2427 + Interview Questions in Accounts in Class 11 Page 49 InterviewSolution

2401.	________ Discount is not shown separately in the books of account.
Answer» SOLUTION :TRADE

Discussion

2402.	A liability arises because of
Answer» CASH TRANSACTIONS CREDIT transactions cash as WELL as credit transactions None of these Solution :Credit transactions

Discussion

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» ANSWER :RS. 1,87,000.

Discussion

2404.	A bill drawn for three months on 5th April, 2019 will mature for payment on
Answer» 5TH July, 2019 8 th July, 2019 9th July, 2019 10 th AUGUST, 2018 Solution :8 th July, 2019

Discussion

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» ANSWER :CAPITAL at the END - RS. 11,925; PROFIT - Rs. 4,025.

Discussion

2406.	A person who owes money to a firm against goods sold is called is
Answer» creditor DEBTOR Both (a) and (B) NONE of these Solution :debtor

Discussion

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» Solution :YES. The information is of MATERIAL interest to the USERS of FINANCIAL statements and must be disclosed as per the Convention of full disclosure.

Discussion

2408.	A Bill of exchange is renewed generally at the request of the
Answer» drawer bank DRAWEE Any of these SOLUTION : drawee

Discussion

2409.	A compound Journal entry
Answer» has EQUAL debits and CREDITS. generally EXTENDS to SEVERAL pages. does not require narration. All of these. Solution :has equal debits and credits.

Discussion

2410.	A bank reconciliation statement is :
Answer» A part of CASH BOOK A part of PASS Book A statement prepared by the bank A statement prepared by a customer Answer :D

Discussion

2411.	A bank reconciliation statement is prepared to ascertain the causes of defferences between
Answer» The balance as shown by the cash COLUMN by the cash column of Cash BOOK with the balance of the Pass Book The balance as shown by the bank column of Cash Book with the balance of the Pass Book The balance as shown by the cash SOLUMN of the Cash Book with that shown by its bank column The balance as shown by the Cheque Book and Pass Book. Answer :B

Discussion

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» RS. 5,000 Rs. 8,000 Rs. 9,000 Rs. 12,000 Solution :N//A

Discussion

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» SOLUTION :NA

Discussion

2414.	A ……… is sent to a supplier when we return goods.
Answer» DEBIT Note Credit Note Proforma Invoice Noneof these Answer :A

Discussion

2415.	A bill of exchange is drawn by the_________upon this____________.
Answer» ANSWER :ENDORSEMENT

Discussion

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» SOLUTION :CONVENTION of CONSERVATION or PRUDENCE.

Discussion

2417.	A cheque to ₹250 have been recorded twice in the pass book. Wil they be recorded in the amended cash book ?
Answer» SOLUTION :No.The MISTAKE will be RECTIFIED by the BANK itslf.

Discussion

2418.	A person to whom money is owed by a firm for purchase of goods is called a
Answer» CREDITOR debtor Both (a) and (B) NONE of these Solution :creditor

Discussion

2419.	A firm has received a large order to supply the goods. Will it be recorded in the books?
Answer» Solution :No. Only the RECEIPT of ORDER has not resulted in any change in the financial POSITION of the FIRM.

Discussion

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» SOLUTION :Yes, the Accountant is RIGHT because hehas followed the Materiality convention according to which the items having insignificanteffect may not be DISCLOSED or in other words, may be WRITTEN off.

Discussion

2421.	A cheque received from a debtor fro â‚¹ 1,032 in the column in the Cash Book . When the balance as per cash book is the starting point
Answer» â‚¹ 1,023 to be ADDED â‚¹ 1,032 to be SUBTRACTED â‚¹ 9 to be subtracted â‚¹ 1,023 to be subtracted. SOLUTION :â‚¹ 9 to be subtracted

Discussion

2422.	A cheque of â‚¹ 2,345 issued was recorded in deposit column as â‚¹ 2,435. To ascertain the balance as per Cash Book
Answer» â‚¹ 2,345 should be added to the balance as PER PASS BOOK . â‚¹ 2,435 should be subtracted from the balance as per Pass Book â‚¹ 4,780 should be substracted from the balance as per Pass Book â‚¹ 10 should be added to the balance as per Pass Book . Solution :â‚¹ 4,780 should be substracted from the balance as per Pass Book

Discussion

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» Solution :It shows that the accounting staff is working as a TEAM .As a areuslt , in SPITE of many individuals working on separate books of account yet , the financial statement are prepared within ashort period after year end It SHOWN the value of team spirit , which means IMPROVED and synchronised performance by the accounting staff.

Discussion

2424.	A bank reconciliation statement is prepared by
Answer» BANK CUSTOMERS of the bank Creditors AUDITOR ANSWER :B

Discussion

Explore topic-wise InterviewSolutions in .

________ Discount is not shown separately in the books of account.

A liability arises because of

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.

A bill drawn for three months on 5th April, 2019 will mature for payment on

A person who owes money to a firm against goods sold is called is

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.

A Bill of exchange is renewed generally at the request of the

A compound Journal entry

A bank reconciliation statement is :

A bank reconciliation statement is prepared to ascertain the causes of defferences between

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

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.

A ……… is sent to a supplier when we return goods.

A bill of exchange is drawn by the_upon this____.

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?

A cheque to ₹250 have been recorded twice in the pass book. Wil they be recorded in the amended cash book ?

A person to whom money is owed by a firm for purchase of goods is called a

A firm has received a large order to supply the goods. Will it be recorded in the books?

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?

A cheque received from a debtor fro â‚¹ 1,032 in the column in the Cash Book . When the balance as per cash book is the starting point

A cheque of â‚¹ 2,345 issued was recorded in deposit column as â‚¹ 2,435. To ascertain the balance as per Cash Book

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?

A bank reconciliation statement is prepared by

Explore topic-wise InterviewSolutions in .

________ Discount is not shown separately in the books of account.

A liability arises because of

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.

A bill drawn for three months on 5th April, 2019 will mature for payment on

A person who owes money to a firm against goods sold is called is

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.

A Bill of exchange is renewed generally at the request of the

A compound Journal entry

A bank reconciliation statement is :

A bank reconciliation statement is prepared to ascertain the causes of defferences between

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

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.

A ……… is sent to a supplier when we return goods.

A bill of exchange is drawn by the_________upon this____________.

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?

A cheque to ₹250 have been recorded twice in the pass book. Wil they be recorded in the amended cash book ?

A person to whom money is owed by a firm for purchase of goods is called a

A firm has received a large order to supply the goods. Will it be recorded in the books?

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?

A cheque received from a debtor fro â‚¹ 1,032 in the column in the Cash Book . When the balance as per cash book is the starting point

A cheque of â‚¹ 2,345 issued was recorded in deposit column as â‚¹ 2,435. To ascertain the balance as per Cash Book

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?

A bank reconciliation statement is prepared by

A bill of exchange is drawn by the_upon this____.