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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.
| 1451. |
Howare the followingitems dealt in Accounting Equation ? (i) Interest duebut notreceived ₹500. (ii)Rentreceivedin a dvance ₹1,000 (iii)Isurance premium paidin advance ₹1,500.(iv) Salaries due tonot paid ₹2,000. |
| 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> :(i) Interest duebutnot recived shall be added to assest on <a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a> side and tothe capital on other side. <br/> (ii)It willincreasecashonthe assetsside and increase the liabilities. <br/> (iii) It will decrease one assets ( cash) and increase another assets (Prepaid insurance). <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>) Salary beingan expense will be deducted fromthe capitaland beingunpaid will be added to liabilities.</body></html> | |
| 1452. |
How are Prepaid Expanses shown in the Final Accounts ? |
| Answer» <html><body><p></p>Solution :Prepaid Expenses are deducted from the relvevant expense and shown in 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 or <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 . They are also shown 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 on the assets <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> under the main head Current assets.</body></html> | |
| 1453. |
How are Outstanding Expenses shown in the Final Accounts? |
| Answer» <html><body><p></p>Solution :Outstanding Expanses are added to the relevant <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 shown either in the Trading Account or the Profit and Loss Account. They <a href="https://interviewquestions.tuteehub.com/tag/also-373387" style="font-weight:bold;" target="_blank" title="Click to know more about ALSO">ALSO</a> shown 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> on the Liabilities side under the main head Current Liabilities.</body></html> | |
| 1454. |
How an Accounting Voucher is prepared? |
| 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> :Accounting <a href="https://interviewquestions.tuteehub.com/tag/voucher-1448322" style="font-weight:bold;" target="_blank" title="Click to know more about VOUCHER">VOUCHER</a> is prepared on the basis of source voucher after <a href="https://interviewquestions.tuteehub.com/tag/analysing-874205" style="font-weight:bold;" target="_blank" title="Click to know more about ANALYSING">ANALYSING</a> and determining <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a> to be <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a> and credited.</body></html> | |
| 1455. |
Harshad commenced business with capital of ₹ 1,50,000. At the end of the year his assets were ₹2,50,000 and creditors were ₹25,000. His closing capital and profit/loss for the year will be |
| Answer» <html><body><p> ₹ 2,75,000 and ₹ 75,000<br/>₹ 2,25,000 and ₹ 75,000<br/>₹ 2,75,000 and ₹50,000<br/> ₹ 2,75,000 and ₹ 1,25,000</p>Answer :<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> | |
| 1456. |
Harisharna had started a new mid sized business .He being new to accounting sought advice from a chartered accountatnt on manntenance of accounts.He was advised that he should follow Double Entrysystem of acconting maintaining acconts on accrual basis .Some of his friends advised him to maintain accounts on cash basis of accounting.HGe decided to follow the advice of the chartered accountatnt you have to appraise judge and justify whether the decision of shri hariharn is correct |
| Answer» <html><body><p></p>Solution :The decision of <a href="https://interviewquestions.tuteehub.com/tag/hariharan-482523" style="font-weight:bold;" target="_blank" title="Click to know more about HARIHARAN">HARIHARAN</a> to maintain accounts on double entry system of accounting <a href="https://interviewquestions.tuteehub.com/tag/following-463335" style="font-weight:bold;" target="_blank" title="Click to know more about FOLLOWING">FOLLOWING</a> accrual concept is <a href="https://interviewquestions.tuteehub.com/tag/correct-409949" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECT">CORRECT</a> because when account are maintaine on accrual based double entry system of accounting , coorect income expenditure, liabiliteis and assets are shown in the financial statements. Itis <a href="https://interviewquestions.tuteehub.com/tag/important-1038039" style="font-weight:bold;" target="_blank" title="Click to know more about IMPORTANT">IMPORTANT</a> to know the correct income, expenditrue, liabliiteis and assets as it enables the businessman to plan his finances .Had he followed cahs basis of accounting the business would not have shown correct financial performance and financial position as credit transactions would not have been recorded</body></html> | |
| 1457. |
Hari, who keeps his books on Single Entry System, tells you that his capital on 31st March, 2019 is Rs. 1,87,000 and his capital on 1st April, 2018 was Rs. 1,92,000. He futher informs you that during the year, he withdrew for his household purposes Rs. 84,200. He once sold his investment of Rs. 20,000 at 2% premium and brought that money into the business. You are required to prepare a Statement of Profit of Loss. |
| 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_C20_S01_002_S01.png" width="80%"/></body></html> | |
| 1458. |
Hari maintains his books of account on Single Entry System. His books provide the following information: |{:(,,"1st April, 2018 (Rs.)","31 March, 2019 (Rs.)"),("Furniture",.......................................................,"2,000","2,000"),("Stock",.......................................................,"28,000","30,500"),("Sundry Debtors",.......................................................,"21,000","34,000"),("Cash",.......................................................,"1,500","2,00"),("Sundry creditors",.......................................................,"17,500","19000"),("Bills Receivable",.......................................................,"...","5,000"),("Loan",.......................................................,"...","5,000"),("Investments",.......................................................,"...","10,000"):}| His drawing during the year were Rs. 5,000. Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 10% on Sundry Debtors. Prepare the statement showing the profits for the 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> :<a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> during 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> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 23,900.</body></html> | |
| 1459. |
Hardware and software are essential for computers, wheraas humanware is not . |
| 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> | |
| 1460. |
Gurpreet purchased 1,000 sq . Yards land to build a factory and pain Rs. 15 lakhs towards its cost including registration charges . At the end of the financial year , the value of the land came down to Rs.13 lakhs . Gurpreet recorded the land at Rs. 13 lakhsand booked a loss of Rs. 2 lakhs . Is he correct in treating the fall in value as a loss ? |
| 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, Gurpreet is not correct because he has purchased a fixed <a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> by paying Rs.15 lakhs.The cost Concept 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> holds that an asset should be recorded in 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> <a href="https://interviewquestions.tuteehub.com/tag/atthe-887610" style="font-weight:bold;" target="_blank" title="Click to know more about ATTHE">ATTHE</a> price paid.</body></html> | |
| 1461. |
GST pain on purchase of assets to be used in business is allowed as ________ 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/input-11237" style="font-weight:bold;" target="_blank" title="Click to know more about INPUT">INPUT</a></body></html> | |
| 1462. |
GST paid(Input GST) can be set off against GST Collecte (Output GST). It is not a cost but an asset. |
| 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> | |
| 1463. |
GST paid by the purchaser of Goods and /or Services is ________ GST |
| 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/input-11237" style="font-weight:bold;" target="_blank" title="Click to know more about INPUT">INPUT</a></body></html> | |
| 1464. |
GST is not levied on Salaries and Wages . |
| 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> | |
| 1465. |
GST is charged by a ___________ tax payer. |
| 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/registered-1182323" style="font-weight:bold;" target="_blank" title="Click to know more about REGISTERED">REGISTERED</a></body></html> | |
| 1466. |
GST collected is a __________ |
| 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/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a></body></html> | |
| 1467. |
GST is an _______ tax. |
| 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/indirect-514760" style="font-weight:bold;" target="_blank" title="Click to know more about INDIRECT">INDIRECT</a></body></html> | |
| 1468. |
GST Collected by the seller of Goods and / or Servicesis ________ GST |
| 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/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a></body></html> | |
| 1469. |
GSC Co. purchased goods from Mohan & Co. for Rs. 50,000 plus CGST and SGST@ 6% each . As per the terms, if GSC Co. made full payment to Mohan & Co. within 15 days it will get Cash Discount of 2% GSC Co. paid Rs. 28,000 within thestipulated time. Determine the amount of CashDiscount that GSC Co. will get. |
| 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/gsc-469294" style="font-weight:bold;" target="_blank" title="Click to know more about GSC">GSC</a> Co. will not get any <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 because it has not paid total amount due. <a href="https://interviewquestions.tuteehub.com/tag/itwas-520723" style="font-weight:bold;" target="_blank" title="Click to know more about ITWAS">ITWAS</a> entitled to `2%` Cash Discount, if it had paid the amount due in full.</body></html> | |
| 1470. |
Gross profit is total revenue |
| 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> | |
| 1471. |
Gopi Chand maintains his books of account on Single Entry System. Calculate his profit on 31st March, 2019 from the following information: {:("Liabilities and Assets","1st April, 2018 (Rs.)","31st March, 2019 (Rs.)"),("Cash in Hand","1,500","500"),("Bank Balance","4,500","3,500"),("Fumiture","2,000","2,000"),("Stock","1,000","3,000"),("Creditors","4,000","3,000"),("Debtors","3,000","4,000"):} During the year his drawings were Rs. 1,000 and additional capital invested Rs. 2,000. |
| 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_C20_S01_009_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_009_S02.png" width="80%"/></body></html> | |
| 1472. |
Government is the internal user of accounting information. |
| 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> | |
| 1473. |
Goodwill is a tangible Asset. |
| 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> | |
| 1474. |
Goodwill is a/an |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/tangible-663303" style="font-weight:bold;" target="_blank" title="Click to know more about TANGIBLE">TANGIBLE</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><br/><a href="https://interviewquestions.tuteehub.com/tag/intangible-499512" style="font-weight:bold;" target="_blank" title="Click to know more about INTANGIBLE">INTANGIBLE</a> Asset<br/>Current Asset<br/>Fictitious Asset</p>Solution :Intangible Asset</body></html> | |
| 1475. |
Goodwill is a |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/fictitious-987269" style="font-weight:bold;" target="_blank" title="Click to know more about FICTITIOUS">FICTITIOUS</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><br/>Tangible Asset<br/><a href="https://interviewquestions.tuteehub.com/tag/intangible-499512" style="font-weight:bold;" target="_blank" title="Click to know more about INTANGIBLE">INTANGIBLE</a> Asset<br/>Expense</p>Solution :Intangible Asset</body></html> | |
| 1476. |
Goodwill account is a Real 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 1477. |
Goods withdrawn by the proprietor for his own use not been reocrded in the books of account.Which acccounting principle has not been followed? |
| 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/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> <a href="https://interviewquestions.tuteehub.com/tag/entity-972730" style="font-weight:bold;" target="_blank" title="Click to know more about ENTITY">ENTITY</a> <a href="https://interviewquestions.tuteehub.com/tag/principal-1166121" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPAL">PRINCIPAL</a></body></html> | |
| 1478. |
Goodwill account is a |
| 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/><a href="https://interviewquestions.tuteehub.com/tag/real-1178490" style="font-weight:bold;" target="_blank" title="Click to know more about REAL">REAL</a> 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/><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 :Real Account</body></html> | |
| 1479. |
Goods withdrawn by the proprietor for his personal use has not been recorded in the books of accounts. Which accounting concept has been involved? |
| 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/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> <a href="https://interviewquestions.tuteehub.com/tag/entity-972730" style="font-weight:bold;" target="_blank" title="Click to know more about ENTITY">ENTITY</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> | |
| 1480. |
Goods were sold to Jogi for Rs. 4,000 and to Yogi for Rs. 3,000. The transactions were recorded properly in the Sales Book, but Rs. 3,000 was posted to Jogi, while Rs. 4,000 was posted to Yogi. Identify the type of error. |
| 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/compensating-2531812" style="font-weight:bold;" target="_blank" title="Click to know more about COMPENSATING">COMPENSATING</a> <a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a>.</body></html> | |
| 1481. |
Goods taken by the proprieter for presonal use is |
| Answer» <html><body><p>Sale<br/><a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a><br/>Purchase<br/>None of these</p>Solution :Drawings</body></html> | |
| 1482. |
Goods taken by the owner for personal use is debited to capital 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> | |
| 1483. |
Goods taken by proprietor for personal use is debited to Drawings account that includes |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> Cost of the goods<br/> Purchase Cost of the goods <a href="https://interviewquestions.tuteehub.com/tag/plus-591752" style="font-weight:bold;" target="_blank" title="Click to know more about PLUS">PLUS</a> 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 per the firm's <a href="https://interviewquestions.tuteehub.com/tag/decision-945807" style="font-weight:bold;" target="_blank" title="Click to know more about DECISION">DECISION</a> <br/>None of these. </p>Solution :Purchase Cost of the goods</body></html> | |
| 1484. |
Goods taken away by the proprietor from business for his personal use will be recorded in : |
| Answer» <html><body><p><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/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/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> Book<br/>Purchases <a href="https://interviewquestions.tuteehub.com/tag/return-1187910" style="font-weight:bold;" target="_blank" title="Click to know more about RETURN">RETURN</a> Book<br/>Journal Proper</p>Answer :D</body></html> | |
| 1485. |
Goods of Rs. 500 given as charity should be credited to |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/charity-914534" style="font-weight:bold;" target="_blank" title="Click to know more about CHARITY">CHARITY</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/>Sales Account.<br/><a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> Account.<br/>None of these.</p>Solution :Purchases Account.</body></html> | |
| 1486. |
Goods sold for Cash Rs. 25,000 plus 12% IGST. Sales A/c will be credited by : Rs. 22,000 |
| 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>. 22,000<br/>Rs. 25,000<br/>Rs. 28,000<br/>Noneof these</p>Answer :<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> | |
| 1487. |
Goods of Rs. 1,000 taken by the proprietor for personal use should be credited to |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</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/proprietor-1170512" style="font-weight:bold;" target="_blank" title="Click to know more about PROPRIETOR">PROPRIETOR</a>'s Personal <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> Account<br/><a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> Account <br/>Drawing Account </p>Solution :Purchases Account</body></html> | |
| 1488. |
Goods' means physical item of trade. |
| 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> | |
| 1489. |
Goods given as sample is debited to |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/staff-1223732" style="font-weight:bold;" target="_blank" title="Click to know more about STAFF">STAFF</a> <a href="https://interviewquestions.tuteehub.com/tag/welfare-734378" style="font-weight:bold;" target="_blank" title="Click to know more about WELFARE">WELFARE</a> Expanses<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> Promotion Expenses. <br/>Gereral Expenses. <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> :Sales Promotion Expenses</body></html> | |
| 1490. |
Goods means : |
| Answer» <html><body><p>Commodity to be <a href="https://interviewquestions.tuteehub.com/tag/bought-390840" style="font-weight:bold;" target="_blank" title="Click to know more about BOUGHT">BOUGHT</a> and <a href="https://interviewquestions.tuteehub.com/tag/sold-631881" style="font-weight:bold;" target="_blank" title="Click to know more about SOLD">SOLD</a> <br/>Commodity to be bought but not to be sold <br/>Commodity to be used and an asset <br/>All 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> | |
| 1491. |
Good Manufacturers Ltd. Purchased on 1st October, 2016 a machinery costing Rs 25,000. A sum of Rs 1,000 was spent upon its installation. Depreciation is charged "@ "10% p.a. on the Diminishing Balance Method. The company colses its books every on 31st March (Ignore GST). What will be the amount of Depreciation for the year ended 31st March 2017, 31st March 2018 and 31st March, 2019? |
| Answer» <html><body><p><br/></p>Solution :Depreciation for the year <a href="https://interviewquestions.tuteehub.com/tag/ended-2070567" style="font-weight:bold;" target="_blank" title="Click to know more about ENDED">ENDED</a> <a href="https://interviewquestions.tuteehub.com/tag/31st-307147" style="font-weight:bold;" target="_blank" title="Click to know more about 31ST">31ST</a> March, 2017 `=("<a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 25,000+ Rs 1,000")xx10//100xx6//"<a href="https://interviewquestions.tuteehub.com/tag/12-269062" style="font-weight:bold;" target="_blank" title="Click to know more about 12">12</a> = Rs 1,300."]`</body></html> | |
| 1492. |
Goods distributed to employees free of cost id debited to |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/staff-1223732" style="font-weight:bold;" target="_blank" title="Click to know more about STAFF">STAFF</a> Welfare Expanses<br/>Sales <a href="https://interviewquestions.tuteehub.com/tag/promotion-1169623" style="font-weight:bold;" target="_blank" title="Click to know more about PROMOTION">PROMOTION</a> Expenses. <br/>Gereral Expenses. <br/>None of these. </p>Solution :Staff Welfare Expanses</body></html> | |
| 1493. |
Goodscosting ₹10,000 havebeensoldfor cashat 25%profit . How willthe transacitonbe shownin the AccountingEquation? |
| 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/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> <a href="https://interviewquestions.tuteehub.com/tag/cah-411867" style="font-weight:bold;" target="_blank" title="Click to know more about CAH">CAH</a> by ₹12,500, <a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a> <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> ₹10,000, and Increasecapitalby ₹2,500.</body></html> | |
| 1494. |
Goodscosting ₹10,000 havebeensoldfor cashat 25%profit . How willthe transacitonbe shownin the AccountingEquation? |
| 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/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> <a href="https://interviewquestions.tuteehub.com/tag/cah-411867" style="font-weight:bold;" target="_blank" title="Click to know more about CAH">CAH</a> by ₹12,500, <a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a> <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> ₹10,000, and Increasecapitalby ₹2,500.</body></html> | |
| 1495. |
Goods destroyed by fire is credited 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> <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/>Goods <a href="https://interviewquestions.tuteehub.com/tag/lost-537630" style="font-weight:bold;" target="_blank" title="Click to know more about LOST">LOST</a> by <a href="https://interviewquestions.tuteehub.com/tag/fire-989497" style="font-weight:bold;" target="_blank" title="Click to know more about FIRE">FIRE</a> Account.<br/>Sales Account.<br/>None of these.</p>Solution :Trading Account.</body></html> | |
| 1496. |
Goning Concern is a _________ accounting assumption. |
| 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/fundamental-466867" style="font-weight:bold;" target="_blank" title="Click to know more about FUNDAMENTAL">FUNDAMENTAL</a></body></html> | |
| 1497. |
Godrej Ltd. Imported from Germany one machinery for sale in India andanother machinery for production purpose. Will you treat them goods or 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> :First machinery will be treated as goods, and <a href="https://interviewquestions.tuteehub.com/tag/second-1197322" style="font-weight:bold;" target="_blank" title="Click to know more about SECOND">SECOND</a> machinery will be treated as <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</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> | |
| 1498. |
Goning Concept assumes that business will be carried on for ________ period. |
| 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/indefinite-1041014" style="font-weight:bold;" target="_blank" title="Click to know more about INDEFINITE">INDEFINITE</a></body></html> | |
| 1499. |
Godrej Ltd. Imported from Germany one machinery for sale in India and another machinery for production purpose. Will you treat them goods or fixed assets ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/machinery-1082418" style="font-weight:bold;" target="_blank" title="Click to know more about MACHINERY">MACHINERY</a> imported for sale in <a href="https://interviewquestions.tuteehub.com/tag/india-54" style="font-weight:bold;" target="_blank" title="Click to know more about INDIA">INDIA</a> will be treated as <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a>. Machinery purchased for production will be treated as <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</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> | |
| 1500. |
Given two points regarding nature of accounting standards. |
| Answer» <html><body><p></p>Solution :(i) They <a href="https://interviewquestions.tuteehub.com/tag/lay-540270" style="font-weight:bold;" target="_blank" title="Click to know more about LAY">LAY</a> down the <a href="https://interviewquestions.tuteehub.com/tag/norms-1124495" style="font-weight:bold;" target="_blank" title="Click to know more about NORMS">NORMS</a> of accounting policies to <a href="https://interviewquestions.tuteehub.com/tag/direct-954477" style="font-weight:bold;" target="_blank" title="Click to know more about DIRECT">DIRECT</a> as to how the transactions should be recorded. <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>) They remove the effect of <a href="https://interviewquestions.tuteehub.com/tag/diverse-432080" style="font-weight:bold;" target="_blank" title="Click to know more about DIVERSE">DIVERSE</a> accounting policies.</body></html> | |