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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.
| 1301. |
Increase in assets are debited and decrease in assets are credited. |
| 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> | |
| 1302. |
Increase in capital are credit the receiver is the rule of Personal Accounts. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 1303. |
Increase in capital is credited 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/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a></body></html> | |
| 1304. |
Incomplete records are generally used by…………… |
| 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/small-1212368" style="font-weight:bold;" target="_blank" title="Click to know more about SMALL">SMALL</a> <a href="https://interviewquestions.tuteehub.com/tag/traders-1424679" style="font-weight:bold;" target="_blank" title="Click to know more about TRADERS">TRADERS</a></body></html> | |
| 1305. |
Income tax paid by proprietor of Rs. 30,000. It 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/deducted-7288075" style="font-weight:bold;" target="_blank" title="Click to know more about DEDUCTED">DEDUCTED</a> from <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> as <a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a>.</body></html> | |
| 1306. |
Income tax paid on behalf of the proprietor is debited to 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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 1307. |
Incomplete record mechanism of book keeping is: |
| Answer» <html><body><p>Scientific<br/>Unscientific<br/>Unsystematic<br/>both <a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>) and <a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</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> :b</body></html> | |
| 1308. |
Income tax paid by a sole trader is shown |
| Answer» <html><body><p>on the debit side of the <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/>on the debit side of 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<br/>as deduction from <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> in the <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> Sheet<br/>as <a href="https://interviewquestions.tuteehub.com/tag/addition-367641" style="font-weight:bold;" target="_blank" title="Click to know more about ADDITION">ADDITION</a> to capital in the Balance Sheet</p>Solution :as deduction from capital in the Balance Sheet</body></html> | |
| 1309. |
Income received in advance is deducted from the income because of |
| Answer» <html><body><p>Revenue Recognition <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a> . <br/><a href="https://interviewquestions.tuteehub.com/tag/accrual-847173" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUAL">ACCRUAL</a> Concept <br/>Matching concept <br/>Prudence Concept </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> :Matching concept</body></html> | |
| 1310. |
Income received in Advance is debited to _______ accont and credited to Income Received in Advance Account while making adjustment entries. |
| 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/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a></body></html> | |
| 1311. |
Income received in advance, if given outside the trial Balance is shown in |
| Answer» <html><body><p>Trading <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a>, as deduction form the income. <br/>Profit and loss account , as deduction form the income. <br/>Profit and loss account, as deduction form the expense and 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>, as a liability. <br/>Balance sheet as a liability . </p>Solution :Profit and loss account, as deduction form the expense and in the balance sheet, as a liability.</body></html> | |
| 1312. |
Income Received in advance, if given in the Trial Balance is shown in |
| Answer» <html><body><p>Trading Account, as deduction <a href="https://interviewquestions.tuteehub.com/tag/form-996208" style="font-weight:bold;" target="_blank" title="Click to know more about FORM">FORM</a> the income. <br/>Profit and loss account , as deduction form the income. <br/>Profit and loss account, as deduction form the <a href="https://interviewquestions.tuteehub.com/tag/expense-980253" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSE">EXPENSE</a> and in the <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/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a>, as a <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a>. <br/>Balance sheet as a liability . </p>Solution :Balance sheet as a liability .</body></html> | |
| 1313. |
Income is measured on the basis of : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/matching-11928" style="font-weight:bold;" target="_blank" title="Click to know more about MATCHING">MATCHING</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> <br/><a href="https://interviewquestions.tuteehub.com/tag/consistency-930013" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENCY">CONSISTENCY</a> Concept <br/>Cost Concept <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><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> | |
| 1314. |
Income Receivable (Accrued Income) is |
| Answer» <html><body><p>Income earned but yet to be received<br/>Income earned and received q<br/>Can be 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><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :NA</body></html> | |
| 1315. |
Income is |
| Answer» <html><body><p>Revenue Less <a href="https://interviewquestions.tuteehub.com/tag/expense-980253" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSE">EXPENSE</a><br/>Expense Less Revenue.<br/>Sale Less cost 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> Sold.<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> Less Purchase <a href="https://interviewquestions.tuteehub.com/tag/return-1187910" style="font-weight:bold;" target="_blank" title="Click to know more about RETURN">RETURN</a>. </p>Solution :Revenue Less Expense</body></html> | |
| 1316. |
In which Column (Plus of Minus) you will write the following while preparingBank Reconciliation Statement from the Cash Book overdraft balance ? (i) Cheques drawn but not cleared. (ii) Interest on bank overdraft. (iii) Cheques paid into the bank but not collected. (iv) Interset on investments collected by the bank. |
| Answer» <html><body><p><br/></p>Answer :(i) <a href="https://interviewquestions.tuteehub.com/tag/plus-591752" style="font-weight:bold;" target="_blank" title="Click to know more about PLUS">PLUS</a> <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) <a href="https://interviewquestions.tuteehub.com/tag/minus-1098111" style="font-weight:bold;" target="_blank" title="Click to know more about MINUS">MINUS</a> <br/> (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) Minus <br/> (iv) Plus.</body></html> | |
| 1317. |
In which Column (Plus of Minus) you will weite the following while preparing Bank Reconciliatio. Statement From the Cash Book overdraft balance. (i) Cheques deposited but dishonoured. (ii) the receipt side of Cash book overcast. (iii) Interset on overdraft. (iv) Direct amount deposited by the customer into bank |
| 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> :(i) Minus <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) Minus <br/> (iii) minus<br/> (<a href="https://interviewquestions.tuteehub.com/tag/iv-501699" style="font-weight:bold;" target="_blank" title="Click to know more about IV">IV</a>) <a href="https://interviewquestions.tuteehub.com/tag/plus-591752" style="font-weight:bold;" target="_blank" title="Click to know more about PLUS">PLUS</a>.</body></html> | |
| 1318. |
In which account total of Purchases Return Book is recorded? |
| 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> <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> | |
| 1319. |
In which basis of accounting Outstanding expenses are not recorded? |
| 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/basis-893664" style="font-weight:bold;" target="_blank" title="Click to know more about BASIS">BASIS</a> of <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a>.</body></html> | |
| 1320. |
In trading and profit and loss account, opening stock appears on the debit side because it forms the part of the cost of sales for the current accounting year. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :T</body></html> | |
| 1321. |
In the following Trading and Profit and Loss Account for the year ended 31st March, 2019, and Balance Sheet as on that date, determine the missing information: |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C18_E01_002_S01.png" width="80%"/></body></html> | |
| 1322. |
In the following Machinery Account. Determine the missing values, if depreciation is to be charged " @ "10% p.a. as per Diminishing Balance Method. On 1st October, 2018, a part of the machinery valued in the books of the firm at Rs 16,000 on 1st July, 2016 was sold for Rs 10,000. |
| 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>: <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 6,000; 2: Rs 74,000; <a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>: Rs 80,000; <a href="https://interviewquestions.tuteehub.com/tag/4-311707" style="font-weight:bold;" target="_blank" title="Click to know more about 4">4</a>: Rs 80,000; 5: Rs 74,000; 6: Rs 7,400; 7: Rs 66,600; 8: Rs 74, 000; 9: Rs 74,000; 10: Rs 66,600; 11: Rs 10,000; 12: Rs 666; 13: Rs 2,654; 14: Rs 5,328; 15: Rs 47,952.]</body></html> | |
| 1323. |
In the following Machinery Account, determine the missing values, if depreciation is to be charged "@ "10% p.a. on the Original Cost. On 1st October, 2018, the machinery was sold for Rs 1,20,000. |
| 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> :[1: Rs 20,000; <a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>: Rs 1,80,000 3: Rs 1,80,000; 4: Rs 20,000; <a href="https://interviewquestions.tuteehub.com/tag/5-319454" style="font-weight:bold;" target="_blank" title="Click to know more about 5">5</a>: Rs 1,60,000 6: Rs 1,60,000; 7: Rs 1,20,000; 8: Rs 10,000; 9: Rs 30,000; 10: Rs 1,60,000; 11: Rs 1,60,000.]</body></html> | |
| 1324. |
In the following Purchases Return Book, determine the missing information: |
| Answer» <html><body><p><br/></p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>: Rs. 3,000; 2: Rs. 40,000; 3: Rs. 1,30,000; 4: 13,000; 5: Rs. 1,<a href="https://interviewquestions.tuteehub.com/tag/17-278001" style="font-weight:bold;" target="_blank" title="Click to know more about 17">17</a>,000; 6: CGST; <a href="https://interviewquestions.tuteehub.com/tag/7-332378" style="font-weight:bold;" target="_blank" title="Click to know more about 7">7</a>: SGST; 8: Rs. 7,020; 9: 7,020; 10: Rs. 1,31,040; 11: Rs. 1,17,000; 12: Rs. 7,020; 13: Rs. 7,020; 14: 1,31,040; 15: Rs. 5,000; 16: 4; 17: Rs. 9,000; 18: 5%; 19: Rs. <a href="https://interviewquestions.tuteehub.com/tag/450-317308" style="font-weight:bold;" target="_blank" title="Click to know more about 450">450</a>; 20: Rs. 1,026; 21: Rs. 8,550; <a href="https://interviewquestions.tuteehub.com/tag/22-294057" style="font-weight:bold;" target="_blank" title="Click to know more about 22">22</a>: Rs. 1,026; 23: Rs. 9,576; 24: 40,000; 25: 5%; 26: Rs. 4,560; 27: Rs. 42,560; 28: Rs. 38,000; 29: Rs. 4,560; 30: Rs. 42,560; 31: Rs. 1,63,550; 32: Rs. 7,020; 33: Rs. 7,020; 34: Rs. 5,586; 35: Rs. 1,83,176.</body></html> | |
| 1325. |
In the following Sales Book, determine the missing information: |
| 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_C11_E01_072_S01.png" width="80%"/></body></html> | |
| 1326. |
In the following Machinery Account, determine the missing values, if depreciation is to be charged "@ "10% p.a. as per Straight Line 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> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C14_E01_091_S01.png" width="80%"/> <br/> Note: Depreciation for the first year (2016-17) will be charged for 6 <a href="https://interviewquestions.tuteehub.com/tag/months-1101351" style="font-weight:bold;" target="_blank" title="Click to know more about MONTHS">MONTHS</a> because the machinery was <a href="https://interviewquestions.tuteehub.com/tag/purchased-2962400" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASED">PURCHASED</a> on 1st October, 2016, i.e., it was <a href="https://interviewquestions.tuteehub.com/tag/used-2318798" style="font-weight:bold;" target="_blank" title="Click to know more about USED">USED</a> for six months.</body></html> | |
| 1327. |
In the following Journal Proper, determine the missing information : |
| Answer» <html><body><p><br/></p>Answer :1: Salaries A/c; <a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>: Outstanding Salaries A/c; 3: <a href="https://interviewquestions.tuteehub.com/tag/accrued-7662406" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUED">ACCRUED</a> Interest A/c ; 4: Interest <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> A/c; <a href="https://interviewquestions.tuteehub.com/tag/5-319454" style="font-weight:bold;" target="_blank" title="Click to know more about 5">5</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> Received A/c; 6: Rent Received in Advance A/c; 6 A: Output CGST A/c; 6 B: Output SGST A/c; 7: Prepaid Insurance Premium A/c; 8: Insurance Premium A/c; 9: Depreciation A/c; 10: Furniture A/c.</body></html> | |
| 1328. |
In the Cash Book of a firm, Bank Account showed a credit balaces of Rs. 5,000 . There were u npresented cheques amounting to Rs. 1,500. The Statement showed bank Statement ? |
| 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/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> in 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> <a href="https://interviewquestions.tuteehub.com/tag/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a> is Rs.4,200 <a href="https://interviewquestions.tuteehub.com/tag/overdraft-588599" style="font-weight:bold;" target="_blank" title="Click to know more about OVERDRAFT">OVERDRAFT</a></body></html> | |
| 1329. |
In the event of abnormal loss (say, loss of goods by fire), the amount of loss debited is |
| Answer» <html><body><p>Purchase Cost of the goods<br/>Purchase Cost of the goods plus Gst <a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a>. <br/>As <a href="https://interviewquestions.tuteehub.com/tag/per-590802" style="font-weight:bold;" target="_blank" title="Click to know more about PER">PER</a> the firm's decision <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 :NA</body></html> | |
| 1330. |
In spite of all efforts by the accounting team for the agreement of Trial balance , the difference is palced temporarily in miscellaneous epense account . Whether the decision is correct? If not , name the account in which the difference should have been placed explaining the nature of the account? |
| Answer» <html><body><p></p>Solution :The difference in trial <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> has beenwrongly placed in miscellaneous expenses accoiutn. Thus the decision is not correct.The differnce should have been placed in an <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> <a href="https://interviewquestions.tuteehub.com/tag/titled-7716896" style="font-weight:bold;" target="_blank" title="Click to know more about TITLED">TITLED</a> suspense account . Suspense accont is <a href="https://interviewquestions.tuteehub.com/tag/neither-1113494" style="font-weight:bold;" target="_blank" title="Click to know more about NEITHER">NEITHER</a> an asset account, lnor a <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a> account . It depends on whether the balance in suspense account is debit or creidit, it is placed accordinglyin the balance sheet.</body></html> | |
| 1331. |
In purchase book goods purchased on ……….are recorded. |
| 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/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a></body></html> | |
| 1332. |
In double column cash book ………transactions are also recorded. |
| 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/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a></body></html> | |
| 1333. |
In Journal Proper , only _______ discount is recorded. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a></body></html> | |
| 1334. |
In every transaction, _________ aspect are involved. |
| 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/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a>.</body></html> | |
| 1335. |
In cash Bank Overdraft, 'Bank Column' in Cash Book will show credit Balance. |
| 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> | |
| 1336. |
In case of net worth method of Single Entry System, Profit is ascertained by |
| Answer» <html><body><p>comparing 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> in the <a href="https://interviewquestions.tuteehub.com/tag/beginning-894536" style="font-weight:bold;" target="_blank" title="Click to know more about BEGINNING">BEGINNING</a> of the accounting <a href="https://interviewquestions.tuteehub.com/tag/period-1151023" style="font-weight:bold;" target="_blank" title="Click to know more about PERIOD">PERIOD</a> and the capital at the end of the accounting period.<br/>Preparing 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 Loss Account.<br/>Preparing 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> Sheet.<br/>None of these.</p>Solution :comparing the capital in the beginning of the accounting period and the capital at the end of the accounting period.</body></html> | |
| 1337. |
In case of net worth method of Single EntrySystem, profit is ascertained by |
| Answer» <html><body><p>comparing the capital in the beginning and capital at the <a href="https://interviewquestions.tuteehub.com/tag/end-971042" style="font-weight:bold;" target="_blank" title="Click to know more about END">END</a> of the <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> period<br/><a href="https://interviewquestions.tuteehub.com/tag/preparing-2949211" style="font-weight:bold;" target="_blank" title="Click to know more about PREPARING">PREPARING</a> a 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/>Preparing 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> Sheet.<br/>None of these. </p>Solution :comparing the capital in the beginning and capital at the end of the accounting period</body></html> | |
| 1338. |
In case of renewal of the bill, interset is charged for the period of |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/original-1139424" style="font-weight:bold;" target="_blank" title="Click to know more about ORIGINAL">ORIGINAL</a> <a href="https://interviewquestions.tuteehub.com/tag/bill-398201" style="font-weight:bold;" target="_blank" title="Click to know more about BILL">BILL</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/fresh-1000193" style="font-weight:bold;" target="_blank" title="Click to know more about FRESH">FRESH</a> Bill<br/>one Month<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> :Fresh Bill</body></html> | |
| 1339. |
In case of errors of partial omission, will the Trial Balance agree? Why? |
| Answer» <html><body><p></p>Solution :No, the Trial Balance will not agree. Because a Trial Balance will agree only if both <a href="https://interviewquestions.tuteehub.com/tag/aspects-885713" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECTS">ASPECTS</a> of a <a href="https://interviewquestions.tuteehub.com/tag/transaction-16213" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTION">TRANSACTION</a> are posted into Ledger <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a> with correct <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a>.</body></html> | |
| 1340. |
In case of dishonour of bill, noting changes are borne by Bank. |
| 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> | |
| 1341. |
In case lesser amount is recorded in sales invoice by mistake, then a ……. Is sent |
| 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> Note<br/><a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> Note<br/>Cash Note<br/>Debit or Credit Note</p>Answer :A</body></html> | |
| 1342. |
In case a Trial Balance does not agree,the difference is placed in |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/suspense-1236136" style="font-weight:bold;" target="_blank" title="Click to know more about SUSPENSE">SUSPENSE</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/>Drawing Accounts. <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> Account<br/>Trading Account . </p>Solution :Suspense Account</body></html> | |
| 1343. |
In Bank Reconciliation Statement a part of Double Entry System? |
| Answer» <html><body><p></p>Solution :No, BankReconciliation <a href="https://interviewquestions.tuteehub.com/tag/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a> is not a part of Double <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a> <a href="https://interviewquestions.tuteehub.com/tag/system-1237255" style="font-weight:bold;" target="_blank" title="Click to know more about SYSTEM">SYSTEM</a>. Itis a <a href="https://interviewquestions.tuteehub.com/tag/method-559432" style="font-weight:bold;" target="_blank" title="Click to know more about METHOD">METHOD</a> to reconcile to two <a href="https://interviewquestions.tuteehub.com/tag/balances-891822" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCES">BALANCES</a></body></html> | |
| 1344. |
In accounts recording is made of : |
| Answer» <html><body><p>Only <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> <br/>Only Non-financial transactions<br/>Financial 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 non-financial transactions<br/>Personal transactions of the proprietor</p>Answer :A</body></html> | |
| 1345. |
In _________ accounting , the process of posting, totalling and preparing Trial Balance are also performed, whereas in ________ accounting, these processes are performed through the __________ |
| 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/manual-1086260" style="font-weight:bold;" target="_blank" title="Click to know more about MANUAL">MANUAL</a>, <a href="https://interviewquestions.tuteehub.com/tag/computerised-7272897" style="font-weight:bold;" target="_blank" title="Click to know more about COMPUTERISED">COMPUTERISED</a>, <a href="https://interviewquestions.tuteehub.com/tag/software-25575" style="font-weight:bold;" target="_blank" title="Click to know more about SOFTWARE">SOFTWARE</a></body></html> | |
| 1346. |
In a two-column Cash Book , both Cash column and Bank Column are balanced. |
| 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> | |
| 1347. |
In a business provision for doubtful debts is created @5% on debtors every year. Name into two accounting principles followed in this process. |
| 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/consistency-930013" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENCY">CONSISTENCY</a> and <a href="https://interviewquestions.tuteehub.com/tag/prudence-1171261" style="font-weight:bold;" target="_blank" title="Click to know more about PRUDENCE">PRUDENCE</a>.</body></html> | |
| 1348. |
Imprest system of petty cash is used for easing the work of the Headk cashier .Do you agree? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a>, it <a href="https://interviewquestions.tuteehub.com/tag/distributes-956936" style="font-weight:bold;" target="_blank" title="Click to know more about DISTRIBUTES">DISTRIBUTES</a> the <a href="https://interviewquestions.tuteehub.com/tag/wok-744340" style="font-weight:bold;" target="_blank" title="Click to know more about WOK">WOK</a> of hanling <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a></body></html> | |
| 1349. |
IFRS are based on |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/historical-487197" style="font-weight:bold;" target="_blank" title="Click to know more about HISTORICAL">HISTORICAL</a> <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a>.<br/><a href="https://interviewquestions.tuteehub.com/tag/fair-459033" style="font-weight:bold;" target="_blank" title="Click to know more about FAIR">FAIR</a> <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a>.<br/>both historical cost and fair value.<br/>None of these.</p>Solution :fair value.</body></html> | |
| 1350. |
If wages paid for installation of new machinery is debited to wages Account, it is: |
| Answer» <html><body><p> An <a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a> of <a href="https://interviewquestions.tuteehub.com/tag/commission-422814" style="font-weight:bold;" target="_blank" title="Click to know more about COMMISSION">COMMISSION</a>.<br/> An error of <a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a><br/> A <a href="https://interviewquestions.tuteehub.com/tag/compensating-2531812" style="font-weight:bold;" target="_blank" title="Click to know more about COMPENSATING">COMPENSATING</a> error. <br/>An error of omission.<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> | |