2427 + Interview Questions in Accounts in Class 11 Page 28 InterviewSolution

1351.	IFRS are
Answer» rule based ACCOUNTING STANDARDS. PRINCIPLE based accounting standards. partially rule based and partially prinsiple based accounting standards. None of the above. Solution :principle based accounting standards.

Discussion

1352.	If Trial Balance matches, it means
Answer» ARITHMETICAL accuracy book are accurate Both (a) and (B) None of these . SOLUTION :arithmetical accuracy

Discussion

1353.	If the total of the credit side of the profit and loss account is more than the total of the debit side, the difference is the net profit.
Answer» ANSWER :T

Discussion

1354.	If the Trial Balance tallies, it is proved that there are no errors.
Answer» SOLUTION : FALSE

Discussion

1355.	If the totalassets ofthe business are â‚¹4,50,000 and outside liabilities are â‚¹2,00,000 calculate owner'sequity.
Answer» SOLUTION :ASSETS = OWNER's EQUITY + LIABILITIES â‚¹ 4,50,000 = Owner's Equity + â‚¹ 2,00,000.

Discussion

1356.	If the totalassets ofthe business are ₹4,50,000 and outside liabilities are ₹2,00,000 calculate owner'sequity.
Answer» SOLUTION :ASSETS = OWNER's EQUITY + LIABILITIES ₹ 4,50,000 = Owner's Equity + ₹ 2,00,000.

Discussion

1357.	If the totalassets of a business are â‚¹1,30,000 and net worthis â‚¹80,000, calculate the creditors. [Hint : NewWorth = Assests - Liabilities.]
Answer» ANSWER :â‚¹50,000

Discussion

1358.	If the totalassets of a business are ₹1,30,000 and net worthis ₹80,000, calculate the creditors. [Hint : NewWorth = Assests - Liabilities.]
Answer» ANSWER :₹50,000

Discussion

1359.	If the total assets ofa business are â‚¹1,30,000 and capital is â‚¹80,000, calculate the outside liabilities.
Answer» Solution :â‚¹50,000(OUTSIDE LIABILITIES = Total ASSETS - Capital)

Discussion

1360.	If the total assets ofa business are ₹1,30,000 and capital is ₹80,000, calculate the outside liabilities.
Answer» SOLUTION :₹50,000(OUTSIDE Liabilities = TOTAL ASSETS - Capital)

Discussion

1361.	If the rent of one month is still to be paid the adjustment entry will be :
Answer» DEBIT OUTSTANDING rent ACCOUNT and Credit rent account Debit profit and LOSS account and Credit rent account Debit rent account and Credit profit and loss account Debit rent account and Credit outstanding rent account Solution :N/a

Discussion

1362.	If the rate of gross profit is 25% of sales and Cost of Goods sold is Rs. 1,00,000, the amount of gorss profit will be
Answer» RS. 25,000. Rs. 33,333 Rs. 20,000. None of these. Answer :B

Discussion

1363.	If the rent received in advance Rs. 2,000. The adjustment entry will be :
Answer» Debit PROFIT and LOSS account and CREDIT rent account Debit rent account Credit rent RECEIVED in ADVANCE account Debit rent received in advance account and Credit rent account None of these. Solution :N/a

Discussion

1364.	If the opening capital is Rs. 50,000 as on April 01, 2016 and additional capital introduced Rs. 10,000 on January 01, 2017. Interest charge on capital 10% p.a. The amount of interest on capital shown in profit and loss account as on March 31, 2017 will be :
Answer» RS. 5,250 Rs. 6,000 Rs. 4,000 Rs. 3,000 Solution :N/a

Discussion

1365.	If the insurance premium paid Rs. 1,000 and pre-paid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be :
Answer» RS. 1,300 Rs. 1,000 Rs. 300 Rs. 700 Solution :N/a

Discussion

1366.	If the gross profit is 20% of cost of goods sold and sales are Rs. 1,00,000, the amount of gross profit will be
Answer» RS. 20,000. Rs. 25,000. Rs. 16,667. None of these. Answer :C

Discussion

1367.	If the Goods are soldor supplied from Delhi to Gurugram, it is Inter-State Supply.
Answer» SOLUTION : TRUE

Discussion

1368.	If the Goods are sold or supplied from Gorakhpur, UP to Kolkata, West Bengal, it is Inter-State Supply.
Answer» SOLUTION : FALSE

Discussion

1369.	If the debitas well as credit aspects of a transactions are recorded in the cash book , it is called …..
Answer» CONTRA ENTRY COMPOUND Entry OPENING Entry Adjustment Entry ANSWER :A

Discussion

1370.	Ifthe capitalof a business is â‚¹3,00,000 and liabilites are â‚¹50,000 loss â‚¹70,000 calculate the total assets of thebusiness.
Answer» ANSWER :â‚¹2,80,000

Discussion

1371.	If thecapitalof a business is â‚¹70,000 andliabilietes are ofâ‚¹40,000 calculate thetotal assets.
Answer» SOLUTION :TOTAL ASSETS = CAPITAL + LIABILITIES â‚¹70,00 + â‚¹40,00 = â‚¹1,10,00

Discussion

1372.	If thecapitalof a business is ₹70,000 andliabilietes are of₹40,000 calculate thetotal assets.
Answer» SOLUTION :TOTAL ASSETS = CAPITAL + LIABILITIES ₹70,00 + ₹40,00 = ₹1,10,00

Discussion

1373.	Ifthe capitalof a business is ₹3,00,000 and liabilites are ₹50,000 loss ₹70,000 calculate the total assets of thebusiness.
Answer» ANSWER :₹2,80,000

Discussion

1374.	If the Capital is â‚¹2,60,000 and Assetsare â‚¹ 5,00,000, what isamountof Liabilites ?
Answer» ANSWER :â‚¹ 2,40,000

Discussion

1375.	If the Capital is ₹2,60,000 and Assetsare ₹ 5,00,000, what isamountof Liabilites ?
Answer» SOLUTION :₹ 2,40,000

Discussion

1376.	If the Capital is â‚¹1,00,000 and OutsideLiabilitiesare â‚¹2,50,000, find the Total Assets.
Answer» ANSWER :â‚¹ 3,50,000

Discussion

1377.	If the Capital is ₹1,00,000 and OutsideLiabilitiesare ₹2,50,000, find the Total Assets.
Answer» SOLUTION :₹ 3,50,000

Discussion

1378.	If the amount of any known liability cannot be determined with substantial accuracy, ________ is created.
Answer» SOLUTION :PROVISION

Discussion

1379.	Iftheamount ofany known liability cannotbe determinedaccurately.
Answer» Provision should be CREATED Definiteliability SHOULDBE created Reserve shouldbe created Shouldbe SHOWN asa CONTINGENT liability Answer :a

Discussion

1380.	If the amount of any known liability can be determined with accuracy
Answer» LIABILITY should be provided. a PROVISION should be made. a RESERVE should be SET aside. None of these. Answer :A

Discussion

1381.	If the amount of any known liability cannot be determined with accuracy
Answer» a LIABILITY should be provided. a PROVISION should be made. a RESERVE should be SET aside. None of these. Answer :B

Discussion

1382.	If the amount of a known Liability can be ascertained with accuracy, it should be treated as a Liability or a Provision Comment.
Answer» SOLUTION :It should be TREATED as a LIABILITY and not a PROVISION.

Discussion

1383.	If the amount of any known liability can be detemined with substantial accuracy, ___________ is created.
Answer» SOLUTION :LIABILITY

Discussion

1384.	If the adjustment related to bad debts is given outside the Trial Balance the it is adjusted by debiting ______ and crediting_________
Answer» Solution :BAD DEBTS ACCOUNT, SUNDRY Debtors account

Discussion

1385.	If suspense account does not balance off even after rectification of errors it implies that
Answer» There are some one SIDED errors only in the books YET to be LOCATED. There are no more errors yet to be located. There are some TWO sided errors only yet to be located. There may be both one sided errors and two sided errors yet to be located. Solution : (a

Discussion

1386.	If the accounting information is not clearly presented, which of the qualitative characteristics of the accounting information is violated ?
Answer» SOLUTION :UNDERSTANDABILITY.

Discussion

1387.	If Shyam has sold goods to Ramesh for cash , the entry will be recorded in the
Answer» CASH BOOK SALES Book journal Purchase Book SOLUTION :Cash Book

Discussion

1388.	If seller receives back the goods sold , he prepares Credit Note.
Answer» SOLUTION : TRUE

Discussion

1389.	If sales are Rs. 60,000 and the rate of Gross Profit on Cost of Goods Sold is 25%, Cost of Goods Sold will be
Answer» RS. 45,000 Rs. 50,000 Rs. 48,000 None of these. ANSWER :C

Discussion

1390.	If seller receives back the goods sold, he will prepare
Answer» CREDIT NOTE. Debit Note. Both (a) and (B). NONE of these. Solution :Credit Note.

Discussion

1391.	If Ram's acceptance which was endorsed in favour of Saleem is dishonoured, then the amount will be debited to
Answer» Saleem RAM BILLS RECEIVABLE ACCOUNT. Any of these SOLUTION :Ram

Discussion

1392.	If Ram's acceptance which was endorsed by us in favour of Saleem is dishonoured , then the amount will be debited in our books to
Answer» saleem RAM Bills Receicable Account. none of these. SOLUTION :Ram

Discussion

1393.	If Ramesh has sold goods for cash, the entry will be recorded
Answer» in the CASH BOOK in the Sale Book in the JOURNAL PROPER. NONE of the above. Solution :in the Cash Book

Discussion

1394.	If purchaser of goods returns them, he will prepare
Answer» CREDIT NOTE. DEBIT Note. Both (a) and (B). NONE of these. Solution :Debit Note.

Discussion

1395.	If pruchaser of goods returns the goods, he will prepare a _________
Answer» SOLUTION :DEBIT NOTE

Discussion

1396.	If outstanding salary appears in the Trial Balance, it is taken to the ________
Answer» SOLUTION :BALANCE SHEET

Discussion

1397.	If opening capital is Rs 60,000, drawings Rs 5,000, capital introduced during the period Rs 10,000, closing capital Rs 90,000. The value of profit earned during the period will be:
Answer» RS 20,000 Rs 25,000 Rs 30,000 Rs 40,000 Solution :B

Discussion

1398.	If due date of a bill falls on a public holiday, then the maturity date is on
Answer» ONE day after the MATURITY DATE one day before the maturity date Publuc holidays none of these. SOLUTION :one day before the maturity date

Discussion

1399.	If one aspect of a transaction is not recorded , which accounting concept is not followed ?
Answer» SOLUTION :DUAL ASPECT CONCEPT.

Discussion

1400.	If fhe Goods are sold or supplied from Lucknow, UP to Kanpur, UP, it is Inter -State Supply.
Answer» SOLUTION : FALSE

Discussion

Explore topic-wise InterviewSolutions in .

IFRS are

If Trial Balance matches, it means

If the total of the credit side of the profit and loss account is more than the total of the debit side, the difference is the net profit.

If the Trial Balance tallies, it is proved that there are no errors.

If the totalassets ofthe business are â‚¹4,50,000 and outside liabilities are â‚¹2,00,000 calculate owner'sequity.

If the totalassets ofthe business are ₹4,50,000 and outside liabilities are ₹2,00,000 calculate owner'sequity.

If the totalassets of a business are â‚¹1,30,000 and net worthis â‚¹80,000, calculate the creditors. [Hint : NewWorth = Assests - Liabilities.]

If the totalassets of a business are ₹1,30,000 and net worthis ₹80,000, calculate the creditors. [Hint : NewWorth = Assests - Liabilities.]

If the total assets ofa business are â‚¹1,30,000 and capital is â‚¹80,000, calculate the outside liabilities.

If the total assets ofa business are ₹1,30,000 and capital is ₹80,000, calculate the outside liabilities.

If the rent of one month is still to be paid the adjustment entry will be :

If the rate of gross profit is 25% of sales and Cost of Goods sold is Rs. 1,00,000, the amount of gorss profit will be

If the rent received in advance Rs. 2,000. The adjustment entry will be :

If the opening capital is Rs. 50,000 as on April 01, 2016 and additional capital introduced Rs. 10,000 on January 01, 2017. Interest charge on capital 10% p.a. The amount of interest on capital shown in profit and loss account as on March 31, 2017 will be :

If the insurance premium paid Rs. 1,000 and pre-paid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be :

If the gross profit is 20% of cost of goods sold and sales are Rs. 1,00,000, the amount of gross profit will be

If the Goods are soldor supplied from Delhi to Gurugram, it is Inter-State Supply.

If the Goods are sold or supplied from Gorakhpur, UP to Kolkata, West Bengal, it is Inter-State Supply.

If the debitas well as credit aspects of a transactions are recorded in the cash book , it is called …..

Ifthe capitalof a business is â‚¹3,00,000 and liabilites are â‚¹50,000 loss â‚¹70,000 calculate the total assets of thebusiness.

If thecapitalof a business is â‚¹70,000 andliabilietes are ofâ‚¹40,000 calculate thetotal assets.

If thecapitalof a business is ₹70,000 andliabilietes are of₹40,000 calculate thetotal assets.

Ifthe capitalof a business is ₹3,00,000 and liabilites are ₹50,000 loss ₹70,000 calculate the total assets of thebusiness.

If the Capital is â‚¹2,60,000 and Assetsare â‚¹ 5,00,000, what isamountof Liabilites ?

If the Capital is ₹2,60,000 and Assetsare ₹ 5,00,000, what isamountof Liabilites ?

If the Capital is â‚¹1,00,000 and OutsideLiabilitiesare â‚¹2,50,000, find the Total Assets.

If the Capital is ₹1,00,000 and OutsideLiabilitiesare ₹2,50,000, find the Total Assets.

If the amount of any known liability cannot be determined with substantial accuracy, ________ is created.

Iftheamount ofany known liability cannotbe determinedaccurately.

If the amount of any known liability can be determined with accuracy

If the amount of any known liability cannot be determined with accuracy

If the amount of a known Liability can be ascertained with accuracy, it should be treated as a Liability or a Provision Comment.

If the amount of any known liability can be detemined with substantial accuracy, ___________ is created.

If the adjustment related to bad debts is given outside the Trial Balance the it is adjusted by debiting ______ and crediting_________

If suspense account does not balance off even after rectification of errors it implies that

If the accounting information is not clearly presented, which of the qualitative characteristics of the accounting information is violated ?

If Shyam has sold goods to Ramesh for cash , the entry will be recorded in the

If seller receives back the goods sold , he prepares Credit Note.

If sales are Rs. 60,000 and the rate of Gross Profit on Cost of Goods Sold is 25%, Cost of Goods Sold will be

If seller receives back the goods sold, he will prepare

If Ram's acceptance which was endorsed in favour of Saleem is dishonoured, then the amount will be debited to

If Ram's acceptance which was endorsed by us in favour of Saleem is dishonoured , then the amount will be debited in our books to

If Ramesh has sold goods for cash, the entry will be recorded

If purchaser of goods returns them, he will prepare

If pruchaser of goods returns the goods, he will prepare a _________

If outstanding salary appears in the Trial Balance, it is taken to the ________

If opening capital is Rs 60,000, drawings Rs 5,000, capital introduced during the period Rs 10,000, closing capital Rs 90,000. The value of profit earned during the period will be:

If due date of a bill falls on a public holiday, then the maturity date is on

If one aspect of a transaction is not recorded , which accounting concept is not followed ?

If fhe Goods are sold or supplied from Lucknow, UP to Kanpur, UP, it is Inter -State Supply.

If the adjustment related to bad debts is given outside the Trial Balance the it is adjusted by debiting and crediting___