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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.
| 251. |
What is the nature of the balance in the Petty 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> :It 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> .</body></html> | |
| 252. |
What is the main objective of setting accounting standards ?OrWhat is meant by Accounting Standards ? Explain one objective of Accounting |
| 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> :Accounting Standards are the guidelines for the preparation and presentationof Financial Statemanets . The objective of setting Accounting Standards is to bring uniformity in accounting <a href="https://interviewquestions.tuteehub.com/tag/practices-1162408" style="font-weight:bold;" target="_blank" title="Click to know more about PRACTICES">PRACTICES</a> and to ensure <a href="https://interviewquestions.tuteehub.com/tag/transparency-1426371" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSPARENCY">TRANSPARENCY</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> and comparability .</body></html> | |
| 253. |
What is the main objective of preparing a Trial Balance? |
| 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/main-552371" style="font-weight:bold;" target="_blank" title="Click to know more about MAIN">MAIN</a> objective of preparing a Trial Balance is to verify the <a href="https://interviewquestions.tuteehub.com/tag/arithmetical-884194" style="font-weight:bold;" target="_blank" title="Click to know more about ARITHMETICAL">ARITHMETICAL</a> accuracy 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> entries.</body></html> | |
| 254. |
What is the last step of accounting process ? |
| 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> :Communication the final results 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> who analyse them 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> their <a href="https://interviewquestions.tuteehub.com/tag/individual-1041871" style="font-weight:bold;" target="_blank" title="Click to know more about INDIVIDUAL">INDIVIDUAL</a> <a href="https://interviewquestions.tuteehub.com/tag/requirements-25692" style="font-weight:bold;" target="_blank" title="Click to know more about REQUIREMENTS">REQUIREMENTS</a>.</body></html> | |
| 255. |
What is the importance of the words 'Per Annum' for charging depreciation on fixed assets? |
| Answer» <html><body><p></p>Solution :When rate of depreciation is given with the <a href="https://interviewquestions.tuteehub.com/tag/wards-1448848" style="font-weight:bold;" target="_blank" title="Click to know more about WARDS">WARDS</a> '<a href="https://interviewquestions.tuteehub.com/tag/per-590802" style="font-weight:bold;" target="_blank" title="Click to know more about PER">PER</a> annum or p.a.', like `10%` per annum or `10%` p.a., then depreciation is charged on the fixed asset only for the period for which the asset is used. <a href="https://interviewquestions.tuteehub.com/tag/however-1032379" style="font-weight:bold;" target="_blank" title="Click to know more about HOWEVER">HOWEVER</a>, when depreciation rate is without the words 'per annum' then depreciation is charged for the <a href="https://interviewquestions.tuteehub.com/tag/full-1001178" style="font-weight:bold;" target="_blank" title="Click to know more about FULL">FULL</a> accounting period, irrespective of the date of purchase of <a href="https://interviewquestions.tuteehub.com/tag/tlie-1420970" style="font-weight:bold;" target="_blank" title="Click to know more about TLIE">TLIE</a> asset.</body></html> | |
| 256. |
What is the impact of GST Collected at the time of sale of asset on profit or loss? |
| Answer» <html><body><p></p>Solution :GST <a href="https://interviewquestions.tuteehub.com/tag/collected-2526120" style="font-weight:bold;" target="_blank" title="Click to know more about COLLECTED">COLLECTED</a> does not have any impact on <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> or <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a>, it being a liability 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> to deposit in Government Account.</body></html> | |
| 257. |
What is the impact of GST Paid at the time of purchase of machinery on depreciation ? |
| Answer» <html><body><p></p>Solution :GST <a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a> does not have any <a href="https://interviewquestions.tuteehub.com/tag/impact-1037617" style="font-weight:bold;" target="_blank" title="Click to know more about IMPACT">IMPACT</a> on depreciation <a href="https://interviewquestions.tuteehub.com/tag/since-644476" style="font-weight:bold;" target="_blank" title="Click to know more about SINCE">SINCE</a> GST Paid is not a <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> of asset, it is set-off against GST Collected.</body></html> | |
| 258. |
What is the function of Book Keeping? |
| Answer» <html><body><p></p>Solution :The function of <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> Keeping is to identify financial transactions and events, measuring them in <a href="https://interviewquestions.tuteehub.com/tag/money-25502" style="font-weight:bold;" target="_blank" title="Click to know more about MONEY">MONEY</a> <a href="https://interviewquestions.tuteehub.com/tag/terms-1242559" style="font-weight:bold;" target="_blank" title="Click to know more about TERMS">TERMS</a>, recording them in the books of account and <a href="https://interviewquestions.tuteehub.com/tag/classifying-2016718" style="font-weight:bold;" target="_blank" title="Click to know more about CLASSIFYING">CLASSIFYING</a> the recorded transactions.</body></html> | |
| 259. |
What is the first step of accounting process ? |
| 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/recording-1180449" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDING">RECORDING</a> of <a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</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/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a>.</body></html> | |
| 260. |
What is the full form IFRS? |
| 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/international-21795" style="font-weight:bold;" target="_blank" title="Click to know more about INTERNATIONAL">INTERNATIONAL</a> <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> <a href="https://interviewquestions.tuteehub.com/tag/reporting-1185335" style="font-weight:bold;" target="_blank" title="Click to know more about REPORTING">REPORTING</a> <a href="https://interviewquestions.tuteehub.com/tag/standards-1224505" style="font-weight:bold;" target="_blank" title="Click to know more about STANDARDS">STANDARDS</a>.</body></html> | |
| 261. |
What is the effect of overvaluing Clothing Stock on the Current Year' s Profit ? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/decreases-946143" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASES">DECREASES</a> the gross <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/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> profit. <br/>increase the gross profit but <a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a> the net profit. <br/>decrease the gross profit and increase net profit. <br/>increase the gross profit and net profit. </p>Solution :increase the gross profit and net profit.</body></html> | |
| 262. |
What is the common objective between the Double Entry System and Single Entry System? |
| 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> :Common objective between the two <a href="https://interviewquestions.tuteehub.com/tag/systems-1237607" style="font-weight:bold;" target="_blank" title="Click to know more about SYSTEMS">SYSTEMS</a> is to determine the <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> <a href="https://interviewquestions.tuteehub.com/tag/performance-11671" style="font-weight:bold;" target="_blank" title="Click to know more about PERFORMANCE">PERFORMANCE</a> of the business.</body></html> | |
| 263. |
What is the difference between Straight Line Method and Diminishing Balance Method of charging Depreciation? (Any two) |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :(i) Under the Straight Line <a href="https://interviewquestions.tuteehub.com/tag/method-559432" style="font-weight:bold;" target="_blank" title="Click to know more about METHOD">METHOD</a> of Depreciation, Depreciation is <a href="https://interviewquestions.tuteehub.com/tag/uniform-1437485" style="font-weight:bold;" target="_blank" title="Click to know more about UNIFORM">UNIFORM</a> year after year whereas under the Written Down <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> Method, it reduces every year. <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) Depreciation under the Straight Line Method is calculated at a fixed percentage on the original cost whereas under the Written Down Value Method, it is calculated on original cost (in first year) and on written down value in subsequent years.</body></html> | |
| 264. |
What is the basic difference between IFRS and Accounting Standards (AS) issued by ICAI (Institute of Chartered Accountants of India) |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/ifrs-497167" style="font-weight:bold;" target="_blank" title="Click to know more about IFRS">IFRS</a> are based on <a href="https://interviewquestions.tuteehub.com/tag/fair-459033" style="font-weight:bold;" target="_blank" title="Click to know more about FAIR">FAIR</a> Value Concept whereas Accounting Stanedards are based on Historical <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.</body></html> | |
| 265. |
What is the basic accounting equation? |
| 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/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> = <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</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> | |
| 266. |
What is Statement of Affairs? |
| 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 Statement 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> is a statement of all assets and liabilities. The difference between the <a href="https://interviewquestions.tuteehub.com/tag/amounts-374805" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNTS">AMOUNTS</a> of two <a href="https://interviewquestions.tuteehub.com/tag/sides-1207029" style="font-weight:bold;" target="_blank" title="Click to know more about SIDES">SIDES</a> is taken as <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> | |
| 267. |
What is Single Entry System? |
| Answer» <html><body><p></p>Solution :Single <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a> System of accounting is a system in which accounting <a href="https://interviewquestions.tuteehub.com/tag/records-1180480" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDS">RECORDS</a> are not maintained according to Double Entry System of <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> keeping.</body></html> | |
| 268. |
What is signified by a debit bank balance ? |
| Answer» <html><body><p></p>Solution :A debit bank <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/signifies-1207555" style="font-weight:bold;" target="_blank" title="Click to know more about SIGNIFIES">SIGNIFIES</a> balance <a href="https://interviewquestions.tuteehub.com/tag/lying-1081801" style="font-weight:bold;" target="_blank" title="Click to know more about LYING">LYING</a> deposited in the bank .</body></html> | |
| 269. |
What is signified by a credit bank balance ? |
| Answer» <html><body><p></p>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> <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> balance <a href="https://interviewquestions.tuteehub.com/tag/signifies-1207555" style="font-weight:bold;" target="_blank" title="Click to know more about SIGNIFIES">SIGNIFIES</a> <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> payable to the bank by the firm .</body></html> | |
| 270. |
What is signified by a debit cash balance ? |
| Answer» <html><body><p></p>Solution :A debit cash <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/signifies-1207555" style="font-weight:bold;" target="_blank" title="Click to know more about SIGNIFIES">SIGNIFIES</a> Cash in Hand .</body></html> | |
| 271. |
What is revenue? |
| 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> :Revenue is theincome of a recurring (reguar ) nature such as <a href="https://interviewquestions.tuteehub.com/tag/receipts-1179271" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIPTS">RECEIPTS</a> from <a href="https://interviewquestions.tuteehub.com/tag/sale-1193496" style="font-weight:bold;" target="_blank" title="Click to know more about SALE">SALE</a> of goods, rent, <a href="https://interviewquestions.tuteehub.com/tag/commission-422814" style="font-weight:bold;" target="_blank" title="Click to know more about COMMISSION">COMMISSION</a> etc.</body></html> | |
| 272. |
What is Profit and Loss Account ? |
| 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> :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 is the account which shows net profit earned or net loss incurred during an accounting period. It is credited with <a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> profit and indirect income and <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a> with all indirect expenses and Losses. The net result is either net profit or net loss</body></html> | |
| 273. |
What is owner's equity? Give an equation for calculating owner's equity. Give two examples at least. |
| Answer» | |
| 274. |
What is One-Sided Error? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a>-Sided Errors are those errors which have occurred in one <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> 'Debit or Credit' of an account. Because of which Trial Balance will not <a href="https://interviewquestions.tuteehub.com/tag/agree-2404370" style="font-weight:bold;" target="_blank" title="Click to know more about AGREE">AGREE</a>.</body></html> | |
| 275. |
What is money measurement Concept? |
| 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> :Only those <a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a> and <a href="https://interviewquestions.tuteehub.com/tag/events-11766" style="font-weight:bold;" target="_blank" title="Click to know more about EVENTS">EVENTS</a> are recorded in accounting which can be expressed in <a href="https://interviewquestions.tuteehub.com/tag/terms-1242559" style="font-weight:bold;" target="_blank" title="Click to know more about TERMS">TERMS</a> of money.</body></html> | |
| 276. |
What is ment by Two-column Cash Book? |
| Answer» <html><body><p></p>Solution :Two-column 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> is the Cash Book which has two <a href="https://interviewquestions.tuteehub.com/tag/columns-922590" style="font-weight:bold;" target="_blank" title="Click to know more about COLUMNS">COLUMNS</a> on each side, one column each to record cash transactions and <a href="https://interviewquestions.tuteehub.com/tag/second-1197322" style="font-weight:bold;" target="_blank" title="Click to know more about SECOND">SECOND</a> column each to record bank transactions.</body></html> | |
| 277. |
What is menat by Reserve Fund? |
| 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 term '<a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> Fund' means reserve the amount of which has been invested outside the <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a>.</body></html> | |
| 278. |
What is menat by Provision for Discount on Debtors ? |
| 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> :Provision for Discount on Debtors means provision <a href="https://interviewquestions.tuteehub.com/tag/made-3718337" style="font-weight:bold;" target="_blank" title="Click to know more about MADE">MADE</a> for discount that is likely to be allowed to the debtors. It is <a href="https://interviewquestions.tuteehub.com/tag/calculated-907694" style="font-weight:bold;" target="_blank" title="Click to know more about CALCULATED">CALCULATED</a> as a <a href="https://interviewquestions.tuteehub.com/tag/percentage-13406" style="font-weight:bold;" target="_blank" title="Click to know more about PERCENTAGE">PERCENTAGE</a> of debtors.</body></html> | |
| 279. |
What is meant by Written Down Value Method of providing Depreciation? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/written-732709" style="font-weight:bold;" target="_blank" title="Click to know more about WRITTEN">WRITTEN</a> Down <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> <a href="https://interviewquestions.tuteehub.com/tag/method-559432" style="font-weight:bold;" target="_blank" title="Click to know more about METHOD">METHOD</a> of providing depreciation means depreciation is calculated and charged at a fixed rate on written down value of the asset every <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a>.</body></html> | |
| 280. |
whatismeantby Utilitysoftware ? |
| Answer» | |
| 281. |
What ismeant by Unearned Income ? |
| 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/unearned-7257222" style="font-weight:bold;" target="_blank" title="Click to know more about UNEARNED">UNEARNED</a> Income means income that has been received against which <a href="https://interviewquestions.tuteehub.com/tag/services-1202745" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICES">SERVICES</a> are yet to be rendered or <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> are yet to be <a href="https://interviewquestions.tuteehub.com/tag/sold-631881" style="font-weight:bold;" target="_blank" title="Click to know more about SOLD">SOLD</a>.</body></html> | |
| 282. |
What is meant by Tangible Assets ? |
| Answer» <html><body><p></p>Solution :Tangible Assets are the assets which have physical existence, i.e., they can be seen and <a href="https://interviewquestions.tuteehub.com/tag/touched-7264694" style="font-weight:bold;" target="_blank" title="Click to know more about TOUCHED">TOUCHED</a> such as Land, <a href="https://interviewquestions.tuteehub.com/tag/building-905221" style="font-weight:bold;" target="_blank" title="Click to know more about BUILDING">BUILDING</a>, Plant and Machinery and <a href="https://interviewquestions.tuteehub.com/tag/computers-21658" style="font-weight:bold;" target="_blank" title="Click to know more about COMPUTERS">COMPUTERS</a></body></html> | |
| 283. |
What is meant by Straight Line Method of providing Depreciation? |
| 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> :Straight Line <a href="https://interviewquestions.tuteehub.com/tag/method-559432" style="font-weight:bold;" target="_blank" title="Click to know more about METHOD">METHOD</a> of providing depreciation means depreciation is calculated at a percentage of original cost. Depreciation <a href="https://interviewquestions.tuteehub.com/tag/remains-621920" style="font-weight:bold;" target="_blank" title="Click to know more about REMAINS">REMAINS</a> uniform from <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a> to year.</body></html> | |
| 284. |
What is meant by Specific Reserve? |
| 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> :Specific Reserve is the reserve <a href="https://interviewquestions.tuteehub.com/tag/created-7257327" style="font-weight:bold;" target="_blank" title="Click to know more about CREATED">CREATED</a> for a specific <a href="https://interviewquestions.tuteehub.com/tag/purpose-1173268" style="font-weight:bold;" target="_blank" title="Click to know more about PURPOSE">PURPOSE</a> and can be <a href="https://interviewquestions.tuteehub.com/tag/utilised-7379677" style="font-weight:bold;" target="_blank" title="Click to know more about UTILISED">UTILISED</a> only for that purpose.</body></html> | |
| 285. |
What is meant by Simple 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> :<a href="https://interviewquestions.tuteehub.com/tag/simple-1208262" style="font-weight:bold;" target="_blank" title="Click to know more about SIMPLE">SIMPLE</a> Cash Book is a Cash Book with one <a href="https://interviewquestions.tuteehub.com/tag/column-922494" style="font-weight:bold;" target="_blank" title="Click to know more about COLUMN">COLUMN</a> on each side to record only cash <a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a>.</body></html> | |
| 286. |
What is meant by Sales? |
| Answer» <html><body><p></p>Solution :The term sales is <a href="https://interviewquestions.tuteehub.com/tag/used-2318798" style="font-weight:bold;" target="_blank" title="Click to know more about USED">USED</a> for the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> of sale of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> and services <a href="https://interviewquestions.tuteehub.com/tag/rendered-7280818" style="font-weight:bold;" target="_blank" title="Click to know more about RENDERED">RENDERED</a> .The term sales includes both Cash andCredit Sales.</body></html> | |
| 287. |
What is meant by Revenue Reserve? |
| Answer» <html><body><p></p>Solution :<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/reserves-1186138" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVES">RESERVES</a> are the reserves being the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> set <a href="https://interviewquestions.tuteehub.com/tag/aside-3546531" style="font-weight:bold;" target="_blank" title="Click to know more about ASIDE">ASIDE</a> out of revenue profits.</body></html> | |
| 288. |
What is meant by Revenue Receipt ? |
| Answer» <html><body><p></p>Solution :Revenue Receipt is the amount <a href="https://interviewquestions.tuteehub.com/tag/recived-2246214" style="font-weight:bold;" target="_blank" title="Click to know more about RECIVED">RECIVED</a> by the business in the regular course of business <a href="https://interviewquestions.tuteehub.com/tag/say-1195451" style="font-weight:bold;" target="_blank" title="Click to know more about SAY">SAY</a> because of sales of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> and/or services <a href="https://interviewquestions.tuteehub.com/tag/rendered-7280818" style="font-weight:bold;" target="_blank" title="Click to know more about RENDERED">RENDERED</a></body></html> | |
| 289. |
What is meant by Revenue from Operations ? |
| 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> :Revenue from Operations means revenue <a href="https://interviewquestions.tuteehub.com/tag/earned-7273289" style="font-weight:bold;" target="_blank" title="Click to know more about EARNED">EARNED</a> by the enterprise from its Operating Activities such as Net Sales (Sales - Sales Return), services <a href="https://interviewquestions.tuteehub.com/tag/rendered-7280818" style="font-weight:bold;" target="_blank" title="Click to know more about RENDERED">RENDERED</a>, sale of scrap, etc.</body></html> | |
| 290. |
What is meant by Revenue Expenditure ? |
| 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> :Revenue <a href="https://interviewquestions.tuteehub.com/tag/expenditure-980222" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENDITURE">EXPENDITURE</a> is that expenditure benefit of which is exhausted within the <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> year in which it is incurred. <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a> is expense on salaries</body></html> | |
| 291. |
What is meant by Reserves? |
| 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> :Reserve is an <a href="https://interviewquestions.tuteehub.com/tag/amounts-374805" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNTS">AMOUNTS</a> <a href="https://interviewquestions.tuteehub.com/tag/set-11758" style="font-weight:bold;" target="_blank" title="Click to know more about SET">SET</a> <a href="https://interviewquestions.tuteehub.com/tag/aside-3546531" style="font-weight:bold;" target="_blank" title="Click to know more about ASIDE">ASIDE</a> out of profits. It is an appropriation of Profits.</body></html> | |
| 292. |
What is meant by 'Rebate'? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/rebate-613693" style="font-weight:bold;" target="_blank" title="Click to know more about REBATE">REBATE</a> is the discount allowed for reasons other than those for which Trade Discount is allowed. <a href="https://interviewquestions.tuteehub.com/tag/say-1195451" style="font-weight:bold;" target="_blank" title="Click to know more about SAY">SAY</a> for <a href="https://interviewquestions.tuteehub.com/tag/poor-602678" style="font-weight:bold;" target="_blank" title="Click to know more about POOR">POOR</a> <a href="https://interviewquestions.tuteehub.com/tag/quality-17732" style="font-weight:bold;" target="_blank" title="Click to know more about QUALITY">QUALITY</a> of goods.</body></html> | |
| 293. |
What is meant by Purchases? |
| Answer» <html><body><p></p>Solution :Theterm purchases is <a href="https://interviewquestions.tuteehub.com/tag/used-2318798" style="font-weight:bold;" target="_blank" title="Click to know more about USED">USED</a> for buying of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> for resale or for use in <a href="https://interviewquestions.tuteehub.com/tag/manufacturing-1086366" style="font-weight:bold;" target="_blank" title="Click to know more about MANUFACTURING">MANUFACTURING</a> process. Theterm purchases <a href="https://interviewquestions.tuteehub.com/tag/includes-1039937" style="font-weight:bold;" target="_blank" title="Click to know more about INCLUDES">INCLUDES</a> both Cash and Credit <a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> of goods.</body></html> | |
| 294. |
What is meant by qualitative information? |
| Answer» <html><body><p></p>Solution :Qualitative aspects of business <a href="https://interviewquestions.tuteehub.com/tag/units-1438468" style="font-weight:bold;" target="_blank" title="Click to know more about UNITS">UNITS</a> are those aspects which cannot be <a href="https://interviewquestions.tuteehub.com/tag/expressed-7259249" style="font-weight:bold;" target="_blank" title="Click to know more about EXPRESSED">EXPRESSED</a> in monetary <a href="https://interviewquestions.tuteehub.com/tag/terms-1242559" style="font-weight:bold;" target="_blank" title="Click to know more about TERMS">TERMS</a>, such as changes in management, <a href="https://interviewquestions.tuteehub.com/tag/reputation-1185572" style="font-weight:bold;" target="_blank" title="Click to know more about REPUTATION">REPUTATION</a> of the business, codial management-labour relations, firms ability to develop new products, efficiency of management, <a href="https://interviewquestions.tuteehub.com/tag/satisfaction-1195186" style="font-weight:bold;" target="_blank" title="Click to know more about SATISFACTION">SATISFACTION</a> of firms customers etc.</body></html> | |
| 295. |
What is meant by provision for doubtful debts? How are the relevant accounts prepared and what journal entries are recorded in final accounts? How is the amount for provision for doubtful debts calculated? |
| 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> :N/a</body></html> | |
| 296. |
What is meant by Provision for Doubtful Debts ? |
| 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/provision-607840" style="font-weight:bold;" target="_blank" title="Click to know more about PROVISION">PROVISION</a> for Doubtful Debts means provision made against debts of the amount that are doubtful of recovery. It is <a href="https://interviewquestions.tuteehub.com/tag/calculated-907694" style="font-weight:bold;" target="_blank" title="Click to know more about CALCULATED">CALCULATED</a> as a <a href="https://interviewquestions.tuteehub.com/tag/percentage-13406" style="font-weight:bold;" target="_blank" title="Click to know more about PERCENTAGE">PERCENTAGE</a> of debtors.</body></html> | |
| 297. |
What is meant by provision for discount on debtors? |
| 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> :N/a</body></html> | |
| 298. |
What is meant by Provision? |
| Answer» <html><body><p></p>Solution :Provision is an amount set aside by charging it in 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> <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 provide for a known <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a> the amount of which cannot be <a href="https://interviewquestions.tuteehub.com/tag/determined-949906" style="font-weight:bold;" target="_blank" title="Click to know more about DETERMINED">DETERMINED</a> with accuracy.</body></html> | |
| 299. |
What is meant by Prepaid Expenses ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/prepaid-2227976" style="font-weight:bold;" target="_blank" title="Click to know more about PREPAID">PREPAID</a> <a href="https://interviewquestions.tuteehub.com/tag/expanses-980008" style="font-weight:bold;" target="_blank" title="Click to know more about EXPANSES">EXPANSES</a> are the expanses that have been paid but their <a href="https://interviewquestions.tuteehub.com/tag/benefit-895149" style="font-weight:bold;" target="_blank" title="Click to know more about BENEFIT">BENEFIT</a> will not be exhausted in current accounting <a href="https://interviewquestions.tuteehub.com/tag/peroid-2922952" style="font-weight:bold;" target="_blank" title="Click to know more about PEROID">PEROID</a> but in the next <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a>.</body></html> | |
| 300. |
What is meant by Posting? |
| Answer» <html><body><p></p>Solution :Posting means <a href="https://interviewquestions.tuteehub.com/tag/transferring-1425726" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSFERRING">TRANSFERRING</a> the entries from the <a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> to the <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</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> | |