2427 + Interview Questions in Accounts in Class 11 Page 31 InterviewSolution

1501.	Giventwoexamplesof Specific Reserves.
Answer» Solution :(i) DIVIDEND EqualisationReserveand(ii) WORKMEN Compensation Fund.

Discussion

1502.	Given the opening and closing balances of debtors and the figure of credit sales, the balancing figure of Total Debtors Account will give
Answer» Bills received during the year. Cash received from DEBTORS. Closing balance of BILL receivable. None of these. Solution :Cash received from debtors.

Discussion

1503.	Given two examples of Capital Receipt
Answer» Solution :Two examples of CAPITAL Receipts are: (i) CONTRIBUTION TWOARDS capital, and (ii) Loan received by the BUSINESS

Discussion

1504.	Given the same rate per cent, assets depreciate faster by the - as compared to the -.
Answer» Solution :Straight Line METHOD, DIMINISHING BALANCE Method.

Discussion

1505.	Given two advantages of accounting standards.
Answer» Solution :(i) Accounting Stanards improve the reliability and CREDIBILITY of Financial Statements. (ii) Accounting Standards ENSURE the CONSISTENCY and COMPARABILITY of Financial Statements.

Discussion

1506.	Given an example of an item which may have been treated wrontly as Revenue Expenditure and charged in the Trading Account when it should have been treated as Capital Expenditure?
Answer» Solution :Wages paid to WORKERS for installing a meachinery wrongly DEBITED to Wages Account.

Discussion

1507.	Given an example of a Voucher.
Answer» SOLUTION :DEBIT VOUCHER.

Discussion

1508.	Give two uses of Electronic Spread Sheet.
Answer» SOLUTION :(i) For Pay-roll accounting (ii) For RECALCULATION if some values are CHANGED.

Discussion

1509.	Give two purposes of Accounting Information system .
Answer» SOLUTION :(i)SALES OrderProcessing (ii)Sales ORDER Processing (ii)INVENTORY control

Discussion

1510.	Give two objectives of preparing a Trial Balance.
Answer» Solution :(i) To ascertain the arithmetical ACCURACY of the ledger ACCOUNTS. (II) To help in LOCATING errors.

Discussion

1511.	Give two methods of providing Depreciation.
Answer» Solution :METHODS of computing depreciation are: (i) Straight Line Method, and (ii) WRITTEN Down VALUE Method.

Discussion

1512.	Give two limitations of Computrised Accounting System.
Answer» Solution :(i) Staff opposition . (II)HIGH COST of Teaining

Discussion

1513.	Give two features of Trial Balance.
Answer» SOLUTION :(i) It is a LIST of balances of all LEDGER Accounts and Cash Book. (II)It can be prepared on any date.

Discussion

1514.	Give two features of Computerised Accounting System.
Answer» SOLUTION :(i)Itfacilitateson-lineinputandstorageof accounting DATA . (ii)Itgenerates a PRINT - OUTOF purshaseand salesinvoices .

Discussion

1515.	Give two examples of transactions which are not recorded in accounting.
Answer» Solution :(i) Resignation by GENERAL Manager. (ii) VALUE of human RESOURCES.

Discussion

1516.	Give two examples of Revenue Receipts
Answer» SOLUTION :Two EXAMPLES of Revenue Receipt are: (i) Sales of goods and/or services, and (II) Interest RECEIVED

Discussion

1517.	Give two examples of revenue expenditure.
Answer» SOLUTION :(i) COST of GOODS SOLD, (ii)salary.

Discussion

1518.	Give two examples of Revenue Expenditure
Answer» Solution :Two EXAMPLE of REVENUE Expenditure are: (i) Payment of RENT, and (ii) Expenditure on REPAIRS and maintence of assets

Discussion

1519.	Give two examples of Provisions.
Answer» SOLUTION :(i) PROVISION for DEPRECIATION (II) Provision for REPAIRS.

Discussion

1520.	Give two examples of One-Sided Error.
Answer» SOLUTION :(i) Depreciation on computers not POSTED to Depreciation A/c. (ii) Purchase of stationery of Rs. 500 posted TWICE to Stationery A/c.

Discussion

1521.	Give two examples of Liability Account .
Answer» SOLUTION :Two examples of Liability ACCOUNT are : (i) Capital Account and `""` (II) CREDITOR's Account

Discussion

1522.	Give two examples of entries which appear in a'Journal Proper'.
Answer» SOLUTION :Credit purchase of PLANT and machineryand Credit SALES of fixed assets.

Discussion

1523.	Give two examples of Expense Account
Answer» Solution :Two EXAMPLES of EXPENSE Account are : (i) SALARY Account and `"" ` (ii) Commission Account .

Discussion

1524.	Give two examples of Intangible Assets.
Answer» SOLUTION :(i) GOODWILL , (II) PREPAID EXPENSES.

Discussion

1525.	Give two examples of Errors of Commission.
Answer» Solution :(i) RECORDING purchases of goods for RS. 5,000 as Rs. 50,000. (II) Cash BALANCE of Rs. 1,000 carried FORWARD as Rs. 10,000.

Discussion

1526.	Give two examples of Direct Expenses
Answer» SOLUTION :(i) FREIGHT INWARDS, and (ii) MANUFACTURING wages

Discussion

1527.	Give two examples of Current Liabilities.
Answer» SOLUTION :(i) CREDITORS , (II) BILLS PAYABLE

Discussion

1528.	Give two examples of Current Assets.
Answer» SOLUTION :(i) CASH, (II) STOCK

Discussion

1529.	Give two examples of Capital Reserve.
Answer» Solution :(i) Profit earned prior to incorporation. (II) PREMIUM on issue of SHARES or debentures (Securities Premium.)

Discussion

1530.	Give two examples of Asset Account .
Answer» SOLUTION :TWO examples of Asset Account are : (i) Land Account and `""` (II) COMPUTERS Account

Discussion

1531.	Give two examples of Capital Expenditure
Answer» Solution :TWO EXAMPLE of Capital EXPENDITURE are: (i) PURCHASE of a fixed asset, and (ii) Expenditure incurred on improvement of EXISTING asset

Discussion

1532.	Give two examples fo Tangible Assets.
Answer» SOLUTION :(i) LAND and BUILDING, (II) STOCK

Discussion

1533.	Give two example of Two-Sided Error.
Answer» Solution :(i) Machinery PURCHASED RECORDED in the PURCHASES Book. (ii) Old furniture sold recorded as SALES of GOODS.

Discussion

1534.	Give twocharacteristics of accounting principles.
Answer» SOLUTION :(i) Accounting principles are MAN MADE. (ii) Accountingprinciples are FLEXIBLE.

Discussion

1535.	Give two characteristics of a business transaction.
Answer» Solution :(i) It RESULTS in a change in the financial position of the firm, i.e. a change in the VALUES of some of the assets, liabilities or capital. (ii) THECHANGE must be capable of being expressed INTERMS of money.

Discussion

1536.	Give two basic purposes of accounting equation.
Answer» Solution :(i) SINCE accounting equation is always EQUAL it ensures the accuracy in recording of BUSINESS transaction. (ii) It helps in preparation of Balance SHEET.]

Discussion

1537.	Give two advantages of sub-division of journal.
Answer» Solution :(i) DIVISION of work ACCORDINGLY to ABILITY . (II) Easiness in posting .

Discussion

1538.	Give two advantages of Petty Cash Book .
Answer» Solution :(i) Saving of TIME and effortsof CHIEF Cahsier. (II)Easiness in POSTING.

Discussion

1539.	Give two advantages of a Journal.
Answer» SOLUTION :TWO advantages of a JOURNAL are:(i) It REDUCES thepossibility of error.(II) It provides an explanation of the transactions.

Discussion

1540.	Give two advantages of Computerised Accountoing System.
Answer» SOLUTION :(I) HIGH SPEED (II)High RELIABILITY.

Discussion

1541.	Give the Performa of income statement and balance in vertical form.
Answer» SOLUTION :N/a

Discussion

1542.	Give the other name of the Ledger.
Answer» SOLUTION :PRINCIPAL BOOKS of ACCOUNTS.

Discussion

1543.	Give the names of two languages used by a Computer.
Answer» SOLUTION :(i) BASIC (II) COBOL

Discussion

1544.	Give the names of different accounting packages.
Answer» SOLUTION :READY- to - USE, CUSTOMISED , TAILORED

Discussion

1545.	Give the meaning of 'Full Disclosure Principle ' of Accounting.
Answer» Solution :According to the Convention of Full Disclosure , all significant INFORMATION RELATION to the economic affairs of the entity should be REPORTED in the financial statements in an UNDERSTANDABLE manner.

Discussion

1546.	Give the meaning of 'Accounting'.
Answer» Solution :ACCOUNTING is a process of IDENTIFYING financial TRANSACTIONS, measuring them in money terms, recording them in primary books, classifying, SUMMARISING, analysing,INTERPRETING them and communicating the results to the users.

Discussion

1547.	Give the journal entries for the following adjustments : (a) Outstanding salary Rs. 3,500. (b) Rent unpaid for one month at Rs.6,000 per annum. (c) Insurance prepaid for a quarter at Rs.16,000 per annum. (d) Purchase of furniture costing Rs.7,000 entered in the purchases book.
Answer» SOLUTION :N/a

Discussion

1548.	Give the full form of IGST.
Answer» Solution :INTEGRATED GOODS & SERVICE Tax.

Discussion

1549.	Give the full form of SGST.
Answer» SOLUTION :STATE Goods & Service Tax.

Discussion

1550.	Give the full form of CGST.
Answer» SOLUTION :CENTRAL Goods & Service TAX.

Discussion

Explore topic-wise InterviewSolutions in .

Giventwoexamplesof Specific Reserves.

Given the opening and closing balances of debtors and the figure of credit sales, the balancing figure of Total Debtors Account will give

Given two examples of Capital Receipt

Given the same rate per cent, assets depreciate faster by the - as compared to the -.

Given two advantages of accounting standards.

Given an example of an item which may have been treated wrontly as Revenue Expenditure and charged in the Trading Account when it should have been treated as Capital Expenditure?

Given an example of a Voucher.

Give two uses of Electronic Spread Sheet.

Give two purposes of Accounting Information system .

Give two objectives of preparing a Trial Balance.

Give two methods of providing Depreciation.

Give two limitations of Computrised Accounting System.

Give two features of Trial Balance.

Give two features of Computerised Accounting System.

Give two examples of transactions which are not recorded in accounting.

Give two examples of Revenue Receipts

Give two examples of revenue expenditure.

Give two examples of Revenue Expenditure

Give two examples of Provisions.

Give two examples of One-Sided Error.

Give two examples of Liability Account .

Give two examples of entries which appear in a'Journal Proper'.

Give two examples of Expense Account

Give two examples of Intangible Assets.

Give two examples of Errors of Commission.

Give two examples of Direct Expenses

Give two examples of Current Liabilities.

Give two examples of Current Assets.

Give two examples of Capital Reserve.

Give two examples of Asset Account .

Give two examples of Capital Expenditure

Give two examples fo Tangible Assets.

Give two example of Two-Sided Error.

Give twocharacteristics of accounting principles.

Give two characteristics of a business transaction.

Give two basic purposes of accounting equation.

Give two advantages of sub-division of journal.

Give two advantages of Petty Cash Book .

Give two advantages of a Journal.

Give two advantages of Computerised Accountoing System.

Give the Performa of income statement and balance in vertical form.

Give the other name of the Ledger.

Give the names of two languages used by a Computer.

Give the names of different accounting packages.

Give the meaning of 'Full Disclosure Principle ' of Accounting.

Give the meaning of 'Accounting'.

Give the journal entries for the following adjustments : (a) Outstanding salary Rs. 3,500. (b) Rent unpaid for one month at Rs.6,000 per annum. (c) Insurance prepaid for a quarter at Rs.16,000 per annum. (d) Purchase of furniture costing Rs.7,000 entered in the purchases book.

Give the full form of IGST.

Give the full form of SGST.

Give the full form of CGST.