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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.
| 2351. |
A cheque of ₹ 1,120 receivedfrom a debtor recorded twice in the Cash Book . When balance as per Cash Book is the starting point |
| Answer» <html><body><p>₹ 1,120 to be added<br/>₹ 1,120 to be <a href="https://interviewquestions.tuteehub.com/tag/subtracted-2258353" style="font-weight:bold;" target="_blank" title="Click to know more about SUBTRACTED">SUBTRACTED</a>. <br/>No <a href="https://interviewquestions.tuteehub.com/tag/adjustment-18695" style="font-weight:bold;" target="_blank" title="Click to know more about ADJUSTMENT">ADJUSTMENT</a> is <a href="https://interviewquestions.tuteehub.com/tag/require-11720" style="font-weight:bold;" target="_blank" title="Click to know more about REQUIRE">REQUIRE</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><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :₹ 1,120 to be subtracted.</body></html> | |
| 2352. |
A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increasing. Normal accountig procedure is to ignore this because of the …………… . |
| 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/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> | |
| 2353. |
A firm has received a large order to supply goods. Will it be recorded in the books of account of the firm ? Give reason |
| 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 will not be <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 the <a href="https://interviewquestions.tuteehub.com/tag/books-900981" style="font-weight:bold;" target="_blank" title="Click to know more about BOOKS">BOOKS</a> of <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> because it is not a <a href="https://interviewquestions.tuteehub.com/tag/transaction-16213" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTION">TRANSACTION</a></body></html> | |
| 2354. |
A company lost vital machinery in an accident on 2nd March , 2019 which will have adverse impact on its production capacity . As a result , it is likely to loose business to its competitors . The company has not disclosed this fact in its annual report forfor the year ended31 st March ,2019 . Do you think it is complying with the Convention of Full Disclosure? |
| Answer» <html><body><p></p>Solution :No , the company is not <a href="https://interviewquestions.tuteehub.com/tag/complying-7267570" style="font-weight:bold;" target="_blank" title="Click to know more about COMPLYING">COMPLYING</a> with the Convention of Full Disclosure as <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> of vital machinery has adverse impact on the business 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> , on its profitability . It being material information should have been <a href="https://interviewquestions.tuteehub.com/tag/disclosed-7675060" style="font-weight:bold;" target="_blank" title="Click to know more about DISCLOSED">DISCLOSED</a>.</body></html> | |
| 2355. |
A commenced his cloth business on 1st April , 2018 with a capital of ₹30,000. On31st March2019,his assets were worth ₹50,000 and liabilites of₹10,000. findout hisclosing capitaland profits eraned duringthe year. |
| 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/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> ₹40,000 : Profit₹10,000</body></html> | |
| 2356. |
A company has been charging depreciation @ 10% p.a. on original cost method. It now wants to change the method from original cost to diminishing balance method. The rate of depreciation being 15% p.a. Can it do so? |
| Answer» <html><body><p></p>Solution :Yes. The method and the <a href="https://interviewquestions.tuteehub.com/tag/rate-1177476" style="font-weight:bold;" target="_blank" title="Click to know more about RATE">RATE</a> of depreciation can be <a href="https://interviewquestions.tuteehub.com/tag/changed-913862" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGED">CHANGED</a> but the <a href="https://interviewquestions.tuteehub.com/tag/change-913808" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGE">CHANGE</a> in method will 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 change in accounting policy and the company should disclose the change in its <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> statement along with its impact on profit or loss.</body></html> | |
| 2357. |
A person to whom money is owed by a firms forpurchase of goods is a creditor . |
| 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> | |
| 2358. |
A person to whom a firm owes money for purchase of goods is a _______ |
| 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/creditor-938661" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITOR">CREDITOR</a></body></html> | |
| 2359. |
……………… are created in business for rainy day. |
| 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/generalreserve-2093337" style="font-weight:bold;" target="_blank" title="Click to know more about GENERALRESERVE">GENERALRESERVE</a></body></html> | |
| 2360. |
A bank reconciliation statement is mainly prepared for |
| Answer» <html><body><p> <a href="https://interviewquestions.tuteehub.com/tag/reconcile-613725" style="font-weight:bold;" target="_blank" title="Click to know more about RECONCILE">RECONCILE</a> the <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> balance of the cash book. <br/>Reconcile the difference between the bank balanceby the cash book and bank passbook None of these <br/></p>Solution :<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> | |
| 2361. |
(a) Mohan started a business on 1st Aprili 2018 with a capital of ₹10,000 and borrowed₹ 3,000 from a friend. He earned a profit of ₹5,000 during the year ended 31st March, 2019 and withdrew cash₹4,000 for personal use. What is his capital on 31st March, 2019? Mahesh started a'business with a capital of ₹15,000 on 1st April, 2018. During the year, he made a profit of ₹3,000. He owes₹2,500 to suppliers of goods. What is the total of assets in his business on 31st March, 2019 |
| 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> :₹25,000</body></html> | |
| 2362. |
A Bill of Exchange is renewed generally at the request of the … |
| Answer» <html><body><p>drawer<br/>bank<br/>drawee<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> :<a href="https://interviewquestions.tuteehub.com/tag/crossed-2554380" style="font-weight:bold;" target="_blank" title="Click to know more about CROSSED">CROSSED</a></body></html> | |
| 2363. |
A bookkeeper extracted the following Trial Balance as on 31st March, 2019: Youare required to: (i) State the errors giving reasons (ii) Redraft the Trial Balance correctly. |
| Answer» <html><body><p></p>Solution :(i) (a) Stock on 31st March, 2019, will not appear 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> because it represents a part of the goods purchased but not yet sold. As the total purchases have been included in the Trial Balance, there is no need of including the Closing Stock again. <br/> (b) Machinery is an <a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> and thus will appear in 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> column. <br/> (c) <a href="https://interviewquestions.tuteehub.com/tag/wife-1457037" style="font-weight:bold;" target="_blank" title="Click to know more about WIFE">WIFE</a>'s loan to the business is a liability. It will appear in the credit column. <br/> (d) Discount allowed, being an expense, will appear in the debit column. <br/> (e) Drawing made by 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> is a dencrease of capital (i.e., decrease of proprietor's claim from the business). It will appear in the debit column. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_009_S01.png" width="80%"/></body></html> | |
| 2364. |
A Bill of Exchange, dated 5th August, 2018 payable 60 days after sight, acceptance, on 10th Augest 2018. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/since-644476" style="font-weight:bold;" target="_blank" title="Click to know more about SINCE">SINCE</a> it is an after sight bill, the period will be counted from the date of <a href="https://interviewquestions.tuteehub.com/tag/acceptance-846721" style="font-weight:bold;" target="_blank" title="Click to know more about ACCEPTANCE">ACCEPTANCE</a>. 60 days from <a href="https://interviewquestions.tuteehub.com/tag/10th-12929" style="font-weight:bold;" target="_blank" title="Click to know more about 10TH">10TH</a> August, 2018 is 9th Octobeer, 2018, [i.e., August (31-10) 21 + september 30+ October <a href="https://interviewquestions.tuteehub.com/tag/9-340408" style="font-weight:bold;" target="_blank" title="Click to know more about 9">9</a>] <br/> <a href="https://interviewquestions.tuteehub.com/tag/adding-2399902" style="font-weight:bold;" target="_blank" title="Click to know more about ADDING">ADDING</a> 3 Days of Grace, the bill becomes due on 12th October ,2018.</body></html> | |
| 2365. |
A bill of exchange is drawn by the creditor. |
| 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/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a></body></html> | |
| 2366. |
A credit balance always signifies a balance in the Liabilities Account . 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 not <a href="https://interviewquestions.tuteehub.com/tag/correct-409949" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECT">CORRECT</a> . A <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> may signify a balance in <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> Account or an income .</body></html> | |
| 2367. |
A contra entry appears on both sides of Cash Book. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 2368. |
________ Discount is shown separately in the books of 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/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a></body></html> | |
| 2369. |
A Bill of exchange has _____ parties. |
| 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/three-708969" style="font-weight:bold;" target="_blank" title="Click to know more about THREE">THREE</a></body></html> | |
| 2370. |
A Bank Reconciliation Statement is not a part of the Double Entry System. |
| 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> | |
| 2371. |
 Give an example of a transacticn where an asset will increase and also the hability. |
| 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/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> <a href="https://interviewquestions.tuteehub.com/tag/purchased-2962400" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASED">PURCHASED</a> an <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a></body></html> | |
| 2372. |
A cheque of ₹ 5,000 received from a debtor recordedin the cash book but omitted to be banked. When balance as per cash book is the starting point |
| Answer» <html><body><p>₹ 5,000 to be <a href="https://interviewquestions.tuteehub.com/tag/added-367625" style="font-weight:bold;" target="_blank" title="Click to know more about ADDED">ADDED</a>. <br/> ₹ 5,000 to be <a href="https://interviewquestions.tuteehub.com/tag/subtracted-2258353" style="font-weight:bold;" target="_blank" title="Click to know more about SUBTRACTED">SUBTRACTED</a>. <br/>No adjustmentis <a href="https://interviewquestions.tuteehub.com/tag/required-1185621" style="font-weight:bold;" target="_blank" title="Click to know more about REQUIRED">REQUIRED</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><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : ₹ 5,000 to be subtracted.</body></html> | |
| 2373. |
A bill of ₹ 2,00,000 drawn on 7th January, 2019, due for payment on 10th April, 2019 is discounted with bank on 10th February, 2019 at 12% p.a. The amount of discounting charge is |
| Answer» <html><body><p>₹4,800<br/>₹ 4,000<br/>₹ 48,000<br/>₹ 8,000</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> | |
| 2374. |
_________ and _________ balances of a Trail Balance if in agreement, proves at least the arithmetical accuracy. |
| 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/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a>, <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a></body></html> | |
| 2375. |
A note sent by buyer on return of goods is |
| 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> Note<br/>Return Note<br/>Debit Note<br/>Noneof these</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 2376. |
A person who owes money to the firm against goods sold is debtor. |
| 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> | |
| 2377. |
A Bill of Exchange, dated 30th June, payable, 3 months after date. |
| Answer» <html><body><p></p>Solution :3 months from 30th June,2018 is 30th <a href="https://interviewquestions.tuteehub.com/tag/september-640024" style="font-weight:bold;" target="_blank" title="Click to know more about SEPTEMBER">SEPTEMBER</a>. Adding 3 <a href="https://interviewquestions.tuteehub.com/tag/days-944904" style="font-weight:bold;" target="_blank" title="Click to know more about DAYS">DAYS</a> of <a href="https://interviewquestions.tuteehub.com/tag/grace-475843" style="font-weight:bold;" target="_blank" title="Click to know more about GRACE">GRACE</a>, the bill becomes due on <a href="https://interviewquestions.tuteehub.com/tag/3rd-311114" style="font-weight:bold;" target="_blank" title="Click to know more about 3RD">3RD</a> <a href="https://interviewquestions.tuteehub.com/tag/october-584768" style="font-weight:bold;" target="_blank" title="Click to know more about OCTOBER">OCTOBER</a>, 2018.</body></html> | |
| 2378. |
A Bank Reconciliation Statement is prepared 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/reconcile-613725" style="font-weight:bold;" target="_blank" title="Click to know more about RECONCILE">RECONCILE</a> <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/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a></body></html> | |
| 2379. |
_______ are prepared from 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/final-461168" style="font-weight:bold;" target="_blank" title="Click to know more about FINAL">FINAL</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></body></html> | |
| 2380. |
A journal entry may have more than one debit or more than one ________ |
| 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/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a></body></html> | |
| 2381. |
A firm follows a practice of giving the figures of previous year alongwith the figures of current year. Now the accountant of the firm want to discontinue this practice. Do you justify this decision? |
| Answer» <html><body><p></p>Solution :No. Comparability of current <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a> <a href="https://interviewquestions.tuteehub.com/tag/figures-987769" style="font-weight:bold;" target="_blank" title="Click to know more about FIGURES">FIGURES</a> with that of previous year is aqualitative characteristic of financial <a href="https://interviewquestions.tuteehub.com/tag/information-1043838" style="font-weight:bold;" target="_blank" title="Click to know more about INFORMATION">INFORMATION</a>. Discontinuation of this practice will result in discontinuation of good practice being <a href="https://interviewquestions.tuteehub.com/tag/followed-2079285" style="font-weight:bold;" target="_blank" title="Click to know more about FOLLOWED">FOLLOWED</a> by thefirm.</body></html> | |
| 2382. |
A bill of ₹ 10,000 is renewed. The drawee pays ₹ 3,000 as part payment. The amount of interset charged is ₹200. what is the value of new bill ? |
| Answer» <html><body><p>₹ 700<br/>₹ 10,200<br/>₹ 9,000<br/> ₹ 7,200</p>Answer :d</body></html> | |
| 2383. |
A company purchased on 1st July, 2015 machinery costing Rs 30,000. It further purchased machinery on 1st January, 2016 costing Rs 20,000 and on. 1st October, 2016 costing Rs 10,000. On 1st April, 2017, one-third of the machinery installed on 1st July, 2015 became obsolete and was sold forRs 3,000. The company follows financial year as accounting year. Show how the Machinery Account would appear in the books of company if depreciation is charged "@ "10% p.a. on Written Down Value Method. |
| 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> on 1st <a href="https://interviewquestions.tuteehub.com/tag/april-380813" style="font-weight:bold;" target="_blank" title="Click to know more about APRIL">APRIL</a>, 2017 ": Mach. I (2//3)- Rs 16,650 and Mach. I (1//3)- Rs 8,325, Mach. <a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>- Rs 17,550, Mach. III- Rs 9,500. Depreciation (2017-18)-Mach. I (2//3) Rs 1,665, Mach. II Rs 1,755, Mach. III Rs 950.`</body></html> | |
| 2384. |
A journal is known as a book of ______ entry. |
| 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/original-1139424" style="font-weight:bold;" target="_blank" title="Click to know more about ORIGINAL">ORIGINAL</a></body></html> | |
| 2385. |
________ Discount is allowed to encourage timely payment |
| 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></body></html> | |
| 2386. |
…………… are created outof capitalgains. |
| 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/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a></body></html> | |
| 2387. |
A liability is met by issuing a cheque . Which account will you credit and why ? |
| Answer» <html><body><p></p>Solution :Bank <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> will be <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 paymenthas been made by <a href="https://interviewquestions.tuteehub.com/tag/issue-1052603" style="font-weight:bold;" target="_blank" title="Click to know more about ISSUE">ISSUE</a> of cheque . As a <a href="https://interviewquestions.tuteehub.com/tag/result-1187343" style="font-weight:bold;" target="_blank" title="Click to know more about RESULT">RESULT</a> , balance in bank is reduced . Bank Account being an asset is credited .</body></html> | |
| 2388. |
________ Discount is reduced from the invoice price. |
| 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/trade-711631" style="font-weight:bold;" target="_blank" title="Click to know more about TRADE">TRADE</a></body></html> | |
| 2389. |
A computersystemiscapableof performingmany thigs 'Explainsome of thecapabilitesof a computersystem . |
| Answer» | |
| 2390. |
A bill drawn for four months on 8th May, 2018 will mature for payments on |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/8th-340217" style="font-weight:bold;" target="_blank" title="Click to know more about 8TH">8TH</a> <a href="https://interviewquestions.tuteehub.com/tag/september-640024" style="font-weight:bold;" target="_blank" title="Click to know more about SEPTEMBER">SEPTEMBER</a>, <a href="https://interviewquestions.tuteehub.com/tag/2018-2846" style="font-weight:bold;" target="_blank" title="Click to know more about 2018">2018</a><br/>13th September, 2018<br/><a href="https://interviewquestions.tuteehub.com/tag/11th-268896" style="font-weight:bold;" target="_blank" title="Click to know more about 11TH">11TH</a> September, 2018 <br/>8th <a href="https://interviewquestions.tuteehub.com/tag/august-385421" style="font-weight:bold;" target="_blank" title="Click to know more about AUGUST">AUGUST</a>, 2018</p>Solution :11th September, 2018</body></html> | |
| 2391. |
A firm is maintaining its acccounts manually and has decided to shiflt to computerised accounting .It has purchasedcomputer and also Tally software to maintain the accounts. The chief accountatn has asked his team not to prepare the chart of accounts.According to him it is not required and appropriatedecision will be taken at the time fo preparing financial statements. You are required to appraise his decision and give your opinion |
| 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 decision of <a href="https://interviewquestions.tuteehub.com/tag/thechief-3192953" style="font-weight:bold;" target="_blank" title="Click to know more about THECHIEF">THECHIEF</a> <a href="https://interviewquestions.tuteehub.com/tag/accountant-5219" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTANT">ACCOUNTANT</a> is not correct . Chart of accounts is na imp[ortant document under computerised environment.It is the document which shows the <br/> decision as to how the financial statement s shall be prepared i.e which accounts <br/>shall form part of the 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 and which shall be part of the balance sheet . besides it shows under which group varuous accounts are clubbed .At the time of recording a transaction, on the basisi of account codes given in the chart of <br/> Accounts , transaction is posted to the defined account, grouped under defined group <br/> and shown in the profit and loss account or balance sheet . The decision of the<br/> cheif accountant means that each and everty entry will have to be scrutinised which, <br/>in turn means additinal work will have to be performed which can be avoided by <br/> preparing the chart of accounts . The compouter system itserlf prepares acceptable <br/> Financial statements if the chart of accounts is well defined. <br/> Therefore , the chief <a href="https://interviewquestions.tuteehub.com/tag/accoutant-366690" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUTANT">ACCOUTANT</a> should prepare a chart of acounts before switching to computerised accounting.</body></html> | |
| 2392. |
A debit balance always signifies a balance in the Assets Account . Is it correct ? |
| Answer» <html><body><p></p>Solution :No , it is not <a href="https://interviewquestions.tuteehub.com/tag/correct-409949" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECT">CORRECT</a> . A <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 may signify a balance in <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/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> or an <a href="https://interviewquestions.tuteehub.com/tag/expense-980253" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSE">EXPENSE</a>.</body></html> | |
| 2393. |
A Pass Book is a copy of |
| Answer» <html><body><p>A <a href="https://interviewquestions.tuteehub.com/tag/customer-25462" style="font-weight:bold;" target="_blank" title="Click to know more about CUSTOMER">CUSTOMER</a>'s <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> to <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<br/>Cash Book relateing to cash column <br/>Cash Book <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 cash column<br/>Fire's receipts and payments</p>Answer :A</body></html> | |
| 2394. |
A bank reconciliation statement is prepared with the balance of |
| Answer» <html><body><p>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> <br/><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 <br/>Either Cash Book of Pass Book<br/>Neither Cash Book nor Pass Book </p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 2395. |
A commenced his cloth business on 1st April , 2018 with a capital of ₹30,000. On31st March2019,his assets were worth ₹50,000 and liabilites of₹10,000. findout hisclosing capitaland profits eraned duringthe year. |
| 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> :Total Assets = Capital + <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/>₹50,000 = Capital+ ₹10,000<br/><a href="https://interviewquestions.tuteehub.com/tag/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</a> Capital= ₹ 50,000 = Capital = ₹50,000 - ₹10,000= ₹40,000 <br/>Profit= Closing Capital- Opening Capital.<br/> = ₹40,000 - ₹30,000 = ₹10,000.</body></html> | |
| 2396. |
A cheque to ₹32,000 sent to bank for collectionhas been recorded in the cash book as ₹23,000. Will it be recorded in the ameded cash book ? |
| Answer» <html><body><p></p>Solution :Yes, ₹9,000 will be recorded 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> of <a href="https://interviewquestions.tuteehub.com/tag/amended-7662523" style="font-weight:bold;" target="_blank" title="Click to know more about AMENDED">AMENDED</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>.</body></html> | |
| 2397. |
A Bill of Exchange cannot be….. |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/endorsed-7375527" style="font-weight:bold;" target="_blank" title="Click to know more about ENDORSED">ENDORSED</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/crossed-2554380" style="font-weight:bold;" target="_blank" title="Click to know more about CROSSED">CROSSED</a><br/>accepted<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> :crossed</body></html> | |
| 2398. |
A bank reconciliation statement is prepared by: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a><br/> Bank<br/>Account <a href="https://interviewquestions.tuteehub.com/tag/holder-1028322" style="font-weight:bold;" target="_blank" title="Click to know more about HOLDER">HOLDER</a> in a bank<br/> <a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a> <br/></p>Solution :B</body></html> | |
| 2399. |
A deblt balance is either ……………or……………(Asset, Liability, Income, Expense) |
| 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/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</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>.</body></html> | |
| 2400. |
A cheque of ₹ 3,500 issued and recorded in the Cash Book but was not sent to creditor. When balance as per Cash Book is the starting point. |
| Answer» <html><body><p>₹ 3,500 to be <a href="https://interviewquestions.tuteehub.com/tag/added-367625" style="font-weight:bold;" target="_blank" title="Click to know more about ADDED">ADDED</a> <br/>₹ 3,500 to be <a href="https://interviewquestions.tuteehub.com/tag/subtracted-2258353" style="font-weight:bold;" target="_blank" title="Click to know more about SUBTRACTED">SUBTRACTED</a> <br/>No adjustmentis <a href="https://interviewquestions.tuteehub.com/tag/required-1185621" style="font-weight:bold;" target="_blank" title="Click to know more about REQUIRED">REQUIRED</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><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :₹ 3,500 to be subtracted</body></html> | |