Explore topic-wise InterviewSolutions in Class 11.

This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your Class 11 knowledge and support exam preparation. Choose a topic below to get started.

1501.

Giventwoexamplesof Specific Reserves.

Answer» <html><body><p></p>Solution :(i) <a href="https://interviewquestions.tuteehub.com/tag/dividend-957360" style="font-weight:bold;" target="_blank" title="Click to know more about DIVIDEND">DIVIDEND</a> EqualisationReserveand(ii) <a href="https://interviewquestions.tuteehub.com/tag/workmen-1460087" style="font-weight:bold;" target="_blank" title="Click to know more about WORKMEN">WORKMEN</a> Compensation Fund.</body></html>
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» <html><body><p>Bills received during the year.<br/>Cash received from <a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a>.<br/>Closing balance of <a href="https://interviewquestions.tuteehub.com/tag/bill-398201" style="font-weight:bold;" target="_blank" title="Click to know more about BILL">BILL</a> receivable.<br/>None of these.</p>Solution :Cash received from debtors.</body></html>
Discussion
1503.

Given two examples of Capital Receipt

Answer» <html><body><p></p>Solution :Two examples of <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> Receipts are: <br/> (i) <a href="https://interviewquestions.tuteehub.com/tag/contribution-932552" style="font-weight:bold;" target="_blank" title="Click to know more about CONTRIBUTION">CONTRIBUTION</a> <a href="https://interviewquestions.tuteehub.com/tag/twoards-3239832" style="font-weight:bold;" target="_blank" title="Click to know more about TWOARDS">TWOARDS</a> capital, and <br/> (ii) Loan received by the <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a></body></html>
Discussion
1504.

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

Answer» <html><body><p></p>Solution :Straight Line <a href="https://interviewquestions.tuteehub.com/tag/method-559432" style="font-weight:bold;" target="_blank" title="Click to know more about METHOD">METHOD</a>, <a href="https://interviewquestions.tuteehub.com/tag/diminishing-2044202" style="font-weight:bold;" target="_blank" title="Click to know more about DIMINISHING">DIMINISHING</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> Method.</body></html>
Discussion
1505.

Given two advantages of accounting standards.

Answer» <html><body><p></p>Solution :(i) Accounting Stanards improve the reliability and <a href="https://interviewquestions.tuteehub.com/tag/credibility-938513" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIBILITY">CREDIBILITY</a> of Financial Statements. <br/> (ii) Accounting Standards <a href="https://interviewquestions.tuteehub.com/tag/ensure-972238" style="font-weight:bold;" target="_blank" title="Click to know more about ENSURE">ENSURE</a> the <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/comparability-925306" style="font-weight:bold;" target="_blank" title="Click to know more about COMPARABILITY">COMPARABILITY</a> of Financial Statements.</body></html>
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» <html><body><p></p>Solution :Wages paid to <a href="https://interviewquestions.tuteehub.com/tag/workers-1459855" style="font-weight:bold;" target="_blank" title="Click to know more about WORKERS">WORKERS</a> for installing a meachinery wrongly <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a> to Wages Account.</body></html>
Discussion
1507.

Given an example of a Voucher.

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> <a href="https://interviewquestions.tuteehub.com/tag/voucher-1448322" style="font-weight:bold;" target="_blank" title="Click to know more about VOUCHER">VOUCHER</a>.</body></html>
Discussion
1508.

Give two uses of Electronic Spread Sheet.

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) For Pay-roll accounting <br/> (ii) For <a href="https://interviewquestions.tuteehub.com/tag/recalculation-7753839" style="font-weight:bold;" target="_blank" title="Click to know more about RECALCULATION">RECALCULATION</a> if some values are <a href="https://interviewquestions.tuteehub.com/tag/changed-913862" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGED">CHANGED</a>.</body></html>
Discussion
1509.

Give two purposes of Accounting Information system .

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :(i)<a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> OrderProcessing<br/> (ii)Sales <a href="https://interviewquestions.tuteehub.com/tag/order-1138220" style="font-weight:bold;" target="_blank" title="Click to know more about ORDER">ORDER</a> Processing<br/> (ii)<a href="https://interviewquestions.tuteehub.com/tag/inventory-1050568" style="font-weight:bold;" target="_blank" title="Click to know more about INVENTORY">INVENTORY</a> control</body></html>
Discussion
1510.

Give two objectives of preparing a Trial Balance.

Answer» <html><body><p></p>Solution :(i) To ascertain the arithmetical <a href="https://interviewquestions.tuteehub.com/tag/accuracy-847217" style="font-weight:bold;" target="_blank" title="Click to know more about ACCURACY">ACCURACY</a> of the 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>. <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>) To help in <a href="https://interviewquestions.tuteehub.com/tag/locating-543618" style="font-weight:bold;" target="_blank" title="Click to know more about LOCATING">LOCATING</a> errors.</body></html>
Discussion
1511.

Give two methods of providing Depreciation.

Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/methods-11862" style="font-weight:bold;" target="_blank" title="Click to know more about METHODS">METHODS</a> of computing depreciation are: <br/> (i) Straight Line Method, and<br/> (ii) <a href="https://interviewquestions.tuteehub.com/tag/written-732709" style="font-weight:bold;" target="_blank" title="Click to know more about WRITTEN">WRITTEN</a> Down <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> Method.</body></html>
Discussion
1512.

Give two limitations of Computrised Accounting System.

Answer» <html><body><p></p>Solution :(i) Staff opposition .<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/high-479925" style="font-weight:bold;" target="_blank" title="Click to know more about HIGH">HIGH</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> of Teaining</body></html>
Discussion
1513.

Give two features of Trial Balance.

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) It is a <a href="https://interviewquestions.tuteehub.com/tag/list-11333" style="font-weight:bold;" target="_blank" title="Click to know more about LIST">LIST</a> of balances of all <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a> Accounts and Cash Book. <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>)It can be prepared on any date.</body></html>
Discussion
1514.

Give two features of Computerised Accounting System.

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :(i)Itfacilitateson-lineinputandstorageof accounting <a href="https://interviewquestions.tuteehub.com/tag/data-25577" style="font-weight:bold;" target="_blank" title="Click to know more about DATA">DATA</a> . <br/> (ii)Itgenerates a <a href="https://interviewquestions.tuteehub.com/tag/print-21288" style="font-weight:bold;" target="_blank" title="Click to know more about PRINT">PRINT</a> - <a href="https://interviewquestions.tuteehub.com/tag/outof-1142814" style="font-weight:bold;" target="_blank" title="Click to know more about OUTOF">OUTOF</a> purshaseand salesinvoices .</body></html>
Discussion
1515.

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

Answer» <html><body><p></p>Solution :(i) Resignation by <a href="https://interviewquestions.tuteehub.com/tag/general-471730" style="font-weight:bold;" target="_blank" title="Click to know more about GENERAL">GENERAL</a> Manager. <br/> (ii) <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> of human <a href="https://interviewquestions.tuteehub.com/tag/resources-11387" style="font-weight:bold;" target="_blank" title="Click to know more about RESOURCES">RESOURCES</a>.</body></html>
Discussion
1516.

Give two examples of Revenue Receipts

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> :Two <a href="https://interviewquestions.tuteehub.com/tag/examples-454492" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLES">EXAMPLES</a> of Revenue Receipt are: <br/> (i) Sales of goods and/or services, and (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) 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></body></html>
Discussion
1517.

Give two examples of revenue expenditure.

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) <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> 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> <a href="https://interviewquestions.tuteehub.com/tag/sold-631881" style="font-weight:bold;" target="_blank" title="Click to know more about SOLD">SOLD</a>, (ii)salary.</body></html>
Discussion
1518.

Give two examples of Revenue Expenditure

Answer» <html><body><p></p>Solution :Two <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a> of <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> Expenditure are: <br/> (i) Payment of <a href="https://interviewquestions.tuteehub.com/tag/rent-1184968" style="font-weight:bold;" target="_blank" title="Click to know more about RENT">RENT</a>, and <br/>(ii) Expenditure on <a href="https://interviewquestions.tuteehub.com/tag/repairs-1185038" style="font-weight:bold;" target="_blank" title="Click to know more about REPAIRS">REPAIRS</a> and maintence of assets</body></html>
Discussion
1519.

Give two examples of Provisions.

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) <a href="https://interviewquestions.tuteehub.com/tag/provision-607840" style="font-weight:bold;" target="_blank" title="Click to know more about PROVISION">PROVISION</a> for <a href="https://interviewquestions.tuteehub.com/tag/depreciation-948712" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATION">DEPRECIATION</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>) Provision for <a href="https://interviewquestions.tuteehub.com/tag/repairs-1185038" style="font-weight:bold;" target="_blank" title="Click to know more about REPAIRS">REPAIRS</a>.</body></html>
Discussion
1520.

Give two examples of One-Sided 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> :(i) Depreciation on computers not <a href="https://interviewquestions.tuteehub.com/tag/posted-2944562" style="font-weight:bold;" target="_blank" title="Click to know more about POSTED">POSTED</a> to Depreciation A/c. <br/>(ii) Purchase of stationery of Rs. 500 posted <a href="https://interviewquestions.tuteehub.com/tag/twice-714133" style="font-weight:bold;" target="_blank" title="Click to know more about TWICE">TWICE</a> to Stationery A/c.</body></html>
Discussion
1521.

Give two examples of Liability Account .

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Two examples of Liability <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> are : <br/> (i) Capital Account and `""` (<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/creditor-938661" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITOR">CREDITOR</a>'s Account</body></html>
Discussion
1522.

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

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> :Credit purchase of <a href="https://interviewquestions.tuteehub.com/tag/plant-1155789" style="font-weight:bold;" target="_blank" title="Click to know more about PLANT">PLANT</a> and machineryand Credit <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> of fixed assets.</body></html>
Discussion
1523.

Give two examples of Expense Account

Answer» <html><body><p></p>Solution :Two <a href="https://interviewquestions.tuteehub.com/tag/examples-454492" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLES">EXAMPLES</a> of <a href="https://interviewquestions.tuteehub.com/tag/expense-980253" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSE">EXPENSE</a> Account are : <br/> (i) <a href="https://interviewquestions.tuteehub.com/tag/salary-1193463" style="font-weight:bold;" target="_blank" title="Click to know more about SALARY">SALARY</a> Account and `"" ` (ii) Commission Account .</body></html>
Discussion
1524.

Give two examples of Intangible 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> :(i) <a href="https://interviewquestions.tuteehub.com/tag/goodwill-475103" style="font-weight:bold;" target="_blank" title="Click to know more about GOODWILL">GOODWILL</a> , (<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/prepaid-2227976" style="font-weight:bold;" target="_blank" title="Click to know more about PREPAID">PREPAID</a> <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a>.</body></html>
Discussion
1525.

Give two examples of Errors of Commission.

Answer» <html><body><p></p>Solution :(i) <a href="https://interviewquestions.tuteehub.com/tag/recording-1180449" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDING">RECORDING</a> purchases of goods for <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 5,000 as Rs. 50,000.<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>) Cash <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> of Rs. 1,000 carried <a href="https://interviewquestions.tuteehub.com/tag/forward-464460" style="font-weight:bold;" target="_blank" title="Click to know more about FORWARD">FORWARD</a> as Rs. 10,000.</body></html>
Discussion
1526.

Give two examples of Direct Expenses

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) <a href="https://interviewquestions.tuteehub.com/tag/freight-999820" style="font-weight:bold;" target="_blank" title="Click to know more about FREIGHT">FREIGHT</a> <a href="https://interviewquestions.tuteehub.com/tag/inwards-1051100" style="font-weight:bold;" target="_blank" title="Click to know more about INWARDS">INWARDS</a>, and (ii) <a href="https://interviewquestions.tuteehub.com/tag/manufacturing-1086366" style="font-weight:bold;" target="_blank" title="Click to know more about MANUFACTURING">MANUFACTURING</a> wages</body></html>
Discussion
1527.

Give two examples of Current Liabilities.

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) <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a> , (<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/bills-897480" style="font-weight:bold;" target="_blank" title="Click to know more about BILLS">BILLS</a> <a href="https://interviewquestions.tuteehub.com/tag/payable-597657" style="font-weight:bold;" target="_blank" title="Click to know more about PAYABLE">PAYABLE</a></body></html>
Discussion
1528.

Give two examples of Current 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> :(i) <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/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</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></body></html>
Discussion
1529.

Give two examples of Capital Reserve.

Answer» <html><body><p></p>Solution :(i) Profit earned prior to incorporation. <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/premium-2555" style="font-weight:bold;" target="_blank" title="Click to know more about PREMIUM">PREMIUM</a> on issue of <a href="https://interviewquestions.tuteehub.com/tag/shares-1204908" style="font-weight:bold;" target="_blank" title="Click to know more about SHARES">SHARES</a> or debentures (Securities Premium.)</body></html>
Discussion
1530.

Give two examples of Asset Account .

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> examples of Asset Account are : <br/> (i) Land Account and `""` (<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/computers-21658" style="font-weight:bold;" target="_blank" title="Click to know more about COMPUTERS">COMPUTERS</a> Account</body></html>
Discussion
1531.

Give two examples of Capital Expenditure

Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a> of Capital <a href="https://interviewquestions.tuteehub.com/tag/expenditure-980222" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENDITURE">EXPENDITURE</a> are: <br/> (i) <a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> of a fixed asset, and <br/> (ii) Expenditure incurred on improvement of <a href="https://interviewquestions.tuteehub.com/tag/existing-979526" style="font-weight:bold;" target="_blank" title="Click to know more about EXISTING">EXISTING</a> asset</body></html>
Discussion
1532.

Give two examples fo Tangible 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> :(i) <a href="https://interviewquestions.tuteehub.com/tag/land-539118" style="font-weight:bold;" target="_blank" title="Click to know more about LAND">LAND</a> and <a href="https://interviewquestions.tuteehub.com/tag/building-905221" style="font-weight:bold;" target="_blank" title="Click to know more about BUILDING">BUILDING</a>, (<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/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a></body></html>
Discussion
1533.

Give two example of Two-Sided Error.

Answer» <html><body><p></p>Solution :(i) Machinery <a href="https://interviewquestions.tuteehub.com/tag/purchased-2962400" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASED">PURCHASED</a> <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a> in the <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> Book.<br/> (ii) Old furniture sold recorded as <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> 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>.</body></html>
Discussion
1534.

Give twocharacteristics of accounting principles.

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) Accounting principles are <a href="https://interviewquestions.tuteehub.com/tag/man-1085541" style="font-weight:bold;" target="_blank" title="Click to know more about MAN">MAN</a> <a href="https://interviewquestions.tuteehub.com/tag/made-3718337" style="font-weight:bold;" target="_blank" title="Click to know more about MADE">MADE</a>. <br/> (ii) Accountingprinciples are <a href="https://interviewquestions.tuteehub.com/tag/flexible-992632" style="font-weight:bold;" target="_blank" title="Click to know more about FLEXIBLE">FLEXIBLE</a>.</body></html>
Discussion
1535.

Give two characteristics of a business transaction.

Answer» <html><body><p></p>Solution :(i) It <a href="https://interviewquestions.tuteehub.com/tag/results-2643" style="font-weight:bold;" target="_blank" title="Click to know more about RESULTS">RESULTS</a> in a change in the financial position of the firm, i.e. a change in the <a href="https://interviewquestions.tuteehub.com/tag/values-25920" style="font-weight:bold;" target="_blank" title="Click to know more about VALUES">VALUES</a> of some of the assets, liabilities or capital. <br/> (ii) <a href="https://interviewquestions.tuteehub.com/tag/thechange-1403352" style="font-weight:bold;" target="_blank" title="Click to know more about THECHANGE">THECHANGE</a> must be capable of being expressed <a href="https://interviewquestions.tuteehub.com/tag/interms-1048530" style="font-weight:bold;" target="_blank" title="Click to know more about INTERMS">INTERMS</a> of money.</body></html>
Discussion
1536.

Give two basic purposes of accounting equation.

Answer» <html><body><p></p>Solution :(i) <a href="https://interviewquestions.tuteehub.com/tag/since-644476" style="font-weight:bold;" target="_blank" title="Click to know more about SINCE">SINCE</a> accounting equation is always <a href="https://interviewquestions.tuteehub.com/tag/equal-446400" style="font-weight:bold;" target="_blank" title="Click to know more about EQUAL">EQUAL</a> it ensures the accuracy in recording of <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> transaction. <br/> (ii) It helps in preparation of 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>.]</body></html>
Discussion
1537.

Give two advantages of sub-division of journal.

Answer» <html><body><p></p>Solution :(i) <a href="https://interviewquestions.tuteehub.com/tag/division-957437" style="font-weight:bold;" target="_blank" title="Click to know more about DIVISION">DIVISION</a> of work <a href="https://interviewquestions.tuteehub.com/tag/accordingly-846977" style="font-weight:bold;" target="_blank" title="Click to know more about ACCORDINGLY">ACCORDINGLY</a> to <a href="https://interviewquestions.tuteehub.com/tag/ability-25661" style="font-weight:bold;" target="_blank" title="Click to know more about ABILITY">ABILITY</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>) Easiness in posting .</body></html>
Discussion
1538.

Give two advantages of Petty Cash Book .

Answer» <html><body><p></p>Solution :(i) Saving of <a href="https://interviewquestions.tuteehub.com/tag/time-19467" style="font-weight:bold;" target="_blank" title="Click to know more about TIME">TIME</a> and effortsof <a href="https://interviewquestions.tuteehub.com/tag/chief-417885" style="font-weight:bold;" target="_blank" title="Click to know more about CHIEF">CHIEF</a> Cahsier.<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>)Easiness in <a href="https://interviewquestions.tuteehub.com/tag/posting-603386" style="font-weight:bold;" target="_blank" title="Click to know more about POSTING">POSTING</a>.</body></html>
Discussion
1539.

Give two advantages of a Journal.

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/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> advantages of a <a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> are:(i) It <a href="https://interviewquestions.tuteehub.com/tag/reduces-621012" style="font-weight:bold;" target="_blank" title="Click to know more about REDUCES">REDUCES</a> thepossibility of error.(<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) It provides an explanation of the transactions.</body></html>
Discussion
1540.

Give two advantages of Computerised Accountoing System.

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :(I) <a href="https://interviewquestions.tuteehub.com/tag/high-479925" style="font-weight:bold;" target="_blank" title="Click to know more about HIGH">HIGH</a> <a href="https://interviewquestions.tuteehub.com/tag/speed-1221896" style="font-weight:bold;" target="_blank" title="Click to know more about SPEED">SPEED</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>)High <a href="https://interviewquestions.tuteehub.com/tag/reliability-1183890" style="font-weight:bold;" target="_blank" title="Click to know more about RELIABILITY">RELIABILITY</a>.</body></html>
Discussion
1541.

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

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> :N/a</body></html>
Discussion
1542.

Give the other name of the Ledger.

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/principal-1166121" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPAL">PRINCIPAL</a> <a href="https://interviewquestions.tuteehub.com/tag/books-900981" style="font-weight:bold;" target="_blank" title="Click to know more about BOOKS">BOOKS</a> of <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>
Discussion
1543.

Give the names of two languages used by a Computer.

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) <a href="https://interviewquestions.tuteehub.com/tag/basic-15343" style="font-weight:bold;" target="_blank" title="Click to know more about BASIC">BASIC</a> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) <a href="https://interviewquestions.tuteehub.com/tag/cobol-10089" style="font-weight:bold;" target="_blank" title="Click to know more about COBOL">COBOL</a></body></html>
Discussion
1544.

Give the names of different accounting packages.

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/ready-620053" style="font-weight:bold;" target="_blank" title="Click to know more about READY">READY</a>- to - <a href="https://interviewquestions.tuteehub.com/tag/use-1441041" style="font-weight:bold;" target="_blank" title="Click to know more about USE">USE</a>, <a href="https://interviewquestions.tuteehub.com/tag/customised-2040582" style="font-weight:bold;" target="_blank" title="Click to know more about CUSTOMISED">CUSTOMISED</a> , <a href="https://interviewquestions.tuteehub.com/tag/tailored-7717320" style="font-weight:bold;" target="_blank" title="Click to know more about TAILORED">TAILORED</a></body></html>
Discussion
1545.

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

Answer» <html><body><p></p>Solution :According to the Convention of Full Disclosure , all significant <a href="https://interviewquestions.tuteehub.com/tag/information-1043838" style="font-weight:bold;" target="_blank" title="Click to know more about INFORMATION">INFORMATION</a> <a href="https://interviewquestions.tuteehub.com/tag/relation-1183220" style="font-weight:bold;" target="_blank" title="Click to know more about RELATION">RELATION</a> to the economic affairs of the entity should be <a href="https://interviewquestions.tuteehub.com/tag/reported-2248280" style="font-weight:bold;" target="_blank" title="Click to know more about REPORTED">REPORTED</a> in the financial statements in an <a href="https://interviewquestions.tuteehub.com/tag/understandable-1436788" style="font-weight:bold;" target="_blank" title="Click to know more about UNDERSTANDABLE">UNDERSTANDABLE</a> manner.</body></html>
Discussion
1546.

Give the meaning of 'Accounting'.

Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> is a process of <a href="https://interviewquestions.tuteehub.com/tag/identifying-502139" style="font-weight:bold;" target="_blank" title="Click to know more about IDENTIFYING">IDENTIFYING</a> financial <a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a>, measuring them in money terms, recording them in primary books, classifying, <a href="https://interviewquestions.tuteehub.com/tag/summarising-655620" style="font-weight:bold;" target="_blank" title="Click to know more about SUMMARISING">SUMMARISING</a>, analysing,<a href="https://interviewquestions.tuteehub.com/tag/interpreting-1049731" style="font-weight:bold;" target="_blank" title="Click to know more about INTERPRETING">INTERPRETING</a> them and communicating the results to the users.</body></html>
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» <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> :N/a</body></html>
Discussion
1548.

Give the full form of IGST.

Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/integrated-1047046" style="font-weight:bold;" target="_blank" title="Click to know more about INTEGRATED">INTEGRATED</a> <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> &amp; <a href="https://interviewquestions.tuteehub.com/tag/service-1202537" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICE">SERVICE</a> Tax.</body></html>
Discussion
1549.

Give the full form of SGST.

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/state-21805" style="font-weight:bold;" target="_blank" title="Click to know more about STATE">STATE</a> Goods &amp; Service Tax.</body></html>
Discussion
1550.

Give the full form of CGST.

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/central-407816" style="font-weight:bold;" target="_blank" title="Click to know more about CENTRAL">CENTRAL</a> Goods &amp; Service <a href="https://interviewquestions.tuteehub.com/tag/tax-1239527" style="font-weight:bold;" target="_blank" title="Click to know more about TAX">TAX</a>.</body></html>
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