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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.
| 151. |
Which of the following error will not affect the trial balance : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/wrong-1462035" style="font-weight:bold;" target="_blank" title="Click to know more about WRONG">WRONG</a> <a href="https://interviewquestions.tuteehub.com/tag/balancing-891824" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCING">BALANCING</a> of an account<br/>Wrong <a href="https://interviewquestions.tuteehub.com/tag/totalling-3225776" style="font-weight:bold;" target="_blank" title="Click to know more about TOTALLING">TOTALLING</a> of an account<br/>Omission of an account from the <a href="https://interviewquestions.tuteehub.com/tag/trial-1427200" style="font-weight:bold;" target="_blank" title="Click to know more about TRIAL">TRIAL</a> balance<br/>Writing an amount in the wrong account but on the correct side.</p>Answer :D</body></html> | |
| 152. |
Which of the followingequationsis correct ? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/assests-2445838" style="font-weight:bold;" target="_blank" title="Click to know more about ASSESTS">ASSESTS</a> + <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> = <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a><br/><a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a>- Liabilities = Capital <br/>Assets + Liabilities= Capital <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 :Assets- Liabilities = Capital</body></html> | |
| 153. |
Which of the following are goods ? |
| Answer» <html><body><p>Machines manufactured for sale<br/>Furniture <a href="https://interviewquestions.tuteehub.com/tag/purchased-2962400" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASED">PURCHASED</a> for sale<br/>Books and <a href="https://interviewquestions.tuteehub.com/tag/stationery-652708" style="font-weight:bold;" target="_blank" title="Click to know more about STATIONERY">STATIONERY</a> purchased by 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> seller<br/>All of the above</p>Solution :All of the above</body></html> | |
| 154. |
Which of the following are not Errors of Principle and why: |
| Answer» <html><body><p>Vehicle expenses entered in Vehicles Account, <br/>Purchase of machinery entered in Purchases Account, <br/>Sales of Rs. 2.500 ot Bishan completely omitted from books,<br/>Sales to A. Kumar entered in A. Singh's Account? <br/></p>Solution :(<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) and (iv) are not <a href="https://interviewquestions.tuteehub.com/tag/errors-15514" style="font-weight:bold;" target="_blank" title="Click to know more about ERRORS">ERRORS</a> of principle because, (iii) has not been recorded in the books thus, is an <a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a> of omission and (iv) has been recorded in a wrong account with the <a href="https://interviewquestions.tuteehub.com/tag/correct-409949" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECT">CORRECT</a> amount.</body></html> | |
| 155. |
Which of the following answers properly classifies these commonly used accounts: (1) Building (2) Wages (3) Credit sales (4) Credit purchases (5) Electricity charges due but not yet paid (outstanding electricity bills) (6) Godown rent paid in advance (prepaid godown rent) (7) Sales (8) Fresh capital introduced (9) Drawings (10) Discount paid |
| 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/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a></body></html> | |
| 156. |
Which of the following accounts will be credited on giving cash donation ? |
| Answer» <html><body><p><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/c<br/>Donation A/C<br/>Purchase A/c<br/>None of these</p>Solution :Cash A/c</body></html> | |
| 157. |
Which of the following accounts will be credited on giving cash donation? |
| Answer» <html><body><p><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/c.<br/>Donation A/c.<br/>Purchases A/c.<br/>None of these.</p>Solution :Cash A/c.</body></html> | |
| 158. |
Which of following errors will be rectified through suspense account: |
| Answer» <html><body><p>Sales return <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> undercast by 1,000. <br/>Sales return by <a href="https://interviewquestions.tuteehub.com/tag/madhu-550593" style="font-weight:bold;" target="_blank" title="Click to know more about MADHU">MADHU</a> 1,000 not recorded. <br/> Sales return by Madhu <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 1,000. recorded as 100. <br/>Sales return by Madhu 1,000 recorded through <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> returns book <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)</body></html> | |
| 159. |
Which of the following accounts always shows a debit balance : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> Account<br/>Sales Account<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> Account<br/>None of the above</p>Answer :D</body></html> | |
| 160. |
Which method of Depreciation assumes that an asset should be depreciated more in the earlier years and less in the later years of use? |
| 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> :Diminishing <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 or Written 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 of Depreciation assumes that the asset should be depreciated more in the earlier <a href="https://interviewquestions.tuteehub.com/tag/years-1464846" style="font-weight:bold;" target="_blank" title="Click to know more about YEARS">YEARS</a> and less in the later years of use.</body></html> | |
| 161. |
Which of the following accounts has a credit balance ? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/carriage-413698" style="font-weight:bold;" target="_blank" title="Click to know more about CARRIAGE">CARRIAGE</a> <a href="https://interviewquestions.tuteehub.com/tag/inward-519090" style="font-weight:bold;" target="_blank" title="Click to know more about INWARD">INWARD</a> <br/>Discount Received <br/>Carriage Account <br/>Discount <a href="https://interviewquestions.tuteehub.com/tag/allowed-857944" style="font-weight:bold;" target="_blank" title="Click to know more about ALLOWED">ALLOWED</a> </p>Solution :Discount Received</body></html> | |
| 162. |
Which item shows a debit balance in the Trial Balance ? |
| 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> Return<br/>Salary outstanding<br/>Sales<br/>Prepaid Expense</p>Answer :D</body></html> | |
| 163. |
Which item is shown as debit balance in the Trial Balance |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> in Hand<br/>Rent Outstanding<br/>Creditors.<br/>Bank Overdraft.</p>Answer :A</body></html> | |
| 164. |
Which Generally Accepted Accounting Principle (GAAP) is followed and which oneis ignored while preparing the accounts under Single Entry System? |
| Answer» <html><body><p></p>Solution :Money <a href="https://interviewquestions.tuteehub.com/tag/measurement-19276" style="font-weight:bold;" target="_blank" title="Click to know more about MEASUREMENT">MEASUREMENT</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> is <a href="https://interviewquestions.tuteehub.com/tag/followed-2079285" style="font-weight:bold;" target="_blank" title="Click to know more about FOLLOWED">FOLLOWED</a> and Dual Aspect Concept is ignored in <a href="https://interviewquestions.tuteehub.com/tag/single-644669" style="font-weight:bold;" target="_blank" title="Click to know more about SINGLE">SINGLE</a> Entry SystemSystem of accounting.</body></html> | |
| 165. |
Which fo the following is not a part of double Entry System ? |
| Answer» <html><body><p><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/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> <br/>Trial Balance <br/>Journal<br/>Bank Reconciliation Statement</p>Answer :D</body></html> | |
| 166. |
Which is the last step of accounting as a process of information? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/recording-1180449" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDING">RECORDING</a> the transaction<br/>Preparation of <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> statements<br/><a href="https://interviewquestions.tuteehub.com/tag/communication-11846" style="font-weight:bold;" target="_blank" title="Click to know more about COMMUNICATION">COMMUNICATION</a> of <a href="https://interviewquestions.tuteehub.com/tag/information-1043838" style="font-weight:bold;" target="_blank" title="Click to know more about INFORMATION">INFORMATION</a><br/>Analysis and <a href="https://interviewquestions.tuteehub.com/tag/interpretation-518625" style="font-weight:bold;" target="_blank" title="Click to know more about INTERPRETATION">INTERPRETATION</a> of information.</p>Solution :Communication of information</body></html> | |
| 167. |
Which external user of accounting information is most intersted in knowing the long-term solvency position of the firm? |
| Answer» <html><body><p>Employees<br/>Management<br/><a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> and <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> <a href="https://interviewquestions.tuteehub.com/tag/institutions-1046310" style="font-weight:bold;" target="_blank" title="Click to know more about INSTITUTIONS">INSTITUTIONS</a><br/>Researchers</p>Solution :Bank and Financial Institutions</body></html> | |
| 168. |
Which financial statements are prepared under Ind -AS? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> Statements prepared under IFRS includs :<br/>(i)<a href="https://interviewquestions.tuteehub.com/tag/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a> of Financial Position ,<br/>(ii) Statement of Comprehensive Income ,<br/> (iii) Statement of Changes in Equity,<br/>(iv) Statement of Cash <a href="https://interviewquestions.tuteehub.com/tag/flow-993213" style="font-weight:bold;" target="_blank" title="Click to know more about FLOW">FLOW</a> , and<br/>(v) Notes and Significant <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> Policies.</body></html> | |
| 169. |
Which financial statements are prepared under IFRS? |
| 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> :Financial Statements prepared under IFRS includs :<br/>(i)Statement of Financial Position ,<br/>(ii) Statement of Comprehensive Income ,<br/> (iii) Statement of <a href="https://interviewquestions.tuteehub.com/tag/changes-913881" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGES">CHANGES</a> in Equity,<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>) Statement of Cash Flow , and<br/>(<a href="https://interviewquestions.tuteehub.com/tag/v-722631" style="font-weight:bold;" target="_blank" title="Click to know more about V">V</a>) Notes and Significant Accounting Policies.</body></html> | |
| 170. |
Which concept , (principle) assumes that a business enterprise will not be liquidated in the near future? |
| 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/going-1008806" style="font-weight:bold;" target="_blank" title="Click to know more about GOING">GOING</a> <a href="https://interviewquestions.tuteehub.com/tag/concern-25789" style="font-weight:bold;" target="_blank" title="Click to know more about CONCERN">CONCERN</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> | |
| 171. |
Which balance of the bank column in the Cash Book signifies bank overdraft? |
| Answer» <html><body><p></p>Solution :Credit Balance in the <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> <a href="https://interviewquestions.tuteehub.com/tag/column-922494" style="font-weight:bold;" target="_blank" title="Click to know more about COLUMN">COLUMN</a> of the Cash Book <a href="https://interviewquestions.tuteehub.com/tag/signifies-1207555" style="font-weight:bold;" target="_blank" title="Click to know more about SIGNIFIES">SIGNIFIES</a> bank overdraft.</body></html> | |
| 172. |
Which basis of accounting is recognised under the Companies Act, 2013. |
| 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/accrual-847173" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUAL">ACCRUAL</a> <a href="https://interviewquestions.tuteehub.com/tag/basis-893664" style="font-weight:bold;" target="_blank" title="Click to know more about BASIS">BASIS</a> 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>.</body></html> | |
| 173. |
Which balances are called 'Overdraft' of Cash Book and Pass 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> :<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/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> Cr. Balance and <a href="https://interviewquestions.tuteehub.com/tag/pass-1148402" style="font-weight:bold;" target="_blank" title="Click to know more about PASS">PASS</a> Book Dr. Balance.</body></html> | |
| 174. |
Which accounting principle requires that life of a business be broken into smaller parts? |
| 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/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> <a href="https://interviewquestions.tuteehub.com/tag/period-1151023" style="font-weight:bold;" target="_blank" title="Click to know more about PERIOD">PERIOD</a> <a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a>.</body></html> | |
| 175. |
Which accounting principle states thatall anticipated losses should be recorded but all anticipated profits should be ignored? |
| 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/convention-933064" style="font-weight:bold;" target="_blank" title="Click to know more about CONVENTION">CONVENTION</a> of <a href="https://interviewquestions.tuteehub.com/tag/prudence-1171261" style="font-weight:bold;" target="_blank" title="Click to know more about PRUDENCE">PRUDENCE</a>.</body></html> | |
| 176. |
Which accounting equation is incorrect cut of the following? |
| Answer» <html><body><p> <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> = <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a>-<a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a>.<br/>Assets = Liabilities - Capital.<br/>Capital = <a href="https://interviewquestions.tuteehub.com/tag/assete-2445866" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETE">ASSETE</a> - Liabilities.<br/> Assets = Liabilities + Capital.</p>Solution :Assets = Liabilities - Capital.</body></html> | |
| 177. |
Which accounting principle requires that personal expenses of proprietor or parthers should be debited to Drawings 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/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</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> or <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> Entity <a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a>.</body></html> | |
| 178. |
Which account should be debited for creating provision for doubtful debts? |
| 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/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> and Loss <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> should be depbited for <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 doubtful debts.</body></html> | |
| 179. |
Which account should be debited, if wages are paid for installation of a machine ? |
| 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> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> should 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> for <a href="https://interviewquestions.tuteehub.com/tag/wages-1448569" style="font-weight:bold;" target="_blank" title="Click to know more about WAGES">WAGES</a> paid for installation of machinery.</body></html> | |
| 180. |
Wherewill youtransferprofiton saleofa fixedasset ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/profiton-1168743" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITON">PROFITON</a> saleof a fixed asset <a href="https://interviewquestions.tuteehub.com/tag/isa-500762" style="font-weight:bold;" target="_blank" title="Click to know more about ISA">ISA</a> capitalprofit and, thereforeit will be <a href="https://interviewquestions.tuteehub.com/tag/transferred-2310410" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSFERRED">TRANSFERRED</a> to CapitalReserve.</body></html> | |
| 181. |
Where will you record "Rent unpaid " in the Cash 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> :No <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a></body></html> | |
| 182. |
When you proceed to reconcile then Bank Account startingwith Credit CashBook balance how will you deal with the transactions given n Q .8 ? |
| Answer» <html><body><p></p>Solution :(i) <a href="https://interviewquestions.tuteehub.com/tag/cheque-915097" style="font-weight:bold;" target="_blank" title="Click to know more about CHEQUE">CHEQUE</a> issued butnotyet <a href="https://interviewquestions.tuteehub.com/tag/presented-7264773" style="font-weight:bold;" target="_blank" title="Click to know more about PRESENTED">PRESENTED</a> for <a href="https://interviewquestions.tuteehub.com/tag/payment-1149239" style="font-weight:bold;" target="_blank" title="Click to know more about PAYMENT">PAYMENT</a> are <a href="https://interviewquestions.tuteehub.com/tag/deducted-7288075" style="font-weight:bold;" target="_blank" title="Click to know more about DEDUCTED">DEDUCTED</a> because bank showsloweroverdrawn balance <br/> (ii) Cheques deposited but nor cleard are addedbecause bank shows higher overdrawn balance <br/> (iii) Bank charges are added because bank shows higher overdrawn balance <br/> (iv) <a href="https://interviewquestions.tuteehub.com/tag/intrested-2132922" style="font-weight:bold;" target="_blank" title="Click to know more about INTRESTED">INTRESTED</a> allowed is deducted because bank shwos lower overdrawn balance</body></html> | |
| 183. |
When total of debit side of an account exceeds the total of its credit side, the account is said to have |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</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><br/><a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> balance<br/>debit as <a href="https://interviewquestions.tuteehub.com/tag/well-734398" style="font-weight:bold;" target="_blank" title="Click to know more about WELL">WELL</a> as credit balance<br/>None of the above. </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> :Debit balance</body></html> | |
| 184. |
When youproced to reconcile the Bank Account starting with Debit Cash Book balance, how, is the following dealt with and why? (i) Cheques issued but not with any why? (ii) Cheques deposited but not yet credtied. (iii) Bank charges charged by the bank not recorded in the Cas Book. (iv)Interest allowed by the bank not r ecorded inthe Cash Book. |
| Answer» <html><body><p></p>Solution :(i) Cheques issued but not yetpresente for payment are <a href="https://interviewquestions.tuteehub.com/tag/added-367625" style="font-weight:bold;" target="_blank" title="Click to know more about ADDED">ADDED</a> because the bank will show higher balance since the cheque have not been paid <br/> (ii) cheques deposted butnot <a href="https://interviewquestions.tuteehub.com/tag/credited-7316860" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITED">CREDITED</a> because the bank will show lower balance as the cheques as the cheques have not been realised by the bank<br/> (iii) Bank chargesare deductedbecause the bank has already crediterd thedebitedthe account and <a href="https://interviewquestions.tuteehub.com/tag/thus-2307358" style="font-weight:bold;" target="_blank" title="Click to know more about THUS">THUS</a>, Cash <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> shows higher balance. <br/> (iv)<a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a> allowed is added because the bankhasalready credited the account and thus, Cash Book showslower balance</body></html> | |
| 185. |
(When Provision for Doubtful Debts is not given in the Trial Balance).Following is the extract form the Trial Balance of Dass as at 31st March, 2019: Additional Information : Create a Provision for Doutful Debts @5% on Sundry Debtors. Pass neccessary entry and show these items in the Profit and Loss Account and Balance sheet. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_006_S01.png" width="80%"/> <br/> It should be <a href="https://interviewquestions.tuteehub.com/tag/noted-581673" style="font-weight:bold;" target="_blank" title="Click to know more about NOTED">NOTED</a> that the <a href="https://interviewquestions.tuteehub.com/tag/sundry-655868" style="font-weight:bold;" target="_blank" title="Click to know more about SUNDRY">SUNDRY</a> <a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a> Account will not be affected by creating <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 Doubtful Debts. It means provision does not amount receivable <a href="https://interviewquestions.tuteehub.com/tag/form-996208" style="font-weight:bold;" target="_blank" title="Click to know more about FORM">FORM</a> debtors .</body></html> | |
| 186. |
When payments made by the bank as per the standing instructions of the customer, the balance in the passbook will be more when compared to the cash 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> :<a href="https://interviewquestions.tuteehub.com/tag/f-455800" style="font-weight:bold;" target="_blank" title="Click to know more about F">F</a></body></html> | |
| 187. |
When pass Book shows a debit balance,it means ______ |
| 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/overdraft-588599" style="font-weight:bold;" target="_blank" title="Click to know more about OVERDRAFT">OVERDRAFT</a> as <a href="https://interviewquestions.tuteehub.com/tag/per-590802" style="font-weight:bold;" target="_blank" title="Click to know more about PER">PER</a> <a href="https://interviewquestions.tuteehub.com/tag/pass-1148402" style="font-weight:bold;" target="_blank" title="Click to know more about PASS">PASS</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> .</body></html> | |
| 188. |
When market value of an asset is higher than book value, depreciation is not charged. |
| 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/f-455800" style="font-weight:bold;" target="_blank" title="Click to know more about F">F</a></body></html> | |
| 189. |
When Pass Book shows a credit balance,it means ______ |
| Answer» <html><body><p><br/></p>Solution :<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/lying-1081801" style="font-weight:bold;" target="_blank" title="Click to know more about LYING">LYING</a> with <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> i.e., amount <a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> from the bank</body></html> | |
| 190. |
When is Closing Stock shown in the Trail Balance? |
| Answer» <html><body><p></p>Solution :Closing <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> is shown in the Trial Balance when the adjusting entry for Closing Stock is <a href="https://interviewquestions.tuteehub.com/tag/passed-2217431" style="font-weight:bold;" target="_blank" title="Click to know more about PASSED">PASSED</a> in the books of account. It <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</a> that closing stock is <a href="https://interviewquestions.tuteehub.com/tag/adjusted-7661905" style="font-weight:bold;" target="_blank" title="Click to know more about ADJUSTED">ADJUSTED</a> against the purchases.</body></html> | |
| 191. |
When is Capital Account credited ? |
| Answer» <html><body><p></p>Solution :Capital <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> is <a href="https://interviewquestions.tuteehub.com/tag/credited-7316860" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITED">CREDITED</a> when the proprietor introduces further capital or with the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> of profit .</body></html> | |
| 192. |
Whenis Capital Account debited ? |
| 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> :Capital <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> is debited when the proprietor makes a <a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a> or with the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> of loss .</body></html> | |
| 193. |
When GST is not charged by the seller of Goods and / or Services but is paid into the Government Account directly by the purchaser of Goods and / or Services, it is termed as _________ |
| 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/reverse-1188140" style="font-weight:bold;" target="_blank" title="Click to know more about REVERSE">REVERSE</a> <a href="https://interviewquestions.tuteehub.com/tag/charge-914384" style="font-weight:bold;" target="_blank" title="Click to know more about CHARGE">CHARGE</a></body></html> | |
| 194. |
When goods are sold on credit the seller prepares an _______ |
| 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/invoice-1051017" style="font-weight:bold;" target="_blank" title="Click to know more about INVOICE">INVOICE</a></body></html> | |
| 195. |
When goods are sold on credit the seller prepares |
| Answer» <html><body><p><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/memo-1093303" style="font-weight:bold;" target="_blank" title="Click to know more about MEMO">MEMO</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/invoice-1051017" style="font-weight:bold;" target="_blank" title="Click to know more about INVOICE">INVOICE</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> Voucher.<br/>None of these.</p>Solution :Invoice.</body></html> | |
| 196. |
When goods are purchased against cash, the purchaser will get |
| Answer» <html><body><p><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/memo-1093303" style="font-weight:bold;" target="_blank" title="Click to know more about MEMO">MEMO</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/invoice-1051017" style="font-weight:bold;" target="_blank" title="Click to know more about INVOICE">INVOICE</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> Voucher.<br/>None of these.</p>Solution :Invoice.</body></html> | |
| 197. |
When goods are purchased against cash, the purchaser will get _________ |
| 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/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> <a href="https://interviewquestions.tuteehub.com/tag/memo-1093303" style="font-weight:bold;" target="_blank" title="Click to know more about MEMO">MEMO</a></body></html> | |
| 198. |
When closing stock appears in the 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> :It <a href="https://interviewquestions.tuteehub.com/tag/appear-2437800" style="font-weight:bold;" target="_blank" title="Click to know more about APPEAR">APPEAR</a> in the Trial <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> if it has been <a href="https://interviewquestions.tuteehub.com/tag/deducted-7288075" style="font-weight:bold;" target="_blank" title="Click to know more about DEDUCTED">DEDUCTED</a> from purchases.</body></html> | |
| 199. |
When closing capital is greater than opening capital, it means |
| Answer» <html><body><p>Profit.<br/><a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a>.<br/>Loss if there is no <a href="https://interviewquestions.tuteehub.com/tag/drawing-959485" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWING">DRAWING</a>.<br/>None of these.</p>Solution :Loss if there is no drawing.</body></html> | |
| 200. |
When closing capital is greater than opening capital it means |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a>.<br/>Loss.<br/>Profit if <a href="https://interviewquestions.tuteehub.com/tag/fresh-1000193" style="font-weight:bold;" target="_blank" title="Click to know more about FRESH">FRESH</a> <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> is not <a href="https://interviewquestions.tuteehub.com/tag/introduced-2121226" style="font-weight:bold;" target="_blank" title="Click to know more about INTRODUCED">INTRODUCED</a>.<br/>No Profit, no Loss.</p>Solution :Profit if fresh capital is not introduced.</body></html> | |