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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.
| 2201. |
An investment company has been valuing its inventory of land at lower of market price or cost. It now wanted to value its inventory at the current market price which is higher than the cost. Which accounting concept will violated? |
| 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> | |
| 2202. |
An increase in which of the following account will be recorded on the debit side ? |
| Answer» <html><body><p>Building Account <br/><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/>Bills Payable Account <br/>Rent <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> Account </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> :Building Account</body></html> | |
| 2203. |
An increase in one asset is accompanied by |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a> in <a href="https://interviewquestions.tuteehub.com/tag/another-876628" style="font-weight:bold;" target="_blank" title="Click to know more about ANOTHER">ANOTHER</a> asset.<br/> <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> in a liability.<br/> Increase in <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/> All of these.</p>Solution : All of these.</body></html> | |
| 2204. |
An expension of accounting equation is shown as |
| 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> 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/>Trading Account<br/>Manufacturing 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></p>Solution :Balance Sheet</body></html> | |
| 2205. |
An enterprise prepares its accounts under the accrual basis . Salaries amounting to Rs.10,000 for themonth of March , 2019 were not paid . The owner did not want to account it in the books of account on the ground that the amount was not paid. The enterprise closes its books of account on 31 st March every year . Is he 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, the owner is not correct because under the Accrual Concept , expense should be accounted at the time when it is incurred and not when it is paid . Salaries for <a href="https://interviewquestions.tuteehub.com/tag/march-554922" style="font-weight:bold;" target="_blank" title="Click to know more about MARCH">MARCH</a> 2019 have become <a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> on 31st March , 2019 and therefore , should be accounted in the books of account for the year <a href="https://interviewquestions.tuteehub.com/tag/ended-2070567" style="font-weight:bold;" target="_blank" title="Click to know more about ENDED">ENDED</a> <a href="https://interviewquestions.tuteehub.com/tag/31stmarch-307175" style="font-weight:bold;" target="_blank" title="Click to know more about 31STMARCH">31STMARCH</a> , 2019.</body></html> | |
| 2206. |
An employee of the enterprise suffers an injury at work and the enterprise decides to pay him ₹50,000 as compensation. Should the enterprises pass an entry even though it has not paid it ? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a>, because of Accural <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/>No,because it is not paid.<br/>No, because the <a href="https://interviewquestions.tuteehub.com/tag/employee-25537" style="font-weight:bold;" target="_blank" title="Click to know more about EMPLOYEE">EMPLOYEE</a> has not accepted<br/>None of these.</p>Solution :Yes, because of Accural Concept</body></html> | |
| 2207. |
An asset has been purchased for the firm. However, the amount was debited to Purchases Account. It is an error of _______ |
| 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/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a>.</body></html> | |
| 2208. |
An Asset Account shows a _________ balance. |
| Answer» <html><body><p>credit<br/>debit<br/>debit or credit<br/>None of these.</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 2209. |
An Asset Account shows a |
| 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 or Credit balance<br/>None of these . </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> | |
| 2210. |
An amount of Rs 5,000received fromRam is credited to Shyam. It is an error of |
| Answer» <html><body><p>Omission.<br/><a href="https://interviewquestions.tuteehub.com/tag/commission-422814" style="font-weight:bold;" target="_blank" title="Click to know more about COMMISSION">COMMISSION</a>.<br/>Compensation.<br/>Principle. </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> :Commission.</body></html> | |
| 2211. |
An accountant of a large sized firm records all the transactions in a jornal instead of maintaining subsidiary books .His view on this are that it will result in better control and also large team of acountants will not be required whether his decision is correct? |
| Answer» <html><body><p></p>Solution :No ,his <a href="https://interviewquestions.tuteehub.com/tag/decision-945807" style="font-weight:bold;" target="_blank" title="Click to know more about DECISION">DECISION</a> is not correct because of the following reasons: <br/> (i) It ignores the <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a> of division of <a href="https://interviewquestions.tuteehub.com/tag/work-20377" style="font-weight:bold;" target="_blank" title="Click to know more about WORK">WORK</a> and <a href="https://interviewquestions.tuteehub.com/tag/specialisation-1220714" style="font-weight:bold;" target="_blank" title="Click to know more about SPECIALISATION">SPECIALISATION</a></body></html> | |
| 2212. |
An accountant has debited the purchases account by the amount of funitrue purchase for office use. Which error has been committed by the accountatn? |
| 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/errorof-975064" style="font-weight:bold;" target="_blank" title="Click to know more about ERROROF">ERROROF</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> | |
| 2213. |
An accountant always charges depriciation on fixed assets @ 20% p.a .Which principal is followed by the accountant? |
| 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/consistency-930013" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENCY">CONSISTENCY</a> <a href="https://interviewquestions.tuteehub.com/tag/assumption-886180" style="font-weight:bold;" target="_blank" title="Click to know more about ASSUMPTION">ASSUMPTION</a></body></html> | |
| 2214. |
An account is not opened in the name of the proprietor in the books of firm. Why? |
| 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> :An account is not <a href="https://interviewquestions.tuteehub.com/tag/opened-2895201" style="font-weight:bold;" target="_blank" title="Click to know more about OPENED">OPENED</a> in the <a href="https://interviewquestions.tuteehub.com/tag/name-573193" style="font-weight:bold;" target="_blank" title="Click to know more about NAME">NAME</a> of the <a href="https://interviewquestions.tuteehub.com/tag/proprietor-1170512" style="font-weight:bold;" target="_blank" title="Click to know more about PROPRIETOR">PROPRIETOR</a>, he is represented by Capital Account.</body></html> | |
| 2215. |
Amrit prepared his Trial Balance on 31st March, 2019, which did not match. What step should he take to proceed further? |
| Answer» <html><body><p></p>Solution :He should open Suspense <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> and transfer the <a href="https://interviewquestions.tuteehub.com/tag/difference-951394" style="font-weight:bold;" target="_blank" title="Click to know more about DIFFERENCE">DIFFERENCE</a> in the Trial Balance 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 of the Suspense Account (if the <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> side of the Trial Balance exceeds the debit side) or on the credit side of the Suspense Account (if the debit side of the Trial Balance exceeds the credit side).</body></html> | |
| 2216. |
Amount withdrawn by proprietor for personal use will ... Cash and Capital. |
| Answer» <html><body><p> Increase.<br/><a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a>.<br/> Not Change.<br/>None of these.</p>Solution :Decrease.</body></html> | |
| 2217. |
Amount received or receivable against sale of goods is |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> <a href="https://interviewquestions.tuteehub.com/tag/receipt-1179268" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIPT">RECEIPT</a><br/><a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> receipt<br/><a href="https://interviewquestions.tuteehub.com/tag/sometimes-648384" style="font-weight:bold;" target="_blank" title="Click to know more about SOMETIMES">SOMETIMES</a> revenue receipt and sometimes capital receipt<br/>None of these</p>Solution :revenue receipt</body></html> | |
| 2218. |
Amount of debts _______ from the debtors are termed as bad debts. |
| 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/irrecoverable-7689361" style="font-weight:bold;" target="_blank" title="Click to know more about IRRECOVERABLE">IRRECOVERABLE</a></body></html> | |
| 2219. |
Amount of sundry debtors in Trial Balance is Rs 7,00,000. Write offf Rs 5,000 as bad debts Journal entries. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_007_S01.png" width="80%"/> <br/> <a href="https://interviewquestions.tuteehub.com/tag/notes-1125324" style="font-weight:bold;" target="_blank" title="Click to know more about NOTES">NOTES</a> <br/> 1. Bad Debts account is tranferred to Profit and Loss Account because balance of Provision for Doubtful debts does not exist. Provision now <a href="https://interviewquestions.tuteehub.com/tag/created-7257327" style="font-weight:bold;" target="_blank" title="Click to know more about CREATED">CREATED</a> is meeting <a href="https://interviewquestions.tuteehub.com/tag/expected-2627146" style="font-weight:bold;" target="_blank" title="Click to know more about EXPECTED">EXPECTED</a> bad debts in the next year. <br/> 2. Provision is <a href="https://interviewquestions.tuteehub.com/tag/made-3718337" style="font-weight:bold;" target="_blank" title="Click to know more about MADE">MADE</a> on Rs 6,95,000 (i.e., Rs7.00.000-Rs5,000, bad debts written off). Thus Provision for Doutful debts `=10%` of `Rs 6,95,000=Rs 69,500`.</body></html> | |
| 2220. |
Amount paid or payable against purchase of goods is |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> <a href="https://interviewquestions.tuteehub.com/tag/expenditure-980222" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENDITURE">EXPENDITURE</a><br/>capital expenditure<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>)<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 :revenue expenditure</body></html> | |
| 2221. |
Amit sold goods for Rs 20,000 to Sumit on credit on Jan 01,2017. Amit drew a bill of exchange upon Sumit for the same amount for three months. Sumit accepted the bill and returned it to Amit. Sumit met this acceptance on maturity. Record the necessary journal entries under the following circumstances: (i) Amit retained the bill till the date of its maturity and collected directly (ii) Amit discounted the bill @ 12% p.a from his bank (iii) Amit endrsed the bill to this creditor Ankit (v) Amit retained the bill and on March 31,2017 Amit sent the bill for collection to its bank. On April 05,2017 bank advice was received. |
| 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> :Books of <a href="https://interviewquestions.tuteehub.com/tag/amit-374558" style="font-weight:bold;" target="_blank" title="Click to know more about AMIT">AMIT</a> <a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> <br/> (i) When the bill was <a href="https://interviewquestions.tuteehub.com/tag/retained-622878" style="font-weight:bold;" target="_blank" title="Click to know more about RETAINED">RETAINED</a> till its <a href="https://interviewquestions.tuteehub.com/tag/maturity-1089814" style="font-weight:bold;" target="_blank" title="Click to know more about MATURITY">MATURITY</a>. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P1_C08_S01_001_S01.png" width="80%"/><br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P1_C08_S01_001_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P1_C08_S01_001_S03.png" width="80%"/></body></html> | |
| 2222. |
Amount invested by the owner in business 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/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a></body></html> | |
| 2223. |
Ammount at which an asset appears in the books of account is ______ |
| 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/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a></body></html> | |
| 2224. |
Amithas incurred an expense of ₹5,000 towards repairs. However, the amountis yet to be paid. How will it beshown in theaccountaing equition ? |
| Answer» <html><body><p></p>Solution :It is an <a href="https://interviewquestions.tuteehub.com/tag/outstanding-1143197" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSTANDING">OUTSTANDING</a> expense. Itwill beshownin <a href="https://interviewquestions.tuteehub.com/tag/theaccountingequation-3190892" style="font-weight:bold;" target="_blank" title="Click to know more about THEACCOUNTINGEQUATION">THEACCOUNTINGEQUATION</a> as deductionform capitalandas an Outstanding Expense on theLiabilitie <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> .</body></html> | |
| 2225. |
Amithas incurred an expense of ₹5,000 towards repairs. However, the amountis yet to be paid. How will it beshown in theaccountaing equition ? |
| 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 is an <a href="https://interviewquestions.tuteehub.com/tag/outstanding-1143197" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSTANDING">OUTSTANDING</a> <a href="https://interviewquestions.tuteehub.com/tag/expense-980253" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSE">EXPENSE</a>. Itwill beshownin theaccountingequation as deductionform capitalandas an Outstanding Expense on theLiabilitie <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> .</body></html> | |
| 2226. |
Also, plot the computed amount of depreciation on a graph. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/depreciation-948712" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATION">DEPRECIATION</a> for <a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a> <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a> (2016-17) = `Rs.92500-9250=Rs. 83050` <br/> `"" =Rs. 83050xx(10)/(100)=Rs. 8305`</body></html> | |
| 2227. |
Alok's Trial Balance shows Opening stock Rs. 20,000, it will be debited to the Profit & Loss 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> | |
| 2228. |
All items or facts whether material or immaterial are recorded in accounting. |
| 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> :<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> | |
| 2229. |
All accountingerrors affect the agreement of 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> | |
| 2230. |
Ajay , a dealer in furniture , received advance against sales of tables and chairs . In your opinion how shouldthis advance be treated and why ? |
| 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> :The <a href="https://interviewquestions.tuteehub.com/tag/advance-850602" style="font-weight:bold;" target="_blank" title="Click to know more about ADVANCE">ADVANCE</a> received should be <a href="https://interviewquestions.tuteehub.com/tag/treated-1426908" style="font-weight:bold;" target="_blank" title="Click to know more about TREATED">TREATED</a> as a <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a> because Ajay has not <a href="https://interviewquestions.tuteehub.com/tag/yet-2343425" style="font-weight:bold;" target="_blank" title="Click to know more about YET">YET</a> made the sales .</body></html> | |
| 2231. |
AIS is the _________ department of an organisation. |
| 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/key-11608" style="font-weight:bold;" target="_blank" title="Click to know more about KEY">KEY</a></body></html> | |
| 2232. |
AIS has relationship with all the departments within the ogranisation. |
| 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> | |
| 2233. |
Agreement of trial balance is affected by: |
| Answer» <html><body><p>One <a href="https://interviewquestions.tuteehub.com/tag/sided-7322692" style="font-weight:bold;" target="_blank" title="Click to know more about SIDED">SIDED</a> errors only. <br/> <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> sided errors only. <br/> Both (a) and (b)<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.<br/></p>Solution :(c )</body></html> | |
| 2234. |
AIS and MIS mean the same as far as computers are concerned. |
| 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> | |
| 2235. |
Adjustments given are recorded once in Trading and Profit and Loss Account and again in Balance Sheet. It is so because of |
| Answer» <html><body><p>Matching <a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/dual-749" style="font-weight:bold;" target="_blank" title="Click to know more about DUAL">DUAL</a> Aspect Principle. <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/><a href="https://interviewquestions.tuteehub.com/tag/materiality-1089371" style="font-weight:bold;" target="_blank" title="Click to know more about MATERIALITY">MATERIALITY</a> Principle </p>Solution :Dual Aspect Principle.</body></html> | |
| 2236. |
Adjustment is made for accured income/income received in advance under______ basis of accounting. |
| 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/accrual-847173" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUAL">ACCRUAL</a></body></html> | |
| 2237. |
Adjustment Entries/Non-cash Entries are recorded in |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/payment-1149239" style="font-weight:bold;" target="_blank" title="Click to know more about PAYMENT">PAYMENT</a> Voucher<br/>Contra Voucher<br/>Journal Voucher<br/>Purchase Voucher</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 2238. |
Adjustment entries are passed at the end 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 2239. |
Adjusted purchases Rs. 6,63,600 , sales Rs. 7,44,000, Closing Stock Rs. 50,400, Freight & Cartages Inward Rs. 3,600, Wages Rs. 2,400, Freight & Cartage outward Rs. 1,800, Gross Profit for the Year is |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 76,200<br/>Rs. 74,400<br/>Rs. 1,24,800<br/>None of these. </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> :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 2240. |
Aditya a retailer, has not maintained proper books of account but it has been possible to obtain the following details: {:(,,"Last Year (Rs.)","This Year (Rs.)"),("Trade Creditors","......................................","6,270","5,890"),("Loan from Naresh","......................................","5,000","5,000"),("Stock","......................................","12,350","11,980"),("Cash in Hand","......................................","570","650"),("Shop Fltting","......................................","7,250","7,800"),("Trade Debtors","......................................","5,280","4,560"),("Bank Balance","......................................","3,990","4,130"):} Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that: ltbr. (a) Shop Fittings are to be depreciated by Rs. 780. (b) |
| Answer» <html><body><p><br/></p>Answer :<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/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 3,960; Total of <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 <a href="https://interviewquestions.tuteehub.com/tag/affairs-851191" style="font-weight:bold;" target="_blank" title="Click to know more about AFFAIRS">AFFAIRS</a> - Rs. 28,070.</body></html> | |
| 2241. |
Accural basis of accounting gives a ture or fair view of the results of operations of businessand financial position of the business. |
| 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> | |
| 2242. |
Accural concept is based on : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/matching-11928" style="font-weight:bold;" target="_blank" title="Click to know more about MATCHING">MATCHING</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> <br/>Dual <a href="https://interviewquestions.tuteehub.com/tag/aspect-885708" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECT">ASPECT</a> Concept <br/><a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> Concept <br/>Going concern Concept </p>Answer :A</body></html> | |
| 2243. |
Accrued incomes and income due but not received are two different terms.Do you agree? |
| 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> :No</body></html> | |
| 2244. |
Accrued Income will increase Assets and Capital. |
| 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> | |
| 2245. |
Accrued Income is added to the income because of |
| Answer» <html><body><p>Revenue <a href="https://interviewquestions.tuteehub.com/tag/recognition-1180173" style="font-weight:bold;" target="_blank" title="Click to know more about RECOGNITION">RECOGNITION</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> . <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/>Accounting Period Concept<br/>Prudence Concept </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> :Accrual Concept</body></html> | |
| 2246. |
Accrued Income, if given outside 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> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a>, as <a href="https://interviewquestions.tuteehub.com/tag/addition-367641" style="font-weight:bold;" target="_blank" title="Click to know more about ADDITION">ADDITION</a> to the <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a>. <br/>Profit and loss Account, as deduction to the income. <br/>Profit and Loss account, as addition to the income and in the Balance sheet, as an asset. <br/>Balance sheet as an asset. </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> :Profit and Loss account, as addition to the income and in the Balance sheet, as an asset.</body></html> | |
| 2247. |
Accrued Income, if given in 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, as <a href="https://interviewquestions.tuteehub.com/tag/addition-367641" style="font-weight:bold;" target="_blank" title="Click to know more about ADDITION">ADDITION</a> to the income. <br/>Profit and loss account, as addition to the income. <br/>Profit and loss account , as addition to the income, and in the Balance <a href="https://interviewquestions.tuteehub.com/tag/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a>, as as asset. <br/>Balance sheet as an asset. </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> :Balance sheet as an asset.</body></html> | |
| 2248. |
Accrual Basis of Accounting recognises |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/outstanding-1143197" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSTANDING">OUTSTANDING</a> and <a href="https://interviewquestions.tuteehub.com/tag/prepaid-2227976" style="font-weight:bold;" target="_blank" title="Click to know more about PREPAID">PREPAID</a> Expenses<br/>Accrued Incomes and Incomes <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> in <a href="https://interviewquestions.tuteehub.com/tag/advance-850602" style="font-weight:bold;" target="_blank" title="Click to know more about ADVANCE">ADVANCE</a> <br/>Both (a) and (b)<br/>None of the above.</p>Solution :Both (a) and (b)</body></html> | |
| 2249. |
Accrual Basis of Accounting |
| Answer» <html><body><p>does not give 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> and fair <a href="https://interviewquestions.tuteehub.com/tag/view-1446292" style="font-weight:bold;" target="_blank" title="Click to know more about VIEW">VIEW</a> of profit 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> position. <br/>gives a true and fair view of profit and financial position<br/>may or may not give a true and fair view of profit and financial position. <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 :gives a true and fair view of profit and financial position</body></html> | |
| 2250. |
Accouting records buysiness transactions and events which are of finanical nature. Is this a limitation of accounting? |
| Answer» <html><body><p></p>Solution :Yes , it is a limitation 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> because there are some events which impact <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> but are not recorded because they are not 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> nature.</body></html> | |