-weight:bold;" target="_blank" title="Click to know more about SYSTEMATIC">SYSTEMATIC</a> <a href="https://interviewquestions.tuteehub.com/tag/records-1180480" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDS">RECORDS</a> 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> transactions.</body></html>
Discussion
1257.

Is the balance of Petty cash Book as asset or income ?

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/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> .</body></html>
Discussion
1258.

Is the balance of Petty Cash Book an asset or income ?

Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> of <a href="https://interviewquestions.tuteehub.com/tag/petty-2220180" style="font-weight:bold;" target="_blank" title="Click to know more about PETTY">PETTY</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/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> is an asset for the firm.</body></html>
Discussion
1259.

Is reserve a chargeagainstprofitor anappropriating of profit ?

Answer» <html><body><p>&lt;<a href="https://interviewquestions.tuteehub.com/tag/p-588962" style="font-weight:bold;" target="_blank" title="Click to know more about P">P</a>&gt;</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 <a href="https://interviewquestions.tuteehub.com/tag/created-7257327" style="font-weight:bold;" target="_blank" title="Click to know more about CREATED">CREATED</a> not bdebitingto P &amp; LA/c but through P &amp; LAppropriation A/c.As such , it isappropriationof <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> because it iscreated afterthe caculationofnet profit.</body></html>
Discussion
1260.

‘Is it possible to prepare the profit and loss account and the balance sheet from the incomplete book of accounts kept by a trader’? Do you agree? Explain.

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> :N//A</body></html>
Discussion
1261.

Is it possible to prepare a Trial Balance and check the arithmetical accuracy of the books of account under Single Entry System?

Answer» <html><body><p></p>Solution :No, <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 cannot be prepared under Single Entry <a href="https://interviewquestions.tuteehub.com/tag/system-1237255" style="font-weight:bold;" target="_blank" title="Click to know more about SYSTEM">SYSTEM</a> as it does not record the dual <a href="https://interviewquestions.tuteehub.com/tag/aspect-885708" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECT">ASPECT</a> of each transaction. Therefore, the <a href="https://interviewquestions.tuteehub.com/tag/arithmetical-884194" style="font-weight:bold;" target="_blank" title="Click to know more about ARITHMETICAL">ARITHMETICAL</a> accuracy of 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> of account cannot be verified.</body></html>
Discussion
1262.

Is it necessary to prepare chart of accounts before implementing computerised accounting

Answer» <html><body><p></p>Solution :Yes , it is <a href="https://interviewquestions.tuteehub.com/tag/necessary-1112675" style="font-weight:bold;" target="_blank" title="Click to know more about NECESSARY">NECESSARY</a> because <a href="https://interviewquestions.tuteehub.com/tag/based-389387" style="font-weight:bold;" target="_blank" title="Click to know more about BASED">BASED</a> on it transactions are posted to <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a> accounts and <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> statements are prepared.</body></html>
Discussion
1263.

Is itcorrect than Bank Reconciliation Statement is prepared once i.e., at the end of year ?

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> :No, it is not correct. It can be prepared at any time of the <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a> say every <a href="https://interviewquestions.tuteehub.com/tag/month-1101201" style="font-weight:bold;" target="_blank" title="Click to know more about MONTH">MONTH</a> or every quarter or half yearly or yearly</body></html>
Discussion
1264.

Is Depreciation the result of flucrtuations in the value of fixed assets?

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> :No, Depreciation is not result of fluctuations in the <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> of fixed assets <a href="https://interviewquestions.tuteehub.com/tag/since-644476" style="font-weight:bold;" target="_blank" title="Click to know more about SINCE">SINCE</a> the fluctuation is concerned with the <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> price of fixed asset whereas the Deperciation is concerned with the historical cost (i.e., cost of acquiring fixed asset).</body></html>
Discussion
1265.

Is CGSTand SGST or IGST paid on puchase input GST or output GST? Why?

Answer» <html><body><p></p>Solution :It is <a href="https://interviewquestions.tuteehub.com/tag/input-11237" style="font-weight:bold;" target="_blank" title="Click to know more about INPUT">INPUT</a> <a href="https://interviewquestions.tuteehub.com/tag/gst-13422" style="font-weight:bold;" target="_blank" title="Click to know more about GST">GST</a> because it is paid in purchases and can 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 GST <a href="https://interviewquestions.tuteehub.com/tag/collected-2526120" style="font-weight:bold;" target="_blank" title="Click to know more about COLLECTED">COLLECTED</a>.</body></html>
Discussion
1266.

Is Cash Book a journal or a ledger ?

Answer» <html><body><p></p>Solution :It is ajournal as <a href="https://interviewquestions.tuteehub.com/tag/well-734398" style="font-weight:bold;" target="_blank" title="Click to know more about WELL">WELL</a> as <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a> . It is a journal <a href="https://interviewquestions.tuteehub.com/tag/since-644476" style="font-weight:bold;" target="_blank" title="Click to know more about SINCE">SINCE</a> cashand bank transactions are firstrecorded in it and aledger since it serves the purpose of a Cash Account <a href="https://interviewquestions.tuteehub.com/tag/alos-858266" style="font-weight:bold;" target="_blank" title="Click to know more about ALOS">ALOS</a>. When a Cash Book is prepared , no separate Cash Account is opened in the ledger .</body></html>
Discussion
1267.

Is 'Cash Memo' a source document or an Accounting Voucher?

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> :Cash Memo is a <a href="https://interviewquestions.tuteehub.com/tag/source-1219297" style="font-weight:bold;" target="_blank" title="Click to know more about SOURCE">SOURCE</a> document prepared by the seller of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> for cash.</body></html>
Discussion
1268.

Is Capital Account a Personal Account or a Real 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> :<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/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> is a Personal Account because it represents <a href="https://interviewquestions.tuteehub.com/tag/owner-1144378" style="font-weight:bold;" target="_blank" title="Click to know more about OWNER">OWNER</a> of the business.</body></html>
Discussion
1269.

Is a trial balance conclusive proof of the accuracy of the books of accounts ?

Answer» <html><body><p></p>Solution :A trial balance is not an <a href="https://interviewquestions.tuteehub.com/tag/absolute-11456" style="font-weight:bold;" target="_blank" title="Click to know more about ABSOLUTE">ABSOLUTE</a> or conclusive <a href="https://interviewquestions.tuteehub.com/tag/proof-1169715" style="font-weight:bold;" target="_blank" title="Click to know more about PROOF">PROOF</a> of the accuracy of the books of accounts since there may be certain types of errors which may <a href="https://interviewquestions.tuteehub.com/tag/remain-1184279" style="font-weight:bold;" target="_blank" title="Click to know more about REMAIN">REMAIN</a> undetected inspite of the <a href="https://interviewquestions.tuteehub.com/tag/agreement-851812" style="font-weight:bold;" target="_blank" title="Click to know more about AGREEMENT">AGREEMENT</a> of trial balance.</body></html>
Discussion
1270.

Invoice is a source voucher for seller of goods on credit.

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>
Discussion
1271.

Invoice is a source voucher for seller of goods

Answer» <html><body><p>for <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/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a>. <br/>for <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> purchases. <br/>for credit <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/>for cash purchases. </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> :for credit sales.</body></html>
Discussion
1272.

Invoice is a source voucher for purchaser of goods on _________

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/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a></body></html>
Discussion
1273.

Invoice is a source voucher for purchaser of goods

Answer» <html><body><p>for <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/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a>. <br/>for cash sales.<br/>for <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> sales.<br/>for credit purchases. </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> :for credit purchases.</body></html>
Discussion
1274.

Invoice is a source voucher for

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/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a>. <br/>Credit purchases.<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/>neither (a) nor (b). </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> :Credit purchases.</body></html>
Discussion
1275.

Internal users of accounting information are :

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/potential-1161228" style="font-weight:bold;" target="_blank" title="Click to know more about POTENTIAL">POTENTIAL</a> investors<br/>Creditors<br/>Management<br/>Employees</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>
Discussion
1276.

Interest received on loan is an income for the business.

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>
Discussion
1277.

Interest Received is classified as

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</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/revnue-2249479" style="font-weight:bold;" target="_blank" title="Click to know more about REVNUE">REVNUE</a> Account<br/>Capital Account<br/>Liability Account.</p>Solution :Revnue Account</body></html>
Discussion
1278.

Intereston Drawing charged is₹ 1,500. In accounting equation, it will be shown as

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</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> by₹ 1,500 and decrease <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> by₹ 1,500<br/>Increase and Decrease capital by₹ 1,500.<br/>Increase capital and <a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a> on Drawing by₹ 1,500<br/>Decrease capital and cash by₹ 1,500.</p>Solution :Increase and Decrease capital by₹ 1,500.</body></html>
Discussion
1279.

Interest allowedby bank and not recorded in the books of account are _______ from Credit Cash Book balance when Bank Reconciliation Statement is prepared.

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/deducted-7288075" style="font-weight:bold;" target="_blank" title="Click to know more about DEDUCTED">DEDUCTED</a></body></html>
Discussion
1280.

Interest allowed by bank and not recorded in the books of account are _______ to Debit Cash Book balance to prepare Bank Reconciliation Statement .

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/added-367625" style="font-weight:bold;" target="_blank" title="Click to know more about ADDED">ADDED</a></body></html>
Discussion
1281.

Insurance premium paid to insure the machinery is a revenue expenditure.

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>
Discussion
1282.

Insurance premium paid during the year is Rs10,000 and prepaid insurance at the year end is Rs 3,000. Insurance expense shown in Profit and Loss Account 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> 13,000`.<br/>`Rs 10,000`.<br/>`Rs 3,000`.<br/>`Rs 7,000`.</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>
Discussion
1283.

Insurance premium paid to insure the machinery is

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> <a href="https://interviewquestions.tuteehub.com/tag/expenditure-980222" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENDITURE">EXPENDITURE</a><br/><a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> Expenditure<br/>Deferred Revenue Expenditure<br/>None of these</p>Solution :Capital Expenditure</body></html>
Discussion
1284.

Insurance Premium paid during the year is Rs 10,000 and Opening Prepaid insurance is Rs 3,000. Insurance Expenses shown in the Profit and Loss Account 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> 13,000`.<br/>`Rs 7,000`.<br/>`Rs 3,000`.<br/>`Rs 10,000`.</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 13,000`.</body></html>
Discussion
1285.

Input Credit of GST paid on Food and Beverages is allowed. It, therefore , is a cost.

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>
Discussion
1286.

Insurance claim received for loss of goods is a revenue receipt.

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>
Discussion
1287.

Input Credit of GST paid is not allowed on goods given as donation.

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>
Discussion
1288.

Input Credit of GST paid directly into Government Account under Reverse charge is

Answer» <html><body><p>not <a href="https://interviewquestions.tuteehub.com/tag/allowed-857944" style="font-weight:bold;" target="_blank" title="Click to know more about ALLOWED">ALLOWED</a> <br/>allowed<br/><a href="https://interviewquestions.tuteehub.com/tag/may-557248" style="font-weight:bold;" target="_blank" title="Click to know more about MAY">MAY</a> or may not be allowed <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 :allowed</body></html>
Discussion
1289.

Information in financial reports is based on _______ transaction and _______

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/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a>, <a href="https://interviewquestions.tuteehub.com/tag/events-11766" style="font-weight:bold;" target="_blank" title="Click to know more about EVENTS">EVENTS</a></body></html>
Discussion
1290.

Indirect Expenses aredebited 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>
Discussion
1291.

Indirect Expanses are debited to

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/trading-1424689" style="font-weight:bold;" target="_blank" title="Click to know more about TRADING">TRADING</a> Account<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/>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> :<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>
Discussion
1292.

Indicate how Accounting Equation is affected if payment is made to a crediter?

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> <a href="https://interviewquestions.tuteehub.com/tag/decreases-946143" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASES">DECREASES</a> and so does the <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a> (<a href="https://interviewquestions.tuteehub.com/tag/creditor-938661" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITOR">CREDITOR</a>).</body></html>
Discussion
1293.

Indicate how Accounting Equation is affected if machinery is purchased for cash?

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 will <a href="https://interviewquestions.tuteehub.com/tag/result-1187343" style="font-weight:bold;" target="_blank" title="Click to know more about RESULT">RESULT</a> in <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> being <a href="https://interviewquestions.tuteehub.com/tag/reduced-1181337" style="font-weight:bold;" target="_blank" title="Click to know more about REDUCED">REDUCED</a> and Machinery Account being increased.</body></html>
Discussion
1294.

Indicate against each amount wheather it is a debit or a credit balance, and prepare a trial balance as at March 31, 2014 based on the following balances

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/trail-1425183" style="font-weight:bold;" target="_blank" title="Click to know more about TRAIL">TRAIL</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> <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> 5,17,000</body></html>
Discussion
1295.

Inderpal has shown interest earned and interest paid at net amount in the profit and loss account .Is he correct in doing so ?

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> :No , he is not correct because <a href="https://interviewquestions.tuteehub.com/tag/full-1001178" style="font-weight:bold;" target="_blank" title="Click to know more about FULL">FULL</a> desclosure principle is not followed .Interest earned is an income whereas interest paid in an <a href="https://interviewquestions.tuteehub.com/tag/expense-980253" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSE">EXPENSE</a> .By netting it, correct expense and correct income is not shown in the <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 loss account</body></html>
Discussion
1296.

Indicate how Accounting Equation is affected if cash is roceived against services rendered?

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> <a href="https://interviewquestions.tuteehub.com/tag/increases-1040626" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASES">INCREASES</a> and so does the <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>
Discussion
1297.

Ind-AS are based on

Answer» <html><body><p>Rules<br/><a href="https://interviewquestions.tuteehub.com/tag/priciples-2951631" style="font-weight:bold;" target="_blank" title="Click to know more about PRICIPLES">PRICIPLES</a><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 these.</p>Solution :Priciples</body></html>
Discussion
1298.

Ind - AS are

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rule-1192038" style="font-weight:bold;" target="_blank" title="Click to know more about RULE">RULE</a> bases <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> <a href="https://interviewquestions.tuteehub.com/tag/standards-1224505" style="font-weight:bold;" target="_blank" title="Click to know more about STANDARDS">STANDARDS</a>.<br/>principle <a href="https://interviewquestions.tuteehub.com/tag/based-389387" style="font-weight:bold;" target="_blank" title="Click to know more about BASED">BASED</a> accounting standards.<br/><a href="https://interviewquestions.tuteehub.com/tag/partially-7321885" style="font-weight:bold;" target="_blank" title="Click to know more about PARTIALLY">PARTIALLY</a> rule based and partially prinsiple based accounting standards.<br/>None of these.</p>Solution :principle based accounting standards.</body></html>
Discussion
1299.

Ind-AS are ___________ based accounting standards.

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/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a>.</body></html>
Discussion
1300.

Ind-AS apply to

Answer» <html><body><p>Companies <a href="https://interviewquestions.tuteehub.com/tag/listed-7694003" style="font-weight:bold;" target="_blank" title="Click to know more about LISTED">LISTED</a> on Stock Exchange<br/>Companies having net worth of ₹250 crores or more.<br/>Subsidiaries, Holding, <a href="https://interviewquestions.tuteehub.com/tag/joint-1061928" style="font-weight:bold;" target="_blank" title="Click to know more about JOINT">JOINT</a> Ventures and <a href="https://interviewquestions.tuteehub.com/tag/associates-886113" style="font-weight:bold;" target="_blank" title="Click to know more about ASSOCIATES">ASSOCIATES</a> of above <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> categories ofCompanies. <br/>All of the above.</p>Solution :All of the above.</body></html>
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