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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.
| 351. |
What is 'Depreciable Cost'? |
| 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> :Depreciable Cost = Cost 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> - Scrap <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a>.</body></html> | |
| 352. |
What is Debit? |
| Answer» <html><body><p></p>Solution :When an amount is entered on theleft-hand side 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>, it is a debit andtheaccount is <a href="https://interviewquestions.tuteehub.com/tag/said-629244" style="font-weight:bold;" target="_blank" title="Click to know more about SAID">SAID</a> tobe <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a>.</body></html> | |
| 353. |
What is Credit? |
| Answer» <html><body><p></p>Solution :When an <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> is entered on theright-hand side 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>, it is 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> andtheaccount is said <a href="https://interviewquestions.tuteehub.com/tag/tobe-1421437" style="font-weight:bold;" target="_blank" title="Click to know more about TOBE">TOBE</a> credited .</body></html> | |
| 354. |
What is cost concept? |
| Answer» <html><body><p></p>Solution :Assets are shown 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> at cost of <a href="https://interviewquestions.tuteehub.com/tag/acquisition-847836" style="font-weight:bold;" target="_blank" title="Click to know more about ACQUISITION">ACQUISITION</a> <a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> depreciation.</body></html> | |
| 355. |
What is convention of materiality? |
| Answer» <html><body><p></p>Solution :Items having an <a href="https://interviewquestions.tuteehub.com/tag/insignificant-1045929" style="font-weight:bold;" target="_blank" title="Click to know more about INSIGNIFICANT">INSIGNIFICANT</a> effect or being irrelevant to the users of <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> statement <a href="https://interviewquestions.tuteehub.com/tag/need-25476" style="font-weight:bold;" target="_blank" title="Click to know more about NEED">NEED</a> not be disclosed.</body></html> | |
| 356. |
What is convention of prudence or conservation? |
| Answer» <html><body><p></p>Solution :All <a href="https://interviewquestions.tuteehub.com/tag/anticipated-878625" style="font-weight:bold;" target="_blank" title="Click to know more about ANTICIPATED">ANTICIPATED</a> losses should be <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a> in the <a href="https://interviewquestions.tuteehub.com/tag/books-900981" style="font-weight:bold;" target="_blank" title="Click to know more about BOOKS">BOOKS</a> of account, but all anticipated or unrealized <a href="https://interviewquestions.tuteehub.com/tag/gains-1003231" style="font-weight:bold;" target="_blank" title="Click to know more about GAINS">GAINS</a> should be ignored.</body></html> | |
| 357. |
What is convention of full disclosure? |
| Answer» <html><body><p></p>Solution :There should be sufficient <a href="https://interviewquestions.tuteehub.com/tag/disclosure-955394" style="font-weight:bold;" target="_blank" title="Click to know more about DISCLOSURE">DISCLOSURE</a> of information which is of <a href="https://interviewquestions.tuteehub.com/tag/significant-1207363" style="font-weight:bold;" target="_blank" title="Click to know more about SIGNIFICANT">SIGNIFICANT</a> <a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a> to the users of financial <a href="https://interviewquestions.tuteehub.com/tag/statements-17642" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENTS">STATEMENTS</a>.</body></html> | |
| 358. |
What is Contra Entry? |
| Answer» <html><body><p></p>Solution :Contra Entry means withdrawal of <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> from bank for official use or cash deposited in the bank. As both the accounts are in the Cash Book it is signified by <a href="https://interviewquestions.tuteehub.com/tag/writing-25453" style="font-weight:bold;" target="_blank" title="Click to know more about WRITING">WRITING</a> '<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a>' in the column for Ledger Folio.</body></html> | |
| 359. |
What is concept of consistency? |
| Answer» <html><body><p></p>Solution :Accounting <a href="https://interviewquestions.tuteehub.com/tag/principles-1166308" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLES">PRINCIPLES</a> and methods once <a href="https://interviewquestions.tuteehub.com/tag/selected-3017558" style="font-weight:bold;" target="_blank" title="Click to know more about SELECTED">SELECTED</a> and adopted should be applied <a href="https://interviewquestions.tuteehub.com/tag/consistently-7374714" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENTLY">CONSISTENTLY</a> from <a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a> year to <a href="https://interviewquestions.tuteehub.com/tag/another-876628" style="font-weight:bold;" target="_blank" title="Click to know more about ANOTHER">ANOTHER</a>.</body></html> | |
| 360. |
whatis computer? Explainitsimportantfeatures . |
| Answer» | |
| 361. |
What is Compound Journal Entry? Give an example. |
| 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> :Compound Journal <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 in which more than one <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 debited or credited. For example, following is a compound entry. <br/> `{:(,,Rs,Rs),("Stationery A/c",...<a href="https://interviewquestions.tuteehub.com/tag/dr-959219" style="font-weight:bold;" target="_blank" title="Click to know more about DR">DR</a>.,"2,500",),("Input CGST A/c",...Dr.,150,),("Input <a href="https://interviewquestions.tuteehub.com/tag/sgst-630622" style="font-weight:bold;" target="_blank" title="Click to know more about SGST">SGST</a> A/c",...Dr.,150,),("""To Cash A/c",,,"2,800"),("(Being the purchase of stationery,paid CGST and SGST @ 6% each)",,,):}`</body></html> | |
| 362. |
What is Cash Discount? |
| Answer» <html><body><p></p>Solution :<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/discount-955451" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOUNT">DISCOUNT</a> is the discount <a href="https://interviewquestions.tuteehub.com/tag/allowed-857944" style="font-weight:bold;" target="_blank" title="Click to know more about ALLOWED">ALLOWED</a> to the debtor for <a href="https://interviewquestions.tuteehub.com/tag/making-1085093" style="font-weight:bold;" target="_blank" title="Click to know more about MAKING">MAKING</a> prompt payment or for making payment before thedue date.</body></html> | |
| 363. |
What is cash basis 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> :Under this <a href="https://interviewquestions.tuteehub.com/tag/basis-893664" style="font-weight:bold;" target="_blank" title="Click to know more about BASIS">BASIS</a>, incomes are not recorded unless they are <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> in cash. <a href="https://interviewquestions.tuteehub.com/tag/similarly-1208242" style="font-weight:bold;" target="_blank" title="Click to know more about SIMILARLY">SIMILARLY</a>, expenses are recorded only when they are paid in cash.</body></html> | |
| 364. |
What is book value or written down value of a fixed asset? |
| Answer» <html><body><p></p>Solution :It is the portion of the <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 a <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</a> asset which has not yet been <a href="https://interviewquestions.tuteehub.com/tag/depreciated-7675340" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATED">DEPRECIATED</a>. The <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> value of an asset is its cost when it is acquired. Thereafter, it is the cost <a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> accumulated depreciation.</body></html> | |
| 365. |
What is Capital? |
| Answer» <html><body><p></p>Solution :It refers to the amount invested by theproprietor in a business <a href="https://interviewquestions.tuteehub.com/tag/enterprise-3569" style="font-weight:bold;" target="_blank" title="Click to know more about ENTERPRISE">ENTERPRISE</a>. It can 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> as : <br/> <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> = <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> - External <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a></body></html> | |
| 366. |
What is business entity Concept? |
| Answer» <html><body><p></p>Solution :Business is <a href="https://interviewquestions.tuteehub.com/tag/treated-1426908" style="font-weight:bold;" target="_blank" title="Click to know more about TREATED">TREATED</a> as an <a href="https://interviewquestions.tuteehub.com/tag/entity-972730" style="font-weight:bold;" target="_blank" title="Click to know more about ENTITY">ENTITY</a> <a href="https://interviewquestions.tuteehub.com/tag/separate-1201161" style="font-weight:bold;" target="_blank" title="Click to know more about SEPARATE">SEPARATE</a> and distinct from its <a href="https://interviewquestions.tuteehub.com/tag/owners-1144396" style="font-weight:bold;" target="_blank" title="Click to know more about OWNERS">OWNERS</a>.</body></html> | |
| 367. |
What is Bank Reconciliation Statement ? |
| Answer» <html><body><p></p>Solution :Bank Reconciliation Statement is a statement prepared to <a href="https://interviewquestions.tuteehub.com/tag/reconcile-613725" style="font-weight:bold;" target="_blank" title="Click to know more about RECONCILE">RECONCILE</a> the 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> as <a href="https://interviewquestions.tuteehub.com/tag/per-590802" style="font-weight:bold;" target="_blank" title="Click to know more about PER">PER</a> <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> Book with the balance as per Banck Statement or Bank Pass Book. The reasons for differences are <a href="https://interviewquestions.tuteehub.com/tag/ascertained-7317794" style="font-weight:bold;" target="_blank" title="Click to know more about ASCERTAINED">ASCERTAINED</a> and presented in the statement.</body></html> | |
| 368. |
What is an operating profit? |
| 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> | |
| 369. |
What is Balance Sheet ? |
| 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> :Balance Sheet is a statement which <a href="https://interviewquestions.tuteehub.com/tag/sets-14209" style="font-weight:bold;" target="_blank" title="Click to know more about SETS">SETS</a> out the <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> and liabilities of the business as at a certain <a href="https://interviewquestions.tuteehub.com/tag/date-11316" style="font-weight:bold;" target="_blank" title="Click to know more about DATE">DATE</a>.</body></html> | |
| 370. |
What is an Opening 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> :<a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> Entry is the Journal entry through which theclosing balances of the previous <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a> are brought forward in the <a href="https://interviewquestions.tuteehub.com/tag/current-940804" style="font-weight:bold;" target="_blank" title="Click to know more about CURRENT">CURRENT</a> year's books of account.</body></html> | |
| 371. |
What is an opening entry ? |
| Answer» <html><body><p></p>Solution :Opening entry is the entry <a href="https://interviewquestions.tuteehub.com/tag/made-3718337" style="font-weight:bold;" target="_blank" title="Click to know more about MADE">MADE</a> in the beginning of 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/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a> to open the books by debiting assets and crediting <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> and capital, appearing in the 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> of the previous year.</body></html> | |
| 372. |
What is an Invoice? |
| 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/invoice-1051017" style="font-weight:bold;" target="_blank" title="Click to know more about INVOICE">INVOICE</a> is a <a href="https://interviewquestions.tuteehub.com/tag/source-1219297" style="font-weight:bold;" target="_blank" title="Click to know more about SOURCE">SOURCE</a> <a href="https://interviewquestions.tuteehub.com/tag/document-432702" style="font-weight:bold;" target="_blank" title="Click to know more about DOCUMENT">DOCUMENT</a> prepared by the <a href="https://interviewquestions.tuteehub.com/tag/seller-1200249" style="font-weight:bold;" target="_blank" title="Click to know more about SELLER">SELLER</a> of goods for credit.</body></html> | |
| 373. |
What is an Income ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> is profit earned during 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> period, i.e., <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/minus-1098111" style="font-weight:bold;" target="_blank" title="Click to know more about MINUS">MINUS</a> expenses</body></html> | |
| 374. |
What is an Asset Account ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> is the account which <a href="https://interviewquestions.tuteehub.com/tag/relates-1183217" style="font-weight:bold;" target="_blank" title="Click to know more about RELATES">RELATES</a> to <a href="https://interviewquestions.tuteehub.com/tag/tangible-663303" style="font-weight:bold;" target="_blank" title="Click to know more about TANGIBLE">TANGIBLE</a> or intangible asset .</body></html> | |
| 375. |
What is an 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> :An accounting equation is a <a href="https://interviewquestions.tuteehub.com/tag/formula-464310" style="font-weight:bold;" target="_blank" title="Click to know more about FORMULA">FORMULA</a> of accounting which shows that the assets of a business are always <a href="https://interviewquestions.tuteehub.com/tag/equal-446400" style="font-weight:bold;" target="_blank" title="Click to know more about EQUAL">EQUAL</a> to the <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> of capital and <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a>.</body></html> | |
| 376. |
What is an Account ? |
| Answer» <html><body><p></p>Solution :An account is a <a href="https://interviewquestions.tuteehub.com/tag/summarised-7712887" style="font-weight:bold;" target="_blank" title="Click to know more about SUMMARISED">SUMMARISED</a> record of transaction at one <a href="https://interviewquestions.tuteehub.com/tag/place-1155224" style="font-weight:bold;" target="_blank" title="Click to know more about PLACE">PLACE</a> relating to a particular <a href="https://interviewquestions.tuteehub.com/tag/head-1016397" style="font-weight:bold;" target="_blank" title="Click to know more about HEAD">HEAD</a> .</body></html> | |
| 377. |
What is Accumulated Depreciation? |
| Answer» <html><body><p></p>Solution :It is the total <a href="https://interviewquestions.tuteehub.com/tag/depreciation-948712" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATION">DEPRECIATION</a> <a href="https://interviewquestions.tuteehub.com/tag/already-1974237" style="font-weight:bold;" target="_blank" title="Click to know more about ALREADY">ALREADY</a> <a href="https://interviewquestions.tuteehub.com/tag/charged-7263949" style="font-weight:bold;" target="_blank" title="Click to know more about CHARGED">CHARGED</a> as expense in different accounting periods.</body></html> | |
| 378. |
What is Accrual basis of accounting? |
| Answer» <html><body><p></p>Solution :Under this basis, incomes are recorded when they are earned or accrued, <a href="https://interviewquestions.tuteehub.com/tag/irrespective-2749565" style="font-weight:bold;" target="_blank" title="Click to know more about IRRESPECTIVE">IRRESPECTIVE</a> of the fact whether cash is <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> or not, e.g., sales made on credit will be included in <a href="https://interviewquestions.tuteehub.com/tag/thetotal-1412800" style="font-weight:bold;" target="_blank" title="Click to know more about THETOTAL">THETOTAL</a> sales of the period. Similarly, expenses are recorded when they are incurred or become due and not when the cash is <a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a> for them.</body></html> | |
| 379. |
What is accounting period concept? |
| Answer» <html><body><p></p>Solution :Entire life of an enterprise is divided into time intervals which are <a href="https://interviewquestions.tuteehub.com/tag/known-534098" style="font-weight:bold;" target="_blank" title="Click to know more about KNOWN">KNOWN</a> as accounting <a href="https://interviewquestions.tuteehub.com/tag/periods-1151203" style="font-weight:bold;" target="_blank" title="Click to know more about PERIODS">PERIODS</a> at the end of which 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> acccount is prepared to ascertain the profit and a balance sheet is prepared to ascertain 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/position-1159826" style="font-weight:bold;" target="_blank" title="Click to know more about POSITION">POSITION</a>.</body></html> | |
| 380. |
what isAccountinginformationsystem (AIS)? |
| Answer» | |
| 381. |
What is a Voucher? |
| Answer» <html><body><p></p>Solution :A voucher is a document on <a href="https://interviewquestions.tuteehub.com/tag/thebasis-1403269" style="font-weight:bold;" target="_blank" title="Click to know more about THEBASIS">THEBASIS</a> of which transactions are <a href="https://interviewquestions.tuteehub.com/tag/first-461760" style="font-weight:bold;" target="_blank" title="Click to know more about FIRST">FIRST</a> recorded in the books.</body></html> | |
| 382. |
What is a Trial Balance? |
| Answer» <html><body><p></p>Solution :Trial <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> is a statement of accounts which appears in the Ledger and Cash Book <a href="https://interviewquestions.tuteehub.com/tag/showing-642926" style="font-weight:bold;" target="_blank" title="Click to know more about SHOWING">SHOWING</a> either the <a href="https://interviewquestions.tuteehub.com/tag/balances-891822" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCES">BALANCES</a> or the total <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 debit and <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> items.</body></html> | |
| 383. |
What is a sales book? |
| Answer» <html><body><p></p>Solution :It is a subsidiary <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> which <a href="https://interviewquestions.tuteehub.com/tag/records-1180480" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDS">RECORDS</a> Credit sales of goods.</body></html> | |
| 384. |
What is a Simple Journal 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> :<a href="https://interviewquestions.tuteehub.com/tag/simple-1208262" style="font-weight:bold;" target="_blank" title="Click to know more about SIMPLE">SIMPLE</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> 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> a Journal entry in which only two accounts are <a href="https://interviewquestions.tuteehub.com/tag/affectedbrbr-2402998" style="font-weight:bold;" target="_blank" title="Click to know more about AFFECTED">AFFECTED</a>,i.e., one account is debited and another account is credited.</body></html> | |
| 385. |
What is a Purchases 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> :Purchases Return <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 subsidiarybook in which the return 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> purchased 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>.</body></html> | |
| 386. |
What is a Purchases 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/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> Book is a subsidiary book in which <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> purchases of goods <a href="https://interviewquestions.tuteehub.com/tag/dealt-435446" style="font-weight:bold;" target="_blank" title="Click to know more about DEALT">DEALT</a> in or stores and raw materialused for productionare recorded.</body></html> | |
| 387. |
What is a purchase book? |
| Answer» <html><body><p></p>Solution :It is a subsidiary <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> which records Credit <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> 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>.</body></html> | |
| 388. |
What is a 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 <a href="https://interviewquestions.tuteehub.com/tag/prepared-1163605" style="font-weight:bold;" target="_blank" title="Click to know more about PREPARED">PREPARED</a> to <a href="https://interviewquestions.tuteehub.com/tag/make-546668" style="font-weight:bold;" target="_blank" title="Click to know more about MAKE">MAKE</a> a recordof <a href="https://interviewquestions.tuteehub.com/tag/petty-2220180" style="font-weight:bold;" target="_blank" title="Click to know more about PETTY">PETTY</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>.</body></html> | |
| 389. |
What is a Patty Cash Book? Why is it maintained? |
| Answer» | |
| 390. |
What is a Pay-in-Slip? |
| 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> :Pay-in-Slip is a <a href="https://interviewquestions.tuteehub.com/tag/source-1219297" style="font-weight:bold;" target="_blank" title="Click to know more about SOURCE">SOURCE</a> <a href="https://interviewquestions.tuteehub.com/tag/document-432702" style="font-weight:bold;" target="_blank" title="Click to know more about DOCUMENT">DOCUMENT</a> for having deposits <a href="https://interviewquestions.tuteehub.com/tag/made-3718337" style="font-weight:bold;" target="_blank" title="Click to know more about MADE">MADE</a> in the bank.</body></html> | |
| 391. |
What is a Journal? |
| Answer» <html><body><p></p>Solution :Journal is a primary book of <a href="https://interviewquestions.tuteehub.com/tag/accout-2396088" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUT">ACCOUT</a> in which <a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a> are <a href="https://interviewquestions.tuteehub.com/tag/first-461760" style="font-weight:bold;" target="_blank" title="Click to know more about FIRST">FIRST</a> recorded in a <a href="https://interviewquestions.tuteehub.com/tag/chronological-408441" style="font-weight:bold;" target="_blank" title="Click to know more about CHRONOLOGICAL">CHRONOLOGICAL</a> <a href="https://interviewquestions.tuteehub.com/tag/order-1138220" style="font-weight:bold;" target="_blank" title="Click to know more about ORDER">ORDER</a>.</body></html> | |
| 392. |
What is a Debit Note? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> Note is a document evidencing that the <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 the <a href="https://interviewquestions.tuteehub.com/tag/named-1110438" style="font-weight:bold;" target="_blank" title="Click to know more about NAMED">NAMED</a> person 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> for the reason stated therein.</body></html> | |
| 393. |
What is a Contra Entry? How is it recorded? Give two examples of a Contra Entry. |
| Answer» | |
| 394. |
What is a Credit Note? |
| 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/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> Note is a <a href="https://interviewquestions.tuteehub.com/tag/document-432702" style="font-weight:bold;" target="_blank" title="Click to know more about DOCUMENT">DOCUMENT</a> evidencing that the credit has been granted to the named <a href="https://interviewquestions.tuteehub.com/tag/person-25481" style="font-weight:bold;" target="_blank" title="Click to know more about PERSON">PERSON</a> for the reason stated <a href="https://interviewquestions.tuteehub.com/tag/therein-7717071" style="font-weight:bold;" target="_blank" title="Click to know more about THEREIN">THEREIN</a>.</body></html> | |
| 395. |
What is a Compound Voucher? |
| 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> :Voucher which records a transaction that entails multiple debits/credits and <a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a> credit/<a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> is called <a href="https://interviewquestions.tuteehub.com/tag/compound-926863" style="font-weight:bold;" target="_blank" title="Click to know more about COMPOUND">COMPOUND</a> Voucher. It <a href="https://interviewquestions.tuteehub.com/tag/may-557248" style="font-weight:bold;" target="_blank" title="Click to know more about MAY">MAY</a> be debit voucher or credit voucher.</body></html> | |
| 396. |
What is a Cheque? |
| Answer» <html><body><p></p>Solution :A <a href="https://interviewquestions.tuteehub.com/tag/cheque-915097" style="font-weight:bold;" target="_blank" title="Click to know more about CHEQUE">CHEQUE</a> is an order in writing drawn <a href="https://interviewquestions.tuteehub.com/tag/upon-2315586" style="font-weight:bold;" target="_blank" title="Click to know more about UPON">UPON</a> a bank to pay a <a href="https://interviewquestions.tuteehub.com/tag/specified-1221578" style="font-weight:bold;" target="_blank" title="Click to know more about SPECIFIED">SPECIFIED</a> sum to the bearer or the person named in it.</body></html> | |
| 397. |
What is a Cash Book ? What are the types of Cash Book? How is it balanced? |
| Answer» | |
| 398. |
What is a 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> :Cash Book is Subsidiary Book in which all 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>, recripts and <a href="https://interviewquestions.tuteehub.com/tag/payments-1149318" style="font-weight:bold;" target="_blank" title="Click to know more about PAYMENTS">PAYMENTS</a> are <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a>.</body></html> | |
| 399. |
What is a bank reconciliation statement ? |
| 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> :Bank reconciliation statement is a statement <a href="https://interviewquestions.tuteehub.com/tag/prepared-1163605" style="font-weight:bold;" target="_blank" title="Click to know more about PREPARED">PREPARED</a> <a href="https://interviewquestions.tuteehub.com/tag/mainly-1084040" style="font-weight:bold;" target="_blank" title="Click to know more about MAINLY">MAINLY</a> to <a href="https://interviewquestions.tuteehub.com/tag/reconcile-613725" style="font-weight:bold;" target="_blank" title="Click to know more about RECONCILE">RECONCILE</a> the difference between the Bank Balance <a href="https://interviewquestions.tuteehub.com/tag/shown-1206565" style="font-weight:bold;" target="_blank" title="Click to know more about SHOWN">SHOWN</a> by the Cash Book and Bank Pass Book.</body></html> | |
| 400. |
What is a balance sheet. What are its characteristics? |
| 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> | |