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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.
| 2401. |
________ Discount is not 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/trade-711631" style="font-weight:bold;" target="_blank" title="Click to know more about TRADE">TRADE</a></body></html> | |
| 2402. |
A liability arises because 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/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a><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> transactions<br/>cash as <a href="https://interviewquestions.tuteehub.com/tag/well-734398" style="font-weight:bold;" target="_blank" title="Click to know more about WELL">WELL</a> as credit transactions<br/>None of these</p>Solution :Credit transactions</body></html> | |
| 2403. |
A firm sells goods at Cost plus 25%. Sales to credit customers (3/4 of total) was Rs. 1,80,000. His Opening and Closing Stocks were Rs. 20,000 and Rs. 15,000 respectively. Find out the value of Purchases. |
| 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/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 1,87,000.</body></html> | |
| 2404. |
A bill drawn for three months on 5th April, 2019 will mature for payment on |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/5th-326598" style="font-weight:bold;" target="_blank" title="Click to know more about 5TH">5TH</a> July, <a href="https://interviewquestions.tuteehub.com/tag/2019-2847" style="font-weight:bold;" target="_blank" title="Click to know more about 2019">2019</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/8-336412" style="font-weight:bold;" target="_blank" title="Click to know more about 8">8</a> th July, 2019<br/>9th July, 2019 <br/>10 th <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 :8 th July, 2019</body></html> | |
| 2405. |
A commenced business on 1st April, 2018 with a capital of Rs. 10,000. He immediately bought Furniture and Fixtures for Rs. 2,000. On 1st October, 2018, he borrowed Rs. 5,000 from his wife @9% p.a. (interest not yet paid) and introduction a further capital of his own amounting to Rs. 1,500. A drew @ Rs. 300 per month at the end of each month for household expenses. On 31st March, 2019 his position was as follows: Cash in Hand Rs. 2,800, Sundary Debtors Rs. 4,800, Stock Rs. 6,800, Bills Receivable Rs. 1,600, Sundary Creditors Rs. 500 and owing for Rent Rs. 150. Furniture and Fixtures to be depreciated by 10%. Ascertain the profit of loss made by A during 2018-19. |
| 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> at the <a href="https://interviewquestions.tuteehub.com/tag/end-971042" style="font-weight:bold;" target="_blank" title="Click to know more about END">END</a> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 11,925; <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> - Rs. 4,025.</body></html> | |
| 2406. |
A person who owes money to a firm against goods sold is called is |
| Answer» <html><body><p>creditor<br/><a href="https://interviewquestions.tuteehub.com/tag/debtor-945512" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTOR">DEBTOR</a><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 :debtor</body></html> | |
| 2407. |
A customer of X Ltd. Has discontinued his business. He used to purchase 30% of the total goods produced by X Ltd. Is it a relevant information in your opinion and should be disclosed by X Ltd. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a>. The information is of <a href="https://interviewquestions.tuteehub.com/tag/material-1089170" style="font-weight:bold;" target="_blank" title="Click to know more about MATERIAL">MATERIAL</a> interest to the <a href="https://interviewquestions.tuteehub.com/tag/users-25567" style="font-weight:bold;" target="_blank" title="Click to know more about USERS">USERS</a> of <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> statements and must be disclosed as per the Convention of full disclosure.</body></html> | |
| 2408. |
A Bill of exchange is renewed generally at the request of the |
| Answer» <html><body><p>drawer<br/>bank<br/> <a href="https://interviewquestions.tuteehub.com/tag/drawee-959475" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWEE">DRAWEE</a><br/>Any 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> : drawee</body></html> | |
| 2409. |
A compound Journal entry |
| Answer» <html><body><p>has <a href="https://interviewquestions.tuteehub.com/tag/equal-446400" style="font-weight:bold;" target="_blank" title="Click to know more about EQUAL">EQUAL</a> debits and <a href="https://interviewquestions.tuteehub.com/tag/credits-938671" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITS">CREDITS</a>.<br/>generally <a href="https://interviewquestions.tuteehub.com/tag/extends-981019" style="font-weight:bold;" target="_blank" title="Click to know more about EXTENDS">EXTENDS</a> to <a href="https://interviewquestions.tuteehub.com/tag/several-1203547" style="font-weight:bold;" target="_blank" title="Click to know more about SEVERAL">SEVERAL</a> pages.<br/>does not require narration.<br/>All of these.</p>Solution :has equal debits and credits.</body></html> | |
| 2410. |
A bank reconciliation statement is : |
| Answer» <html><body><p>A part of <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/>A part of <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/>A statement prepared by the bank<br/>A statement prepared by a customer</p>Answer :D</body></html> | |
| 2411. |
A bank reconciliation statement is prepared to ascertain the causes of defferences between |
| Answer» <html><body><p>The balance as shown by the cash <a href="https://interviewquestions.tuteehub.com/tag/column-922494" style="font-weight:bold;" target="_blank" title="Click to know more about COLUMN">COLUMN</a> by the cash column of 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> with the balance of the Pass Book<br/>The balance as shown by the bank column of Cash Book with the balance of the Pass Book<br/>The balance as shown by the cash <a href="https://interviewquestions.tuteehub.com/tag/solumn-3046415" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUMN">SOLUMN</a> of the Cash Book with that shown by its bank column<br/>The balance as shown by the Cheque Book and Pass Book.</p>Answer :B</body></html> | |
| 2412. |
A business r eceicves its bank statement showing the closing balance as Rs. 8,500 overdrawn. It is found that there wereunpresented cheques amounting to Rs. 2,000 and uncredited deposits amounted to Rs. 1,500. Overdraft as per Cash Book 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>. 5,000<br/>Rs. 8,000<br/>Rs. 9,000<br/>Rs. 12,000</p>Solution :N//A</body></html> | |
| 2413. |
A Manager is entitled to a commission of 10% on net profit before charging the commission. Net profit before charging the commission is Rs 1,00,000. Find the commission payable to the manager. |
| 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/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html> | |
| 2414. |
A ……… is sent to a supplier when we return goods. |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> Note<br/>Credit Note<br/>Proforma Invoice<br/>Noneof these</p>Answer :A</body></html> | |
| 2415. |
A bill of exchange is drawn by the_________upon this____________. |
| 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/endorsement-446054" style="font-weight:bold;" target="_blank" title="Click to know more about ENDORSEMENT">ENDORSEMENT</a></body></html> | |
| 2416. |
A company purchased goods for ₹5,00,000 and sold 80% of such goods during the year. Themarket value of remaining goods was ₹90,000. The company valued the closing stock at cost. Which principle is being 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/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/conservation-929810" style="font-weight:bold;" target="_blank" title="Click to know more about CONSERVATION">CONSERVATION</a> or <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> | |
| 2417. |
A cheque to ₹250 have been recorded twice in the pass book. Wil they be recorded in the amended cash book ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :No.The <a href="https://interviewquestions.tuteehub.com/tag/mistake-25534" style="font-weight:bold;" target="_blank" title="Click to know more about MISTAKE">MISTAKE</a> will be <a href="https://interviewquestions.tuteehub.com/tag/rectified-7708727" style="font-weight:bold;" target="_blank" title="Click to know more about RECTIFIED">RECTIFIED</a> by the <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> itslf.</body></html> | |
| 2418. |
A person to whom money is owed by a firm for purchase of goods is called a |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/creditor-938661" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITOR">CREDITOR</a><br/>debtor<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 :creditor</body></html> | |
| 2419. |
A firm has received a large order to supply the goods. Will it be recorded in the books? |
| Answer» <html><body><p></p>Solution :No. Only the <a href="https://interviewquestions.tuteehub.com/tag/receipt-1179268" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIPT">RECEIPT</a> of <a href="https://interviewquestions.tuteehub.com/tag/order-1138220" style="font-weight:bold;" target="_blank" title="Click to know more about ORDER">ORDER</a> has not resulted in any change in the financial <a href="https://interviewquestions.tuteehub.com/tag/position-1159826" style="font-weight:bold;" target="_blank" title="Click to know more about POSITION">POSITION</a> of the <a href="https://interviewquestions.tuteehub.com/tag/firm-989667" style="font-weight:bold;" target="_blank" title="Click to know more about FIRM">FIRM</a>.</body></html> | |
| 2420. |
A firms has stationery stock accounting of ₹400 as at the end of financial year. Accountant of the firm has writtenit off to profit & Loss Account. Is he right in doing so? |
| 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> :Yes, the Accountant is <a href="https://interviewquestions.tuteehub.com/tag/right-1188951" style="font-weight:bold;" target="_blank" title="Click to know more about RIGHT">RIGHT</a> because hehas followed the Materiality convention according to which the items having insignificanteffect may not be <a href="https://interviewquestions.tuteehub.com/tag/disclosed-7675060" style="font-weight:bold;" target="_blank" title="Click to know more about DISCLOSED">DISCLOSED</a> or in other words, may be <a href="https://interviewquestions.tuteehub.com/tag/written-732709" style="font-weight:bold;" target="_blank" title="Click to know more about WRITTEN">WRITTEN</a> off.</body></html> | |
| 2421. |
A cheque received from a debtor fro ₹ 1,032 in the column in the Cash Book . When the balance as per cash book is the starting point |
| Answer» <html><body><p>₹ 1,023 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/>₹ 1,032 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/>₹ <a href="https://interviewquestions.tuteehub.com/tag/9-340408" style="font-weight:bold;" target="_blank" title="Click to know more about 9">9</a> to be subtracted <br/>₹ 1,023 to be subtracted. </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> :₹ 9 to be subtracted</body></html> | |
| 2422. |
A cheque of ₹ 2,345 issued was recorded in deposit column as ₹ 2,435. To ascertain the balance as per Cash Book |
| Answer» <html><body><p>₹ 2,345 should be added to the balance as <a href="https://interviewquestions.tuteehub.com/tag/per-590802" style="font-weight:bold;" target="_blank" title="Click to know more about PER">PER</a> <a href="https://interviewquestions.tuteehub.com/tag/pass-1148402" style="font-weight:bold;" target="_blank" title="Click to know more about PASS">PASS</a> <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> . <br/>₹ 2,435 should be subtracted from the balance as per Pass Book <br/>₹ 4,780 should be substracted from the balance as per Pass Book <br/>₹ 10 should be added to the balance as per Pass Book . </p>Solution :₹ 4,780 should be substracted from the balance as per Pass Book</body></html> | |
| 2423. |
A firm has voluminous transactions and , therefore it records its transaction in cash book , journal and other subsidiary books. The firm follows financial yer for its accounts .It prepares its financial statements by April 15 every year .What does this indicate? |
| Answer» <html><body><p></p>Solution :It shows that the accounting staff is working as a <a href="https://interviewquestions.tuteehub.com/tag/team-1240155" style="font-weight:bold;" target="_blank" title="Click to know more about TEAM">TEAM</a> .As a areuslt , in <a href="https://interviewquestions.tuteehub.com/tag/spite-1222475" style="font-weight:bold;" target="_blank" title="Click to know more about SPITE">SPITE</a> of many individuals working on separate books of account yet , the financial statement are prepared within ashort period after year end<br/> It <a href="https://interviewquestions.tuteehub.com/tag/shown-1206565" style="font-weight:bold;" target="_blank" title="Click to know more about SHOWN">SHOWN</a> the value of team spirit , which means <a href="https://interviewquestions.tuteehub.com/tag/improved-2730141" style="font-weight:bold;" target="_blank" title="Click to know more about IMPROVED">IMPROVED</a> and synchronised performance by the accounting staff.</body></html> | |
| 2424. |
A bank reconciliation statement is prepared by |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/customers-25461" style="font-weight:bold;" target="_blank" title="Click to know more about CUSTOMERS">CUSTOMERS</a> of the bank<br/>Creditors <br/><a href="https://interviewquestions.tuteehub.com/tag/auditor-887993" style="font-weight:bold;" target="_blank" title="Click to know more about AUDITOR">AUDITOR</a> </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> | |