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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.
| 301. |
What ismeant by ower's capital ? |
| Answer» <html><body><p></p>Solution : <a href="https://interviewquestions.tuteehub.com/tag/owner-1144378" style="font-weight:bold;" target="_blank" title="Click to know more about OWNER">OWNER</a>'s <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> meana balance <a href="https://interviewquestions.tuteehub.com/tag/standing-651653" style="font-weight:bold;" target="_blank" title="Click to know more about STANDING">STANDING</a> to the credit of Capital <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> af the peoprietor.</body></html> | |
| 302. |
What is meant by Outstanding Expenses? |
| 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/outstanding-1143197" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSTANDING">OUTSTANDING</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> <a href="https://interviewquestions.tuteehub.com/tag/mean-1091459" style="font-weight:bold;" target="_blank" title="Click to know more about MEAN">MEAN</a> the <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> incurred but not yet paid.</body></html> | |
| 303. |
What is meant by Indirect Expenses ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/indirect-514760" style="font-weight:bold;" target="_blank" title="Click to know more about INDIRECT">INDIRECT</a> <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> are those expenses which are incurred and are not directly <a href="https://interviewquestions.tuteehub.com/tag/associated-886051" style="font-weight:bold;" target="_blank" title="Click to know more about ASSOCIATED">ASSOCIATED</a> with the purchases of goods or <a href="https://interviewquestions.tuteehub.com/tag/manufacture-1086315" style="font-weight:bold;" target="_blank" title="Click to know more about MANUFACTURE">MANUFACTURE</a> of goods. Examples of such expenses are administrative expenses, selling and <a href="https://interviewquestions.tuteehub.com/tag/distribution-440862" style="font-weight:bold;" target="_blank" title="Click to know more about DISTRIBUTION">DISTRIBUTION</a> expenses, etc.</body></html> | |
| 304. |
What is meant by Grouping or Marshalling a Balance Sheet ? Or, What is meany by Marshalling of Assets and Liabilities ? Or, What is meant by Marshalling ? |
| Answer» <html><body><p></p>Solution :Grouping of Balance <a href="https://interviewquestions.tuteehub.com/tag/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a> means putting items of <a href="https://interviewquestions.tuteehub.com/tag/similar-1207900" style="font-weight:bold;" target="_blank" title="Click to know more about SIMILAR">SIMILAR</a> nature under a <a href="https://interviewquestions.tuteehub.com/tag/common-923599" style="font-weight:bold;" target="_blank" title="Click to know more about COMMON">COMMON</a> heading. <a href="https://interviewquestions.tuteehub.com/tag/marshalling-555597" style="font-weight:bold;" target="_blank" title="Click to know more about MARSHALLING">MARSHALLING</a> of Balance Sheet means arranging the assets and liabilities in a particular order, i.e., in order of permanence or in order of <a href="https://interviewquestions.tuteehub.com/tag/liquidity-1075470" style="font-weight:bold;" target="_blank" title="Click to know more about LIQUIDITY">LIQUIDITY</a></body></html> | |
| 305. |
What is meant by Grouping and Marshalling of assets and liabilities. Explain the ways in which a balance sheet may be marshalled. |
| 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> | |
| 306. |
What is meant by General 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> :<a href="https://interviewquestions.tuteehub.com/tag/general-471730" style="font-weight:bold;" target="_blank" title="Click to know more about GENERAL">GENERAL</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> is the amount set aside out of profits for no 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>.</body></html> | |
| 307. |
What is meant by GAAP? |
| 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/generally-471963" style="font-weight:bold;" target="_blank" title="Click to know more about GENERALLY">GENERALLY</a> <a href="https://interviewquestions.tuteehub.com/tag/accepted-366523" style="font-weight:bold;" target="_blank" title="Click to know more about ACCEPTED">ACCEPTED</a> <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> <a href="https://interviewquestions.tuteehub.com/tag/principles-1166308" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLES">PRINCIPLES</a>.</body></html> | |
| 308. |
What is meant by Errors of Commission? |
| Answer» <html><body><p></p>Solution :Errors of Commission are those errors which arise <a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> to wrong recording, wrong <a href="https://interviewquestions.tuteehub.com/tag/posting-603386" style="font-weight:bold;" target="_blank" title="Click to know more about POSTING">POSTING</a>, wrong carrying forward, wrong <a href="https://interviewquestions.tuteehub.com/tag/casting-12673" style="font-weight:bold;" target="_blank" title="Click to know more about CASTING">CASTING</a>, wrong balancing, <a href="https://interviewquestions.tuteehub.com/tag/etc-975753" style="font-weight:bold;" target="_blank" title="Click to know more about ETC">ETC</a>.</body></html> | |
| 309. |
What is meant by Error of Principle? |
| 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/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a> of Principle <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</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> a transaction in <a href="https://interviewquestions.tuteehub.com/tag/contravention-932546" style="font-weight:bold;" target="_blank" title="Click to know more about CONTRAVENTION">CONTRAVENTION</a> of accounting principles.</body></html> | |
| 310. |
What is meant by Error of Partial Omission? |
| 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> :Error of Partial Omission means a transaction being recorded <a href="https://interviewquestions.tuteehub.com/tag/partially-7321885" style="font-weight:bold;" target="_blank" title="Click to know more about PARTIALLY">PARTIALLY</a> and if recorded completely has been posted into <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/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a> partially.</body></html> | |
| 311. |
What is meant by Error of Omission? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a> of <a href="https://interviewquestions.tuteehub.com/tag/omission-1130895" style="font-weight:bold;" target="_blank" title="Click to know more about OMISSION">OMISSION</a> means 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> being <a href="https://interviewquestions.tuteehub.com/tag/omitted-7289265" style="font-weight:bold;" target="_blank" title="Click to know more about OMITTED">OMITTED</a> to be recorded completely or <a href="https://interviewquestions.tuteehub.com/tag/partially-7321885" style="font-weight:bold;" target="_blank" title="Click to know more about PARTIALLY">PARTIALLY</a>.</body></html> | |
| 312. |
What is meant by Error of Complete Omission? |
| 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> :Error of <a href="https://interviewquestions.tuteehub.com/tag/complete-423576" style="font-weight:bold;" target="_blank" title="Click to know more about COMPLETE">COMPLETE</a> Omission means 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> is not <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 books of account or if recorded has not been posted into Ledger <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> | |
| 313. |
What is meant by Depreciation ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/depreciation-948712" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATION">DEPRECIATION</a> is the fall in the value of <a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> to its use, efflux of time, technological changes and <a href="https://interviewquestions.tuteehub.com/tag/obsolescence-1127648" style="font-weight:bold;" target="_blank" title="Click to know more about OBSOLESCENCE">OBSOLESCENCE</a>.</body></html> | |
| 314. |
What is meant by debit balance in Pass 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> :Debit <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> in Pass <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> means <a href="https://interviewquestions.tuteehub.com/tag/overdraft-588599" style="font-weight:bold;" target="_blank" title="Click to know more about OVERDRAFT">OVERDRAFT</a>.</body></html> | |
| 315. |
What is meant by debit balance of Input CGST 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> :It <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</a> <a href="https://interviewquestions.tuteehub.com/tag/gst-13422" style="font-weight:bold;" target="_blank" title="Click to know more about GST">GST</a> <a href="https://interviewquestions.tuteehub.com/tag/recoverable-620629" style="font-weight:bold;" target="_blank" title="Click to know more about RECOVERABLE">RECOVERABLE</a></body></html> | |
| 316. |
What is meant by Credit Transaction ? |
| Answer» <html><body><p></p>Solution :Credit transaction is a financial transaction or <a href="https://interviewquestions.tuteehub.com/tag/event-976579" style="font-weight:bold;" target="_blank" title="Click to know more about EVENT">EVENT</a> that is not <a href="https://interviewquestions.tuteehub.com/tag/settled-3021992" style="font-weight:bold;" target="_blank" title="Click to know more about SETTLED">SETTLED</a> <a href="https://interviewquestions.tuteehub.com/tag/immediately-2120865" style="font-weight:bold;" target="_blank" title="Click to know more about IMMEDIATELY">IMMEDIATELY</a>, i.e., is agreed to be settled <a href="https://interviewquestions.tuteehub.com/tag/later-1069071" style="font-weight:bold;" target="_blank" title="Click to know more about LATER">LATER</a></body></html> | |
| 317. |
What is meant by credit balance of Output SGST Accounts ? |
| 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 <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</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> <a href="https://interviewquestions.tuteehub.com/tag/payable-597657" style="font-weight:bold;" target="_blank" title="Click to know more about PAYABLE">PAYABLE</a> to the <a href="https://interviewquestions.tuteehub.com/tag/government-1010037" style="font-weight:bold;" target="_blank" title="Click to know more about GOVERNMENT">GOVERNMENT</a></body></html> | |
| 318. |
What is meant by Compensating Error? |
| 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> :Compensating Error is the error the <a href="https://interviewquestions.tuteehub.com/tag/effect-966056" style="font-weight:bold;" target="_blank" title="Click to know more about EFFECT">EFFECT</a> of which is <a href="https://interviewquestions.tuteehub.com/tag/nullified-7284639" style="font-weight:bold;" target="_blank" title="Click to know more about NULLIFIED">NULLIFIED</a> by another error of equal <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a>.</body></html> | |
| 319. |
What is meant by closing stock? Show its treatment in final accounts? |
| 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> | |
| 320. |
What is meant by Cash Transaction ? |
| Answer» <html><body><p></p>Solution :Cash <a href="https://interviewquestions.tuteehub.com/tag/transaction-16213" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTION">TRANSACTION</a> is 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> transaction or <a href="https://interviewquestions.tuteehub.com/tag/event-976579" style="font-weight:bold;" target="_blank" title="Click to know more about EVENT">EVENT</a> that is <a href="https://interviewquestions.tuteehub.com/tag/settled-3021992" style="font-weight:bold;" target="_blank" title="Click to know more about SETTLED">SETTLED</a> <a href="https://interviewquestions.tuteehub.com/tag/immediately-2120865" style="font-weight:bold;" target="_blank" title="Click to know more about IMMEDIATELY">IMMEDIATELY</a> in cash.</body></html> | |
| 321. |
What is meant by Capital Receipt ? |
| Answer» <html><body><p></p>Solution :Capital <a href="https://interviewquestions.tuteehub.com/tag/receipt-1179268" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIPT">RECEIPT</a> is the amount received by the business on <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> of capital, <a href="https://interviewquestions.tuteehub.com/tag/loans-1076821" style="font-weight:bold;" target="_blank" title="Click to know more about LOANS">LOANS</a> or sale proceeds of fixed assets. In other <a href="https://interviewquestions.tuteehub.com/tag/words-25841" style="font-weight:bold;" target="_blank" title="Click to know more about WORDS">WORDS</a>, they are not revenue for the business</body></html> | |
| 322. |
What is meant by Capital Reserve? |
| Answer» <html><body><p></p>Solution :Capital <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> menas 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> out of Capital. <a href="https://interviewquestions.tuteehub.com/tag/profits-1168748" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITS">PROFITS</a>.</body></html> | |
| 323. |
What is meant by Capital 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> :<a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> Expenditure is expenditure that results in <a href="https://interviewquestions.tuteehub.com/tag/acquiring-847832" style="font-weight:bold;" target="_blank" title="Click to know more about ACQUIRING">ACQUIRING</a> or bringing into existence</body></html> | |
| 324. |
What is meant by ''Balancing an Account''? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/balancing-891824" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCING">BALANCING</a> of an <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> means ascertaining the <a href="https://interviewquestions.tuteehub.com/tag/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</a> balance of a <a href="https://interviewquestions.tuteehub.com/tag/particular-1147539" style="font-weight:bold;" target="_blank" title="Click to know more about PARTICULAR">PARTICULAR</a> account on a particular data.</body></html> | |
| 325. |
What is meant by balancing an account ? |
| Answer» <html><body><p></p>Solution :Balancing an account mean totalling the two sides and striking the difference. The difference is written in the <a href="https://interviewquestions.tuteehub.com/tag/column-922494" style="font-weight:bold;" target="_blank" title="Click to know more about COLUMN">COLUMN</a> with shorter <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> and is carried forward as a <a href="https://interviewquestions.tuteehub.com/tag/balanced-389334" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCED">BALANCED</a> in the <a href="https://interviewquestions.tuteehub.com/tag/next-578185" style="font-weight:bold;" target="_blank" title="Click to know more about NEXT">NEXT</a> <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> period.</body></html> | |
| 326. |
What is meant by Bad Debts ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/bad-389290" style="font-weight:bold;" target="_blank" title="Click to know more about BAD">BAD</a> Debt is the amount <a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> from the <a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a> which has become irrecoverable.</body></html> | |
| 327. |
What is meant by Asset Disposal Account ? |
| Answer» <html><body><p></p>Solution :Asset Disposal <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> means that the cost of the asset and also the provision for <a href="https://interviewquestions.tuteehub.com/tag/depreciation-948712" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATION">DEPRECIATION</a> is transferred to the account at the time of its sale (disposal). The sale proceeds are <a href="https://interviewquestions.tuteehub.com/tag/credited-7316860" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITED">CREDITED</a> to the account and gain (profit) or loss on sale on its disposal is <a href="https://interviewquestions.tuteehub.com/tag/determined-949906" style="font-weight:bold;" target="_blank" title="Click to know more about DETERMINED">DETERMINED</a>.</body></html> | |
| 328. |
What is meant by Analytical Patty Cash Book ? |
| Answer» <html><body><p></p>Solution :Analytical Petty <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> has two sidesx, left side is used to <a href="https://interviewquestions.tuteehub.com/tag/record-1180336" style="font-weight:bold;" target="_blank" title="Click to know more about RECORD">RECORD</a> the receipts of cash and the right side is used for recording the payments. The paymentas side has columns for recording each <a href="https://interviewquestions.tuteehub.com/tag/type-715478" style="font-weight:bold;" target="_blank" title="Click to know more about TYPE">TYPE</a> expense.</body></html> | |
| 329. |
What is meant by Adjustment Entry ? |
| 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> :Adjustment <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a> is the entry passed to recored <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> and <a href="https://interviewquestions.tuteehub.com/tag/incomes-1040086" style="font-weight:bold;" target="_blank" title="Click to know more about INCOMES">INCOMES</a> that relate to the accounting peroid but are yet to be paid or <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a>.</body></html> | |
| 330. |
What is meant by Adjustment Purchases ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/adjusted-7661905" style="font-weight:bold;" target="_blank" title="Click to know more about ADJUSTED">ADJUSTED</a> Purchases means <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> Stock is added to purchases while <a href="https://interviewquestions.tuteehub.com/tag/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</a> stock is deducted. In other words, we can say that <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a> for closing stock in the books of account.</body></html> | |
| 331. |
What is meant by 'Accounts from Incomplete Records'? |
| Answer» <html><body><p></p>Solution :When <a href="https://interviewquestions.tuteehub.com/tag/double-441870" style="font-weight:bold;" target="_blank" title="Click to know more about DOUBLE">DOUBLE</a> <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a> <a href="https://interviewquestions.tuteehub.com/tag/system-1237255" style="font-weight:bold;" target="_blank" title="Click to know more about SYSTEM">SYSTEM</a> is not followedd completely to prepare accounting books of a firm, it is <a href="https://interviewquestions.tuteehub.com/tag/called-907796" style="font-weight:bold;" target="_blank" title="Click to know more about CALLED">CALLED</a> incomplete <a href="https://interviewquestions.tuteehub.com/tag/records-1180480" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDS">RECORDS</a> or 'Single Entry System'.</body></html> | |
| 332. |
whatis meant byAccountinginformationsystem? Listfourfeaturesof agoodAccountinginformationsystem . |
| Answer» | |
| 333. |
What is meant by a ‘statement of affairs’? How can the profit or loss of a trader be ascertained with the help of a statement of affairs? |
| 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> :N//A</body></html> | |
| 334. |
What is meant by 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> :<a href="https://interviewquestions.tuteehub.com/tag/accountancy-22301" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTANCY">ACCOUNTANCY</a> is the art of recording, classifying, summarising and <a href="https://interviewquestions.tuteehub.com/tag/communicating-924557" style="font-weight:bold;" target="_blank" title="Click to know more about COMMUNICATING">COMMUNICATING</a> financial information to users for correct decision making.</body></html> | |
| 335. |
What is meant by a rectifying entry? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/rectifying-1180832" style="font-weight:bold;" target="_blank" title="Click to know more about RECTIFYING">RECTIFYING</a> entry <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</a> an entry <a href="https://interviewquestions.tuteehub.com/tag/passed-2217431" style="font-weight:bold;" target="_blank" title="Click to know more about PASSED">PASSED</a> to correct the <a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a> committed.</body></html> | |
| 336. |
What is meant by a JournalProper? |
| 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> :Journal Proper is abook 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> in which 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 events are recorded which are not recorded in the <a href="https://interviewquestions.tuteehub.com/tag/subsidiary-654572" style="font-weight:bold;" target="_blank" title="Click to know more about SUBSIDIARY">SUBSIDIARY</a> books.</body></html> | |
| 337. |
What is meant by a Sales Return 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> :Sales <a href="https://interviewquestions.tuteehub.com/tag/return-1187910" style="font-weight:bold;" target="_blank" title="Click to know more about RETURN">RETURN</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> is a <a href="https://interviewquestions.tuteehub.com/tag/subsidiary-654572" style="font-weight:bold;" target="_blank" title="Click to know more about SUBSIDIARY">SUBSIDIARY</a> bookin which the return of goods <a href="https://interviewquestions.tuteehub.com/tag/sold-631881" style="font-weight:bold;" target="_blank" title="Click to know more about SOLD">SOLD</a> is recorded.</body></html> | |
| 338. |
What is Liability Account ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</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> is an account which shows 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> payableby the <a href="https://interviewquestions.tuteehub.com/tag/enterprise-3569" style="font-weight:bold;" target="_blank" title="Click to know more about ENTERPRISE">ENTERPRISE</a> .</body></html> | |
| 339. |
What is matching 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> :All costs incurred during a <a href="https://interviewquestions.tuteehub.com/tag/particular-1147539" style="font-weight:bold;" target="_blank" title="Click to know more about PARTICULAR">PARTICULAR</a> period should be <a href="https://interviewquestions.tuteehub.com/tag/charged-7263949" style="font-weight:bold;" target="_blank" title="Click to know more about CHARGED">CHARGED</a> to <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> of that period for determining the <a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> profits.</body></html> | |
| 340. |
What is Ledger? |
| 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 book which <a href="https://interviewquestions.tuteehub.com/tag/contains-11473" style="font-weight:bold;" target="_blank" title="Click to know more about CONTAINS">CONTAINS</a> a classified and permanent <a href="https://interviewquestions.tuteehub.com/tag/record-1180336" style="font-weight:bold;" target="_blank" title="Click to know more about RECORD">RECORD</a> of all the transactions of a <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> is called the Ledger.</body></html> | |
| 341. |
What is J.F.? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> Folio or J.F. is the page <a href="https://interviewquestions.tuteehub.com/tag/number-582134" style="font-weight:bold;" target="_blank" title="Click to know more about NUMBER">NUMBER</a> of the journal from where the posting has been transferred in 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>. This page number of the journal is recorded in the ledger in J.F. <a href="https://interviewquestions.tuteehub.com/tag/column-922494" style="font-weight:bold;" target="_blank" title="Click to know more about COLUMN">COLUMN</a>.</body></html> | |
| 342. |
What is Journalising? |
| 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> :Journalising is a <a href="https://interviewquestions.tuteehub.com/tag/process-11618" style="font-weight:bold;" target="_blank" title="Click to know more about PROCESS">PROCESS</a> of <a href="https://interviewquestions.tuteehub.com/tag/recording-1180449" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDING">RECORDING</a> a transaction in a <a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a>.</body></html> | |
| 343. |
What is 'Imprest System' of Petty Cash Book ? |
| Answer» <html><body><p></p>Solution :Under this <a href="https://interviewquestions.tuteehub.com/tag/system-1237255" style="font-weight:bold;" target="_blank" title="Click to know more about SYSTEM">SYSTEM</a> , the petty cashier is <a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a> a definite sum, <a href="https://interviewquestions.tuteehub.com/tag/say-1195451" style="font-weight:bold;" target="_blank" title="Click to know more about SAY">SAY</a> Rs. 2,500, at the <a href="https://interviewquestions.tuteehub.com/tag/beginning-894536" style="font-weight:bold;" target="_blank" title="Click to know more about BEGINNING">BEGINNING</a> ofcertainperiod. This amount is called <a href="https://interviewquestions.tuteehub.com/tag/imprest-2730035" style="font-weight:bold;" target="_blank" title="Click to know more about IMPREST">IMPREST</a> amount . The petty cahsier goes on paying all petty expenses out of his imprest amount and records them in the petty cash book maintained by him. At the end of the given period , say after a month , the chief cahsierreimburses the amount actually spent by the petty cashier .</body></html> | |
| 344. |
What is 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/excess-978535" style="font-weight:bold;" target="_blank" title="Click to know more about EXCESS">EXCESS</a> of <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> over expenses is called <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a>. <br/> Income = Revenue - Expenses</body></html> | |
| 345. |
What is humanware?. |
| 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> :People who design <a href="https://interviewquestions.tuteehub.com/tag/data-25577" style="font-weight:bold;" target="_blank" title="Click to know more about DATA">DATA</a>, <a href="https://interviewquestions.tuteehub.com/tag/write-746491" style="font-weight:bold;" target="_blank" title="Click to know more about WRITE">WRITE</a> programs to <a href="https://interviewquestions.tuteehub.com/tag/implement-1037860" style="font-weight:bold;" target="_blank" title="Click to know more about IMPLEMENT">IMPLEMENT</a> the data and who participate in operating the computer are known as Humanware.</body></html> | |
| 346. |
What is expense? |
| 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/expense-980253" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSE">EXPENSE</a> is the cost incurred in <a href="https://interviewquestions.tuteehub.com/tag/producing-2229964" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCING">PRODUCING</a> and selling the goods <a href="https://interviewquestions.tuteehub.com/tag/andservices-875201" style="font-weight:bold;" target="_blank" title="Click to know more about ANDSERVICES">ANDSERVICES</a>.</body></html> | |
| 347. |
What is end product of financial accounting ? |
| Answer» <html><body><p></p>Solution :End product 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> are the financial statements (i.e., Profit & <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> and Balance Sheet) and reports which <a href="https://interviewquestions.tuteehub.com/tag/provide-607804" style="font-weight:bold;" target="_blank" title="Click to know more about PROVIDE">PROVIDE</a> information that are useful to a variety of user who want to know the <a href="https://interviewquestions.tuteehub.com/tag/profitability-1168698" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITABILITY">PROFITABILITY</a> and financial position of an enterprise</body></html> | |
| 348. |
What is going concern concept? |
| Answer» <html><body><p></p>Solution :Business will <a href="https://interviewquestions.tuteehub.com/tag/continue-409821" style="font-weight:bold;" target="_blank" title="Click to know more about CONTINUE">CONTINUE</a> to exist for a long time in the <a href="https://interviewquestions.tuteehub.com/tag/future-2559" style="font-weight:bold;" target="_blank" title="Click to know more about FUTURE">FUTURE</a> and there is no intention to <a href="https://interviewquestions.tuteehub.com/tag/close-408965" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSE">CLOSE</a> it or <a href="https://interviewquestions.tuteehub.com/tag/reduce-1181332" style="font-weight:bold;" target="_blank" title="Click to know more about REDUCE">REDUCE</a> its size significantly.</body></html> | |
| 349. |
What is Double Entry System of Book-Keeping? |
| 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> :Double <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 refers to a system of accounting in which every transaction affects <a href="https://interviewquestions.tuteehub.com/tag/atleast-887053" style="font-weight:bold;" target="_blank" title="Click to know more about ATLEAST">ATLEAST</a> two accounts simultaneously. One of them is <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a> and other is credited.</body></html> | |
| 350. |
What is dual aspect concept? |
| Answer» <html><body><p></p>Solution :Every <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</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> is <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a> having a dual <a href="https://interviewquestions.tuteehub.com/tag/aspect-885708" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECT">ASPECT</a>. One aspect is <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a> while other is credited.</body></html> | |