2427 + Interview Questions in Accounts in Class 11 Page 38 InterviewSolution

1851.	Depreciation is a cash expenditure like other normal expenses. Comment.
Answer» Solution :DEPRECIATION is a·non-CASH expenditure because it does not INVOLVE any cash outflow.

Discussion

1852.	Depreciation is a
Answer» RESERVE PROVISION Both (a) and (B) NONE of these SOLUTION :Provision

Discussion

1853.	Depreciation for the second year "@ " 10% on Rs 15,000 purchase price will be - on the Fixed Instalment, whereas it will be - on the Diminishing Balance System.
Answer» SOLUTION :RS 1,500, Rs 1,350.

Discussion

1854.	Depreciation is
Answer» REVENUE EXPENDITURE capital expenditure Deferred Revenue Expenditure None of these SOLUTION :revenue expenditure

Discussion

1855.	Depreciation for currentyear appearing in the Trial Balance in shown in
Answer» Debit of Profit and Loss Account and it is deducted from asset in the BALANCE SHEET. Asset SIDE of Balance Sheet as a deduction from the CONCERNED Asset. Debit side of Profit and Loss Account. Debit side of Trading Account. Solution :NA

Discussion

1856.	Depreciation cannot be provided in case of loss in a financial year. Comment.
Answer» SOLUTION :Depreciation, being a CHARGE against profit, has to be PROVIDED for, whether there is profit or loss in a financial year. If depreciation is not CHARGED, business will show LOWER loss and higher asset value.

Discussion

1857.	Deprecation is decline in the market valyd of tangible fixed assets.
Answer» SOLUTION : FALSE

Discussion

1858.	Depreciation arises because of
Answer» WEAR and TEAR Inflation Fall in the VALUE of the asset None of these Solution :Wear and Tear

Discussion

1859.	Deprciation mean _______ in the book value of fixed Assets.
Answer» SOLUTION :DECREASE

Discussion

1860.	Deprecation is charged on the amount paid for the asset, including GST paid.
Answer» SOLUTION : FALSE

Discussion

1861.	Depletion term is used in case of intangible assets
Answer» SOLUTION :F

Discussion

1862.	Define Voucher
Answer» SOLUTION :VOUCHER is an EVIDENCE of a BUSINESS TRANSACTION

Discussion

1863.	Define the term 'Purchase'
Answer» Solution :The term 'Purchase' is used for purchase of GOODS for RESALE or for producing the finished products which are ALSO to be sold. The term 'purchase' INCLUDES both cash and CREDIT purchases of goods. Goods purchased for cash are termed as Cash Purchases and goods purchased on credit are termed as Credit Purchases

Discussion

1864.	Define Merchandise
Answer» SOLUTION :MERCHANDISE MEANS GOODS for RESALE

Discussion

1865.	Define Merchandise.
Answer» SOLUTION :MERCHANDISE MEANS GOODS for RESALE.

Discussion

1866.	Define Drawings with example
Answer» Solution :Drawings is the AMOUNT of MONEY or value of GOODS which the proprietor or partner WITHDRAWS for PERSONAL use. For example, withdrawal of cash by the proprietor for personal use.

Discussion

1867.	Define Bank overdraft.
Answer» SOLUTION :BANK overdrat is the DRAWING out of a Bank ACCOUNT of more than what has been DEPOSITED in it.

Discussion

1868.	Define Book Keeping.
Answer» Solution :Book KEEPING is an art of recording in the BOOKS of account the monetary aspect of COMMERCIAL and financial transactions.

Discussion

1869.	Define Bank Overdraft .
Answer» Solution :Bank overdraft is the excessf AMOUNT withdrawn from the bank account than the amount DEPOSITED in it.

Discussion

1870.	Define a Sales Book.
Answer» SOLUTION :SALES BOOK is asubsidiarybook in which credit SALE of goods dealt in are RECORDED.

Discussion

1871.	Define a Cheque.
Answer» Solution :Cheque is a WRITTEN document drawn upon a specified banker and payable on DEMAND.

Discussion

1872.	Decrease in one liability may lead to
Answer» Decrease in an asset. Increase in ANOTHER LIABILITY. Either (c) or (b). NONE of these. Answer :C

Discussion

1873.	Debtors in the beginning of the year were Rs. 30,000, Sales on credit during the year were Rs. 75,000, Cash received from the Debtors during the year was Rs. 35,000, Returns Inward (regarding credit sales) were Rs. 5,000 and Bills Receivable drawn during the year were Rs. 25,000. Find the balance of Debtors at the end of year, assuming that there were Bad Debts during the year of Rs. 2,000.
Answer» ANSWER :DEBTORS at the END of the YEAR - RS. 38,000.

Discussion

1874.	Debts that were earlier written off, if recovered, will be credited to
Answer» DEBTS Account TRADING Account Profit and LOSS Account. none of these. Solution :Profit and Loss Account.

Discussion

1875.	Debtors, Bills Receivables, Bank Balances are examples fo fictitiuous assets.
Answer» SOLUTION : FALSE

Discussion

1876.	Debt written off as bad, if recovered subsequently, is credited to the Debtors' Account. Is it correct? Give reasons.
Answer» SOLUTION :No. Debt WRITTEN off as bad, if recovered subsequently, is treated as a GAIN. It is credited to the Bad Debts Recovered ACCOUNT because the debt had EARLIER been debited to expenses.

Discussion

1877.	Debit the receiver, Credit the _______ is the rule for personal Accounts.
Answer» SOLUTION :GIVER

Discussion

1878.	Debit what comes in and credit what goes out is the rule of _______ Account.
Answer» SOLUTION :REAL

Discussion

1879.	Debit the giver and credit the receiver is the rule of Personal Accounts.
Answer» SOLUTION : FALSE

Discussion

1880.	Debit notes issued are used to prepare :
Answer» PURCHASES RETURN Book Sales Return Book Purchases Book Sales Book Answer :A

Discussion

1881.	Debit Note forâ‚¹1,000 issued to Suresh for goods returned by us is accounted in
Answer» Sales Book PURCHASES Book Journal Proper PURCHASE Return Book SOLUTION :Journal Proper

Discussion

1882.	Debit means an increase in liability.
Answer» SOLUTION : FALSE

Discussion

1883.	Debit means
Answer» an INCREASE in asset an increase in LIABILITY an increase in the proprietor's EQUITY a DECREASE in asset Solution :an increase in asset

Discussion

1884.	Debit Note is the source of writing :
Answer» A DEBIT ENTRY in an Account A SALE to a person Sales RETURN Book Journal Proper Answer :A

Discussion

1885.	Debit in relation to Asset Accounts and Expense Accounts means an ________ but in relation to Liability Accounts, Capital Accounts and Revenue Acconts means a __________
Answer» SOLUTION :INCREASE, DECREASE

Discussion

1886.	Debit balances of accounts are recorded in _________ column of Trial Balance.
Answer» SOLUTION :DEBIT

Discussion

1887.	Debit balance of the Cash Book and the credit balance of Pass Book carry the same meaning.
Answer» ANSWER :1

Discussion

1888.	Debit balance in the Profit and Loss Account is a profit. Comment
Answer» Solution :DEBIT balance in the PROFIT and LOSS Account is a loss because expenses are more than REVENUE

Discussion

1889.	Debit balance in the Cash Book is equivalent to
Answer» OVERDRAFT as PER Pass Book Credit BALANCE as per Pass Book. Overdraft as per Cash Book NONE of these SOLUTION :Credit balance as per Pass Book.

Discussion

1890.	Debit all expenses and losses and credit all incomes and gains is the rule of ________ Accounts.
Answer» SOLUTION :NOMINAL.

Discussion

1891.	Debit balance in Pass Book means overdraft.
Answer» ANSWER :1

Discussion

1892.	Data cannot be shared unless the computer are networked.
Answer» SOLUTION : FALSE

Discussion

1893.	Current Liabilities include :
Answer» Bills PAYABLE Creditors Outstanding Expenses All of the above ANSWER :D

Discussion

1894.	Current Liabilities do not include :
Answer» BILLS Payable Creditors OUTSTANDING EXP. Debentures Answer :D

Discussion

1895.	Current assets of not include :
Answer» Debtors Motor CAR BANK Balance Prepaid Expenses Answer :B

Discussion

1896.	Current account shows ₹ 1,000 as overdrawn . Whenbank statement is received, itwas identified that oneof debors has deposited ₹ 400 into the account and bank charges of ₹ 20 had been debited to the account. Bank statement balance is
Answer» ₹ 1,420 (DR.) ₹ 620 (Dr.) ₹ 4,300 (CR.) ₹ 1,700 (Dr.) SOLUTION :N//A

Discussion

1897.	Curent liabilities are such obligations which are to be satisfied
Answer» WITHIN ONE YEAR within TWO years within THREE years None of these Solution :within one year

Discussion

1898.	Creditors on 1st April, 2018 were Rs. 15,000, Purchases on credit were Rs. 30,000, Cash paid to Creditors during 2018-19 was Rs. 20,000, Returns Outward (regarding credit purchases) were Rs. 1,000 and Bills Payable accepted during the year were Rs. 10,000. Find balance of Creditors on 31st March, 2019.
Answer» ANSWER :Creditors on 31ST MARCH, 2019 - RS. 14,000.

Discussion

1899.	Credit transactions are recorded in _______ proper
Answer» SOLUTION :JOURNAL

Discussion

1900.	Credit sales is ascertained by preparing
Answer» Total DEBTORS Account Total Creditors Account. CASH Account NONE of these. Solution :Total Debtors Account

Discussion

Explore topic-wise InterviewSolutions in .

Depreciation is a cash expenditure like other normal expenses. Comment.

Depreciation is a

Depreciation for the second year "@ " 10% on Rs 15,000 purchase price will be - on the Fixed Instalment, whereas it will be - on the Diminishing Balance System.

Depreciation is

Depreciation for currentyear appearing in the Trial Balance in shown in

Depreciation cannot be provided in case of loss in a financial year. Comment.

Deprecation is decline in the market valyd of tangible fixed assets.

Depreciation arises because of

Deprciation mean _______ in the book value of fixed Assets.

Deprecation is charged on the amount paid for the asset, including GST paid.

Depletion term is used in case of intangible assets

Define Voucher

Define the term 'Purchase'

Define Merchandise

Define Merchandise.

Define Drawings with example

Define Bank overdraft.

Define Book Keeping.

Define Bank Overdraft .

Define a Sales Book.

Define a Cheque.

Decrease in one liability may lead to

Debts that were earlier written off, if recovered, will be credited to

Debtors, Bills Receivables, Bank Balances are examples fo fictitiuous assets.

Debt written off as bad, if recovered subsequently, is credited to the Debtors' Account. Is it correct? Give reasons.

Debit the receiver, Credit the _______ is the rule for personal Accounts.

Debit what comes in and credit what goes out is the rule of _______ Account.

Debit the giver and credit the receiver is the rule of Personal Accounts.

Debit notes issued are used to prepare :

Debit Note forâ‚¹1,000 issued to Suresh for goods returned by us is accounted in

Debit means an increase in liability.

Debit means

Debit Note is the source of writing :

Debit in relation to Asset Accounts and Expense Accounts means an ________ but in relation to Liability Accounts, Capital Accounts and Revenue Acconts means a __________

Debit balances of accounts are recorded in _________ column of Trial Balance.

Debit balance of the Cash Book and the credit balance of Pass Book carry the same meaning.

Debit balance in the Profit and Loss Account is a profit. Comment

Debit balance in the Cash Book is equivalent to

Debit all expenses and losses and credit all incomes and gains is the rule of ________ Accounts.

Debit balance in Pass Book means overdraft.

Data cannot be shared unless the computer are networked.

Current Liabilities include :

Current Liabilities do not include :

Current assets of not include :

Current account shows ₹ 1,000 as overdrawn . Whenbank statement is received, itwas identified that oneof debors has deposited ₹ 400 into the account and bank charges of ₹ 20 had been debited to the account. Bank statement balance is

Curent liabilities are such obligations which are to be satisfied

Credit transactions are recorded in _______ proper

Credit sales is ascertained by preparing

Debit in relation to Asset Accounts and Expense Accounts means an but in relation to Liability Accounts, Capital Accounts and Revenue Acconts means a __