2427 + Interview Questions in Accounts in Class 11 Page 39 InterviewSolution

1901.	Credit sales can be calculatd by preparing Total Debtors Account.
Answer» SOLUTION : TRUE

Discussion

1902.	Credit sales can be ascertained as the balancing figure in the …………… Account.
Answer» SOLUTION :TOTAL DEBTORS

Discussion

1903.	Credit purchases is ascertained by preparing
Answer» Total DEBTORS Account Total Creditors Account. CASH Account None of these . SOLUTION :Total Creditors Account.

Discussion

1904.	Credit purchases can be calculated by preparing Cash Account.
Answer» SOLUTION : FALSE

Discussion

1905.	Credit purchase of furniture is recorded through
Answer» TRANSFER VOUCHER. Cash voucher. DEBIT voucher. Credit voucher. Solution :Transfer voucher.

Discussion

1906.	Credit means an increase in asset.
Answer» SOLUTION : FALSE

Discussion

1907.	Credit purchase, during the year is ascertained by preparing:
Answer» TOTAL DEBTORS account Total creditors account Cash account Opening STATEMENTS of AFFAIRS. Solution :a

Discussion

1908.	Credit Note is prepared
Answer» when CREDIT is GIVEN to the ACCOUNT. when DEBIT is given to the account. Both (a) and (b). NONE of the above. Solution :when credit is given to the account.

Discussion

1909.	Credit means
Answer» an INCREASE in ASSET an increase in liability a decrease in liability a decrease in proprietor's EQUITY SOLUTION :an increase in liability

Discussion

1910.	Credit balances of accounts are recorded in __________ column of Trial Balance.
Answer» SOLUTION : CREDIT

Discussion

1911.	Creationof reserves reducestaxableprofitsof the business.
Answer» ANSWER :FALSE

Discussion

1912.	Credi note is prepared
Answer» when CREDIT is GIVEN to the ACCOUNT. when DEBITED is given to the account. Both (a) and (b) NONE of the above. Solution :when credit is given to the account.

Discussion

1913.	Creation ofreserves is discretionery.
Answer» ANSWER :TRUE

Discussion

1914.	CPU is said to be the _______ of a computer.
Answer» SOLUTION :BRAIN

Discussion

1915.	Credit balance of bank account in cash book shows :
Answer» SOLUTION :OVERDRAFT

Discussion

1916.	Cost of Goods Sold Rs. 6,69,600 , Sales Rs. 7,44,000 , Closing Stock Rs. 50,400, Gross profit for the year is
Answer» RS. 1,24,800 Rs. 74,400 Rs. 5,25,000 None of these. ANSWER :B

Discussion

1917.	Cost of obtaining licence to carry out business is a Capital Expenditure or Revenue Expenditure?
Answer» SOLUTION :It is a CAPITAL EXPENDITURE

Discussion

1918.	Cost of goods manufactured is determined by management accounting.
Answer» ANSWER :FALSE

Discussion

1919.	Correct the following Trial Balance:
Answer» ANSWER :TOTAL of CORRECT TRIAL BALANCE - Rs. 7,98,600.

Discussion

1920.	Cost of Goods Manufactured is determined by
Answer» FINANCIAL ACCOUNTING. COST Accounting Management Accounting. Human RESOURCE Accounting. Solution :Cost Accounting

Discussion

1921.	Convention of Prudence results in understatement of profits and assets and overstatement of liabilities.
Answer» ANSWER :TRUE

Discussion

1922.	Confidence and trust that the reported information is a reasonable representation of the actual items and events, that have occurred, depicts which qualitative characteristic of accounting information.
Answer» SOLUTION :RELIABILITY.

Discussion

1923.	Consider the following items : 1. Prepaid Salary2. Accrued Interest (Receivable) 3. Loan (Short term)4. Bank Overdraft Current Liability would include :
Answer» 1, 2, 3, 4 `2, 3, 4` 4, 3, 1 3, 4 ANSWER :D

Discussion

1924.	Contra entries are not posted into Ledger Accounts
Answer» SOLUTION : TRUE

Discussion

1925.	Convention of conservation takes into account :
Answer» All FUTURE PROFITS and losses All FUTURES profits and not losses All future losses and not profits NEITHER profits nor losses of the future Answer :C

Discussion

1926.	Concept of …………….requires that the same acconting methods should be used from one accounting period to the next.
Answer» ANSWER :CONSISTENCY

Discussion

1927.	Computers verify the arithmetical accuracy of the transactions. All other functions of accounting are common in manual and computerised accouting system.
Answer» SOLUTION : FALSE

Discussion

1928.	Concept of Consistency means :
Answer» All the firms in the same industry should use identical accouting principles and procedures All principles and procedures of accounting are UTILISED Accounting principles and METHODS should REMAIN consistent from one year to another All of the above Answer :C

Discussion

1929.	Computers purchased for re-sale is:
Answer» CAPITAL EXPENDITURE REVENUE Expenditure Deferred Revenue Expenditure None of these Solution :Revenue Expenditure

Discussion

1930.	Computerised accounting system is the best form of a accounting system. Do you agree? Comment.
Answer» SOLUTION :Writeadvantagesof computerisedaccounting SYSTEM .

Discussion

1931.	computerisedaccountingis much betterthanManualAccounting ' Justifythisstatement by givinga computersystem .
Answer»

Discussion

1932.	computerisedAccountingsystemis thebestformofaccountingsystem ,Do youagree? Comment .
Answer»

Discussion

1933.	Computers owned by a firm are classified as
Answer» FIXED ASSETS Current Assets Liquid Assets None of these Solution :Fixed Assets

Discussion

1934.	Computer purchased for office use is a revenue expenditure.
Answer» SOLUTION : FALSE

Discussion

1935.	Computer Operating Profit and Net Profit from the following
Answer» SOLUTION :

Discussion

1936.	Computer processes raw data and converts it into meaningful information.
Answer» SOLUTION :TRUE

Discussion

1937.	Computer is a machine which acts on a seta of instruction.
Answer» SOLUTION : TRUE

Discussion

1938.	Compute cash from operations from the following figures: (i) Profit for the year 2016-17 is a sum of Rs 10,000 after providing for depreciation of Rs 2,000.(ii) The current assets and current liabilities of the business for the year ended March 31, 2016 and 2015 are as follows:
Answer» SOLUTION : CASH from OPERATIONS: RS 7,700

Discussion

1939.	Complete the following sentences, choosing one of thestatements given in each case: (xv)Adjusting entries are passed
Answer» at the END of the accounting period. in the BEGINNING of THEACCOUNTING period. in the middle of accountperiod. None of the above. Solution :at the end of the accounting period.

Discussion

1940.	Complete the following sentences, choosing one of thestatements given in each case: (xiv)Journal Proper records transactions of
Answer» SIMILAR NATURE. DIFFERENT nature. capital nature. revenue nature. Solution :different nature.

Discussion

1941.	Complete the following sentences, choosing one of thestatements given in each case: (xiii)Closing entries are passed
Answer» in the BEGINNING of the ACCOUNTING YEAR. at the END of the accounting year. in the MIDDLE of the accounting year. None of the above. Solution :at the end of the accounting year.

Discussion

1942.	Complete the following sentences, choosing one of thestatements given in each case: (xii) Opening entry is recorded
Answer» in the BEGINNING of the ACCOUNTING YEAR. at the CLOSING of the accounting year. in the MIDDLE of the accounting year. None of above. Solution :in the beginning of the accounting year.

Discussion

1943.	Complete the following sentences, choosing one of thestatements given in each case: (xi) Sale of business asset on credit is recorded in
Answer» SALES Book. JOURNAL PROPER. Special Journal. None of these. Solution :Journal Proper.

Discussion

1944.	Complete the following sentences, choosing one of thestatements given in each case: (x) Total of these transactions is posted to Purchase Account
Answer» PURCHASE of furniture. Purchase Return. CREDIT Purchase. Purchase of Stationery. Solution :Credit Purchase.

Discussion

1945.	Complete the following sentences, choosing one of thestatements given in each case: (vii) Goods purchased on cash are recorded in the
Answer» PURCHASES BOOK. CASH Book. Purchases RETURN Book. None of these. Solution :Cash Book.

Discussion

1946.	Complete the following sentences, choosing one of thestatements given in each case: (viii) On intra-state sale of goods, GST charged is
Answer» CGST and IGST SGST and IGST. CGST and SGST. CGST, SGST and IGST. Solution :CGST, SGST and IGST.

Discussion

1947.	Complete the following sentences, choosing one of thestatements given in each case: (vi)The periodic total of Sales Return Journal is posted to the
Answer» SALES ACCOUNT. Goods Account. Sales RETURN Account. Any of these. Solution :Sales Return Account.

Discussion

1948.	Complete the following sentences, choosing one of thestatements given in each case: (v)The total of the Sales Book is posted to
Answer» CREDIT of the Sales ACCOUNT credit of the Purchases Account. credit of the CAPITAL Account. credit of Customers' Accounts. Solution :credit of the Sales Account

Discussion

1949.	Complete the following sentences, choosing one of thestatements given in each case: (iv) The weekly or monthly total of the Purchases Book is
Answer» POSTED to DEBIT of the Purchases ACCOUNT. posted to debit of the Sales Account. posted to CREDIT of the Purchases Account. posted to the debit ofSuppliers' Accounts. Solution :posted to debit of the Purchases Account.

Discussion

1950.	Complete the following sentences, choosing one of thestatements given in each case: (iii)The Sales Book
Answer» is APART of the JOURNAL. is a PART of the Ledger. is a part of the BALANCE Sheet. None of these. Solution :is apart of the Journal.

Discussion

Explore topic-wise InterviewSolutions in .

Credit sales can be calculatd by preparing Total Debtors Account.

Credit sales can be ascertained as the balancing figure in the …………… Account.

Credit purchases is ascertained by preparing

Credit purchases can be calculated by preparing Cash Account.

Credit purchase of furniture is recorded through

Credit means an increase in asset.

Credit purchase, during the year is ascertained by preparing:

Credit Note is prepared

Credit means

Credit balances of accounts are recorded in __________ column of Trial Balance.

Creationof reserves reducestaxableprofitsof the business.

Credi note is prepared

Creation ofreserves is discretionery.

CPU is said to be the _______ of a computer.

Credit balance of bank account in cash book shows :

Cost of Goods Sold Rs. 6,69,600 , Sales Rs. 7,44,000 , Closing Stock Rs. 50,400, Gross profit for the year is

Cost of obtaining licence to carry out business is a Capital Expenditure or Revenue Expenditure?

Cost of goods manufactured is determined by management accounting.

Correct the following Trial Balance:

Cost of Goods Manufactured is determined by

Convention of Prudence results in understatement of profits and assets and overstatement of liabilities.

Confidence and trust that the reported information is a reasonable representation of the actual items and events, that have occurred, depicts which qualitative characteristic of accounting information.

Consider the following items : 1. Prepaid Salary2. Accrued Interest (Receivable) 3. Loan (Short term)4. Bank Overdraft Current Liability would include :

Contra entries are not posted into Ledger Accounts

Convention of conservation takes into account :

Concept of …………….requires that the same acconting methods should be used from one accounting period to the next.

Computers verify the arithmetical accuracy of the transactions. All other functions of accounting are common in manual and computerised accouting system.

Concept of Consistency means :

Computers purchased for re-sale is:

Computerised accounting system is the best form of a accounting system. Do you agree? Comment.

computerisedaccountingis much betterthanManualAccounting ' Justifythisstatement by givinga computersystem .

computerisedAccountingsystemis thebestformofaccountingsystem ,Do youagree? Comment .

Computers owned by a firm are classified as

Computer purchased for office use is a revenue expenditure.

Computer Operating Profit and Net Profit from the following

Computer processes raw data and converts it into meaningful information.

Computer is a machine which acts on a seta of instruction.

Compute cash from operations from the following figures: (i) Profit for the year 2016-17 is a sum of Rs 10,000 after providing for depreciation of Rs 2,000.(ii) The current assets and current liabilities of the business for the year ended March 31, 2016 and 2015 are as follows:

Complete the following sentences, choosing one of thestatements given in each case: (xv)Adjusting entries are passed

Complete the following sentences, choosing one of thestatements given in each case: (xiv)Journal Proper records transactions of

Complete the following sentences, choosing one of thestatements given in each case: (xiii)Closing entries are passed

Complete the following sentences, choosing one of thestatements given in each case: (xii) Opening entry is recorded

Complete the following sentences, choosing one of thestatements given in each case: (xi) Sale of business asset on credit is recorded in

Complete the following sentences, choosing one of thestatements given in each case: (x) Total of these transactions is posted to Purchase Account

Complete the following sentences, choosing one of thestatements given in each case: (vii) Goods purchased on cash are recorded in the

Complete the following sentences, choosing one of thestatements given in each case: (viii) On intra-state sale of goods, GST charged is

Complete the following sentences, choosing one of thestatements given in each case: (vi)The periodic total of Sales Return Journal is posted to the

Complete the following sentences, choosing one of thestatements given in each case: (v)The total of the Sales Book is posted to

Complete the following sentences, choosing one of thestatements given in each case: (iv) The weekly or monthly total of the Purchases Book is

Complete the following sentences, choosing one of thestatements given in each case: (iii)The Sales Book