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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.
| 1951. |
Complete the following sentences, choosing one of thestatements given in each case: (ix)On inter-state sale of goods, GST charged is |
| Answer» <html><body><p>CGST<br/><a href="https://interviewquestions.tuteehub.com/tag/igst-497558" style="font-weight:bold;" target="_blank" title="Click to know more about IGST">IGST</a>.<br/>SGST<br/>Any of these.</p>Solution :IGST.</body></html> | |
| 1952. |
Complete the following sentences, choosing one of thestatements given in each case: (i) In the Purchases Book the record is in respect of |
| 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/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</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/dealt-435446" style="font-weight:bold;" target="_blank" title="Click to know more about DEALT">DEALT</a> in.<br/><a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> purchases of goods dealt in.<br/>all purchases of goods dealt in.<br/>None of these.</p>Solution :credit purchases of goods dealt in.</body></html> | |
| 1953. |
Complete the following sentences, choosing one of thestatements given in each case: (ii)The Sales Return Book records |
| Answer» <html><body><p>the <a href="https://interviewquestions.tuteehub.com/tag/return-1187910" style="font-weight:bold;" target="_blank" title="Click to know more about RETURN">RETURN</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> purchased<br/>the return of goods <a href="https://interviewquestions.tuteehub.com/tag/sold-631881" style="font-weight:bold;" target="_blank" title="Click to know more about SOLD">SOLD</a><br/>the return of <a href="https://interviewquestions.tuteehub.com/tag/anything-380254" style="font-weight:bold;" target="_blank" title="Click to know more about ANYTHING">ANYTHING</a> sold.<br/>None of these.</p>Solution :the return of goods sold</body></html> | |
| 1954. |
Complete the following Accounting Equation by filling the missing amounts: |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :`(##TSG_ACC_XI_C05_E01_071_A01##)`</body></html> | |
| 1955. |
Completethe followingAccounting Equationbyfillingthe missing amounts: |
| 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> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C05_E01_069_S01.png" width="80%"/></body></html> | |
| 1956. |
Complete the following Accounting Equation by filling the missing amounts: |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :`(##TGS_ACC_XI_C05_E01_071_A01##)`</body></html> | |
| 1957. |
Complete the following Accounting Equationby fillingthe missing amount |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :`(##TSG_ACC_XI_C05_E01_070_A01##)`</body></html> | |
| 1958. |
Completethe followingAccounting Equationbyfillingthe missing amounts: |
| 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> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TGS_ACC_XI_C05_E01_069_S01.png" width="80%"/></body></html> | |
| 1959. |
Complete the following Accounting Equationby fillingthe missing amount |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :`(##TGS_ACC_XI_C05_E01_070_A01##)`</body></html> | |
| 1960. |
Compensating error is disclosed by the Trial Balance. |
| 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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 1961. |
Compensating errors are |
| Answer» <html><body><p>combination of more than <a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a> errors<br/>errors committed in one <a href="https://interviewquestions.tuteehub.com/tag/transaction-16213" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTION">TRANSACTION</a>. <br/>errors committed by applying incorrect <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> principles. <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 the above.</p>Solution :combination of more than one errors</body></html> | |
| 1962. |
Compensating error are of a _______ nature. |
| 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/neutralising-2194776" style="font-weight:bold;" target="_blank" title="Click to know more about NEUTRALISING">NEUTRALISING</a></body></html> | |
| 1963. |
Collected from debtors 35,000. The account to be credited is ............ |
| 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/debtor-945512" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTOR">DEBTOR</a></body></html> | |
| 1964. |
Closing Stock will never appear in the Trial Balance. Say Yes or No with reasons |
| 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/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</a> Stock may appear in the Trial Balance if an adjustment <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a> <a href="https://interviewquestions.tuteehub.com/tag/relating-7708583" style="font-weight:bold;" target="_blank" title="Click to know more about RELATING">RELATING</a> to Closing Stock is already passed. If the Closing Stock <a href="https://interviewquestions.tuteehub.com/tag/appears-881937" style="font-weight:bold;" target="_blank" title="Click to know more about APPEARS">APPEARS</a> in the Trial Balance it will be shown only on the assets side of the Balance Sheet.</body></html> | |
| 1965. |
Closing stock shown inside the Trial Balance is shown in |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/trading-1424689" style="font-weight:bold;" target="_blank" title="Click to know more about TRADING">TRADING</a> Account<br/>Profit and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> Account<br/><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/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a><br/>None of these</p>Solution :Balance Sheet</body></html> | |
| 1966. |
Closing stock is valued at lower of cost or realisable value'. Which principle of Accounting is applied here? |
| 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> or <a href="https://interviewquestions.tuteehub.com/tag/conservation-929810" style="font-weight:bold;" target="_blank" title="Click to know more about CONSERVATION">CONSERVATION</a>.</body></html> | |
| 1967. |
Closing Stock is valued at lower of cost or market price '. Which concept of Accounting is applied here? |
| 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/prudence-1171261" style="font-weight:bold;" target="_blank" title="Click to know more about PRUDENCE">PRUDENCE</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> | |
| 1968. |
Closing stock is included in Trading Account and on the assets side of the Balance Sheet. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 1969. |
Closing Stock is usually given as an additional information or adjustment outside the Trial Balance. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 1970. |
Closing stock in valued at Cost or Net Realisable value (Market Value) , whichever is less because of |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/going-1008806" style="font-weight:bold;" target="_blank" title="Click to know more about GOING">GOING</a> concern <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/accrual-847173" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUAL">ACCRUAL</a> Concept <br/>Prudece concept <br/>Consistenct concept </p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html> | |
| 1971. |
Closing stock in valued at |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> <br/>Market value <br/>Net <a href="https://interviewquestions.tuteehub.com/tag/realisable-7708686" style="font-weight:bold;" target="_blank" title="Click to know more about REALISABLE">REALISABLE</a> value <br/>At Cost or net Realisable value, whichever is less. </p>Solution :NA</body></html> | |
| 1972. |
Closing Stock if it appears in the Trial Balance , it is taken to Trading Account. |
| 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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 1973. |
Closing Stock in the Trial Balance is transferred to _______ |
| 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/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> <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> | |
| 1974. |
Closing Stock, if given outside the Trial Balance is shown in |
| Answer» <html><body><p>Trading Account and <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> sheet. <br/>Profit and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> account. <br/>Profit and loss account and balance sheet. <br/>Balance sheet</p>Solution :NA</body></html> | |
| 1975. |
Closing stock appearing in the Trial Balance is shown in the Trading acconts only Is it correct ? |
| 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 it is <a href="https://interviewquestions.tuteehub.com/tag/shown-1206565" style="font-weight:bold;" target="_blank" title="Click to know more about SHOWN">SHOWN</a> in the <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/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a></body></html> | |
| 1976. |
Closing Stock given an adjustment is shown in |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/trading-1424689" style="font-weight:bold;" target="_blank" title="Click to know more about TRADING">TRADING</a> Account <br/>Balance Sheet<br/>Profit and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> Account <br/>Both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>)</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> :Both (a) and (b)</body></html> | |
| 1977. |
Closing Stock appearing in the Trial Balance is shown in |
| Answer» <html><body><p>Trading <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> <br/><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/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a><br/>Profit and Loss Account <br/>Both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>)</p>Solution :Balance Sheet</body></html> | |
| 1978. |
Closing entries are used for closing of accounts relating to expenses and revenues. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 1979. |
Closing balance of creditors is determined by preparing |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> Debtors Account.<br/>Total <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a> Account.<br/>Bills <a href="https://interviewquestions.tuteehub.com/tag/receivable-1179274" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVABLE">RECEIVABLE</a> Account.<br/>Bills <a href="https://interviewquestions.tuteehub.com/tag/payable-597657" style="font-weight:bold;" target="_blank" title="Click to know more about PAYABLE">PAYABLE</a> Account.</p>Solution :Total Creditors Account.</body></html> | |
| 1980. |
Closing entries are passed at the __________ of the accounting period. |
| 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/end-971042" style="font-weight:bold;" target="_blank" title="Click to know more about END">END</a></body></html> | |
| 1981. |
Closing entries are recorded in |
| 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/>Ledger<br/><a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> <a href="https://interviewquestions.tuteehub.com/tag/proper-1169819" style="font-weight:bold;" target="_blank" title="Click to know more about PROPER">PROPER</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> Sheet</p>Solution :Journal Proper</body></html> | |
| 1982. |
Classify the following into three types of personal account:- {:(I.,"Capital Account"),(II.,"Tata Steel Company"),(III.,"Debtors Accounts"),(IV.,"OutstandingExpenses Account"),(V.,"Bank Account"),(VI.,"Haryana Education Board"),(VII.,"Shri Ram College of Commerce"):} |
| 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> :`{:("Natural <a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a>",I","<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>"."),("Artificial Personal Accounts",II","V","VI","VII"."),("Representative Personal Accounts",IV"."):}`</body></html> | |
| 1983. |
ClassifythefollowingintoCapital, Revenue andDeferred Revenueexpenditure,statingreasonsin eachcase : (a) Asum of₹ 32,000 has been spent on machine as follows :(i) ₹ 20,000 out of addition to doublethe output,(ii) ₹ 5,000forrepairs necessitated bynegligence and(iii) ₹ 7,000 for replacementof worn - outparts. (b)Totalexpenditureonacinemabuildingduringthe year was₹ 2,00,000 out ofwhich20 % related to repairs and80 % represented improvementsandadditions. (c ) Compensation paidto aretrenched employee forthe loss of employment. (d) Second- handfurniture worth₹40,000 was puchased andrepairingofthisfurniturecost₹ 15,000. Thefurniture was installedbyownworkmen - wages forthis beins₹ 5,000. (e)A personwasinjured bythe motorcar ofthecompany . ₹ 10,000 was paidtohim by wayofcompensation. (f)Advirtisment expenditurein special advertisment drive. |
| Answer» <html><body><p></p>Solution :(a)₹ 20,000 isCapital <a href="https://interviewquestions.tuteehub.com/tag/exp-979975" style="font-weight:bold;" target="_blank" title="Click to know more about EXP">EXP</a>.And₹ 12,000 isRevenue exp. <br/>(b) ₹ 40,000 isRevenueexp. And ₹ 1,60,000 isCapitalexp.<br/> (c) Revenueexp.(d)Capitalexp.(<a href="https://interviewquestions.tuteehub.com/tag/e-444102" style="font-weight:bold;" target="_blank" title="Click to know more about E">E</a>) Revenueexp.And(<a href="https://interviewquestions.tuteehub.com/tag/f-455800" style="font-weight:bold;" target="_blank" title="Click to know more about F">F</a>) Deferred Revenueexp.</body></html> | |
| 1984. |
Classify thefollowing into Capital, Revenueand Deferred Revenue expenditure, statingreasons in eachcase : (i) ₹ 50,000 paidfortheinstallation of a new machine. (2) Payment of annualtaxes ₹ 20,000 andannualinsurance premium of ₹10,000. (3) Wages paidto workers forconvertingraw materialintofinishedgoods.(4) A sumof₹ 40,000wasspent in overhauling itsentire plantwhichresultedinaddingfive years to its workinglife.(5) ₹ 10 Lac spentontheconstructionof railway sidings. |
| Answer» <html><body><p></p>Solution :(1) <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 installingthe mahcine is a Capital Expenditure becuase it is spend before the asset is readyto use . <br/>(2) Annual taxes andinsurance premium are RevenceExpenditure because their benfite will beexhausetedwithinthe years. <br/> (3)It is Revenue Expenditure since it is incurred in theordinary <a href="https://interviewquestions.tuteehub.com/tag/course-937885" style="font-weight:bold;" target="_blank" title="Click to know more about COURSE">COURSE</a> of business. <br/> (4) It iscapitalexpenditure sinceit has resulted in <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> of theworkimglife of theasset. <br/>(5) It is capital expenditure since an asset is <a href="https://interviewquestions.tuteehub.com/tag/created-7257327" style="font-weight:bold;" target="_blank" title="Click to know more about CREATED">CREATED</a> whcih will beused for a number of years.</body></html> | |
| 1985. |
Classify the following into (i) Assets(ii) Liabilities(iii) Expenses and(iv) Revenues Sales, Bank balance, Debtors, Bank Overdraft, Creditors , Salary to manager, Discount to debtors, Cost of goods sold |
| 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) Assets : <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> balance, Debtors <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>) Liabilities : Bank <a href="https://interviewquestions.tuteehub.com/tag/overdraft-588599" style="font-weight:bold;" target="_blank" title="Click to know more about OVERDRAFT">OVERDRAFT</a>, creditors <br/> (iii) <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> : Salary to Manager, Discount to debtors, cost of goods sold. <br/> (iv) Revenues : Sales.</body></html> | |
| 1986. |
Classify the following into Assets , Liabilities , Capital , Expenses and Revenue : (i) Land , (ii) Investments , (iii)Building , (iv) Interest Received , (v) Salary , (vi) Bank Overdraft , (vii) Debtors , (viii) Creditors , (ix) Bad debts , (x) Capital , (xi) Depreciation , (xii) Motor Vehicles , (xiii) Freight , (xiv) Wages , (xv) Goodwill , (xvi) Repairs . |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :Assets- (i) ; (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) ; (iii) ; (vii) ; (xii) , (xv) ; <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> - (vi) , (viii) ; Capital- (x) ; Expenses - (v) ; (<a href="https://interviewquestions.tuteehub.com/tag/ix-520761" style="font-weight:bold;" target="_blank" title="Click to know more about IX">IX</a>) ; (xi); (xiii) ; (xiv) ; (xvi) , Revenue - (iv).</body></html> | |
| 1987. |
Classify the following into Assets , Liabilities , Capital , Revenue and Expenses : (i) Plant and Machinery , (ii) Bank Loan , (iii) Sales , (iv) Rent , (v) Discount Received , (vi) Carriage Inwards , (vii) Carriage Outwards , (viii) Purchases , (ix) Bills Payable , (x) Wages , (xi) Advance Income , (xii) Accrued Income , (xiii) Goodwill , (xiv) Furniture and Fixtures , (xv) Outstanding Expenses , (xvi) Capital . |
| Answer» <html><body><p><br/></p>Answer :Assets- (i) , (xii) , (xiii) , (xiv) ; Liabilities- (ii) , (ix) , (<a href="https://interviewquestions.tuteehub.com/tag/xi-1463642" style="font-weight:bold;" target="_blank" title="Click to know more about XI">XI</a>) , (xv) ; <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> - (xvi) ; <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a>- (iii) , (v) ; Expenses- (iv) , (vi) , (vii) , (<a href="https://interviewquestions.tuteehub.com/tag/viii-723647" style="font-weight:bold;" target="_blank" title="Click to know more about VIII">VIII</a>) , (<a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>).</body></html> | |
| 1988. |
Classify the following accounts under personal, real or nominal accounts : {:((i),"Commission Paid",,(ii),"Commission Received"),((iii),"Commission Accrued",,(iv),"Prepaid Salaries"),((v),"Leasehold Property A/c",,(vi),"Discount Allowed"),((vii),"Carriage Inwards A/c",,(viii),"Life Insurance Corporation of India"),((ix),"Drawings A/c",,(x),"Rent Received in Advance"),((x i),"Debtors",,(x ii),"Sales A/c"),((x iii),"Rent Paid in Advance",,(x iv),"Bank Overdraft"):} |
| 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> :`{:("Personal Accounts",:,(iii)","(iv)","(vii)","(ix)","(<a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>)","(x i)","(x <a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>)","(x iv)),("<a href="https://interviewquestions.tuteehub.com/tag/real-1178490" style="font-weight:bold;" target="_blank" title="Click to know more about REAL">REAL</a> Accounts",:,(v)),("Nominal Accounts",:,(i)","(ii)","(vi)","(vii)","(x ii)):}`</body></html> | |
| 1989. |
Classify the following as capital expenditure, revenue expenditure and deferred revenue expenditure for a cloth merchant: (i) Preliminary Expenses, (ii) Purchase of Furniture, (iii) Payment of Salary, (iv) Expenses paid for Construction of Building |
| 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) Deferred Revenue Expenditure, (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) Capital Expenditure, <br/> (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) Revenue Expenditure, (<a href="https://interviewquestions.tuteehub.com/tag/iv-501699" style="font-weight:bold;" target="_blank" title="Click to know more about IV">IV</a>) Capital Expenditure</body></html> | |
| 1990. |
Classify the following accounts into Personal , Real and Nominal Accounts : (i) Cash (ii) Bank (iii) Outstanding Salaries (iv) Sales (v) Accrued Interest (vi) Leasehold Property (vii) Drawings (viii) Discount Received (ix) Bad Debts Written off (x) Purchases (xi) Bad Debts Recovered (xii) Plant and Machinery (xiii) Capital (xiv) Interest (Paid) (xv) Bank Overdraft (xvi) Prepaid Rent (xvii) Carriage Inwards (xviii) Goodwill |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C06_S01_001_S01.png" width="80%"/> <br/> Each transaction involves <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> or more accounts . After ascertaining the accounts involved , it is <a href="https://interviewquestions.tuteehub.com/tag/decided-2566952" style="font-weight:bold;" target="_blank" title="Click to know more about DECIDED">DECIDED</a> which <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 to 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> and which account is to be credited .</body></html> | |
| 1991. |
Classify the following accounts into Personal, Real or Nominal accounts:- {:(I.,"Machinery",,VII.,"Drawings"),(II.,"Capital",,VII.,"Salary"),(III.,"Stock",,IX.,"Outstanding Salary"),(IV.,"Bad Debts",,X.,"Insurance"),(V.,"Goodwill",,XI.,"Prepaid Insurance"),(VI.,"Sales",,XII.,"Interest Received"):} |
| Answer» <html><body><p></p>Solution :`{:("Personal <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</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>","VII","<a href="https://interviewquestions.tuteehub.com/tag/ix-520761" style="font-weight:bold;" target="_blank" title="Click to know more about IX">IX</a>","<a href="https://interviewquestions.tuteehub.com/tag/xi-1463642" style="font-weight:bold;" target="_blank" title="Click to know more about XI">XI</a>"."),("Real Accounts",I","III","V),("Nominal Accounts",VI","VI","VII","X","XII"."):}`</body></html> | |
| 1992. |
Choose the correct chronological order of ascertainment of the following profits fromthe profit and loss account : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/operating-1136761" style="font-weight:bold;" target="_blank" title="Click to know more about OPERATING">OPERATING</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>, <a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> Profit, <a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> Profit<br/>Operating Profit, Gross Profit, Net Profit<br/>Gross Profit, Operating Profit, Net Profit<br/>Gross Profit, Net Profit, Operating Profit</p></body></html> | |
| 1993. |
Cheques deposited by not yet cleared are ______ when Bank Reconciliation Statement is prepared starting with debit bank balance as per Cash Book . |
| 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/deducted-7288075" style="font-weight:bold;" target="_blank" title="Click to know more about DEDUCTED">DEDUCTED</a></body></html> | |
| 1994. |
Cheques issued but not presented for payment will reduce the balance as per the passbook |
| 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> | |
| 1995. |
Cheque received but not deposited into Bank on the same day is debited to Cheques -in- Hand Account. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 1996. |
Cheques deposited but not collected will result in increasing the balance of the cash book when compared to passbook. |
| 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> :T</body></html> | |
| 1997. |
Cheques issued but not presented for payment are resorded on not recorded in an amended cash book ? Give reason for your answer. |
| Answer» <html><body><p></p>Solution :Cheques <a href="https://interviewquestions.tuteehub.com/tag/issued-2752319" style="font-weight:bold;" target="_blank" title="Click to know more about ISSUED">ISSUED</a> but not presented 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 not <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 an amended cash book because will be <a href="https://interviewquestions.tuteehub.com/tag/ultimately-7384516" style="font-weight:bold;" target="_blank" title="Click to know more about ULTIMATELY">ULTIMATELY</a> presented for payment in the bank.</body></html> | |
| 1998. |
Cheque returned dishonoured, it is recordedin |
| 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> Column on the credit side <br/>Cash Column on the <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> side<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> column on the credit side<br/>Journal Proper. </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> : Bank column on the credit side</body></html> | |
| 1999. |
Cheque receivedand endorsed is entered in Journal Proper. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 2000. |
Charles Ltd., made a profit of Rs 1,00,000 after charging depreciation of Rs 20,000 on assets and a transfer to general reserve of Rs 30,000. The goodwill amortised was Rs 7,000 and gain on sale of machinery was Rs 3,000. Other information available to you ( changes in the value of current assets and current liabilities) are trade receivables showed an increase of Rs 3,000, trade payables an increase of Rs 6,000, prepaid expenses an increase of Rs 200, and outstanding expenses a decrease of Rs 2,000. Ascertain cash flow from operating activities. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.<klux>NET</klux>/physics_images/NCERT_ACC_XI_P2_C06_S01_004_S01.png" width="<klux>80</klux>%"/> <br/> Working Notes : <br/>Calculation of Net <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> before Taxation and Extraordinary items:<br/> (1) Net Profit =<a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 1,00,000<br/> + Transfer to General <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> =Rs 30,000<br/>= Rs 1,30,000<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_004_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_004_S03.png" width="80%"/> <br/>` (##NCERT_ACC_XI_P2_C06_S01_004_S04.png" width="80%"></body></html> | |