Explore topic-wise InterviewSolutions in Current Affairs.

News reports present brief write-up son events, issues and people, features present detailed analyses of the same, often in the form of discussions, narratives of critiques. Further, while news reports are written mostly in the inverted pyramid formal structure and style, features follow the structure of essays and discussions, and present a distinct point of view. News reports are written by staff reporters, stringers or correspondents but features are usually contributed by senior reporters, assistant editors, editors, but also by outside experts who may be academics, free-lancers, researchers and others. 

A feature, then, is an essay-like piece written for publication in a news paper or magazine. News reports dominate in a news paper, but in magazines features take up most space. 'Cover stories' in magazines are usually written in the form of features, while in news papers the main or lead story would be written in the form of a news report. News papers do not usually carry features on the front page, except perhaps in the 'anchor' position. Features also figure on the editorial page and on the op-ed page, as well as in the Sunday/weekend magazine supplements.

Correct option is A) which

Correct option (C) 35

Explanation:

BOOK → 2 + 15 + 15 + 11 = 43. 

PEN →16 + 5 + 14 = 35

Correct option (D) 50

Explanation:

OX → 15 + 24 = 39 

LION → 12 + 9 + 15 + 14 = 50

Correct option is A) with

Correct option is B) with / on

(a) Walt Whitman

Revenue is recognized on 1.2.2005, i.e. when the title of goods passes from the seller to the buyer.

The Institute of Chartered Accountants of India.

‘Timeliness principle’:-

Timeliness implies that the financial statements are to be prepared and published in time. The relevance, dependability, and utility of the financial information depends on the timely publication of financial statements. The users of financial statements need timely information.

Securities and Exchange Board of India.

Cash system or Receipt Basis:- 

Under this system, only actual cash receipts and payments are considered. Non-cash items such as outstandings, advances, and credit transactions are ignored. Mercantile system or Accrual Basis. Under this system, all items of income and expenditure, both cash items as well as non-cash items, such as outstanding and accrued incomes and expenses are taken into account.

‘Money Measurement Concept’:

According to this concept, transactions that can be measured in terms of money only are recorded in the books of accounts. “The skill and intelligence of the salesman is not measurable in money terms.

Correct answer is (d) All of these.

Correct answer is (a) Practicability

Accounting standards are issued by Institute of Chartered Accounts of India.

Accounting standards in India are formulated and governed by Accounting Standard Board (ASB), which was set up in 1977.

Correct option is b) A is correct, but R is wrong

Correct option is 

1 b) Realisation

2 d) Materiality

3 b) Schedule III, Part I &IIof Companies Act 2013

4 a) Details of items given in the Balance sheet and Statement of Profit & Loss

1. c) Reserve Capital

2. b) Trade payables expected to repay after 24 months

3. a) Provision for Tax & Proposed dividend

4. b) Mastheads & Publishing titles

Correct option is 

1 c) Reserve Capital

2 b) Trade payables expected to repay after 24 months

3 a) Provision for Tax & Proposed dividend

4 d) Public deposits

Correct option is 

1 a) 3,60,000 shares

2 b) Prospectus

3 c) As a deduction from the Reserves & Surplus

4 a) As a deduction from Called up capital in the Notes to Accounts to Share capita

Correct option is 

1 a) Non -current liabilities

2 a) long term borrowings

3 a) Intangible assets

4 a)current assets

1 i) 55%

2 ii) 26.25%

3 ii) False

4 iv) Office expenses paid ₹ 5000

1 iii) 2.50 : 1 and 2.25 : 1

2 i) Sales of goods for ₹ 25,000 (cost ₹ 20,000)

3 i) 0.53 : 1 and 0.50 : 1

4 i) 2020

1. iii) 2.50 : 1 and 2.25 : 1

2. i) Sales of goods for ₹ 25,000 (cost ₹ 20,000)

3. i) 0.53 : 1 and 0.50 : 1

4. i) 2020

(b) Non – cash transactions

(a) Favourable balance

(d) Cash a/c in the ledger

(a) Cash book

Correct answer is: (B) Data, People, Procedure, Hardware, Software.

1. Invoice/Bill

2. Receipt from house owner

3. Receipt from KSEB

4. Payroll

5. Payment Voucher

6. Receipt from water authority.

The book maintained by the petty cashier to record small payments of repetitive nature (petty payments) ie stationery, postage, carriage, traveling, etc are made by him during a particular period is called the “petty cash book”.

The petty cashier works under the supervision and control of the main cashier who advances a certain amount to the petty cashier in the beginning of a specific period. The petty cashier is permitted to make payments only below a particular limit.

Correct answer is (a) Original entry

• Cash A/c Dr 6,000
• Furniture A/c Dr 40,000
• Building A/cDr 70,000
• To Capital A/c

[Being Commenced business with cash, furniture, and building] 

1. Capital increases by net profit and fresh capital introduced.

2. Capital decreases by drawings and net loss.

1. Purchase return book or return outward book

2. Debit Note

Correct answer is (c) The difference in total debit and credit

Pay-in-slip – Used for depositing cash in bank – account Cheque – Used for withdrawing money from bank account.
 

Find out the missing one on the basis of hint given Salary, Electricity Charges, Rent, Telephone Charges =  Indirect Expenses

The term ‘debit’ is supposed to have derived from ‘debt’ and the term ‘credit’ from ‘creditable’. For convenience ‘Dr1 is used for debit and ‘Cr’ is used for credit. The effects of rules of debit and credit on various types of accounts are given as follows:

1. Increase in asset is debit and decrease in asset is credit.

2. Increase in liability is credit and decrease in liability is debit.

3. Increase in capital is credit and decrease in capital debit.

4. Increase in expenses is debit and decrease in expense is credit.

5. Increase in revenue is credit and decrease in revenue is debit.

1. Outstanding salaries – Credit

2. Return outwards – Credit

3. Sales Returns – Debit

4. Carriage inward – Debit

5. Bad debts recovered – Credit

6. Depreciation – Debit

7. Drawings – Debit

In the book of kumar

Invoice – Source document of purchases Credit Note -Source of sales return.

Cash discount is allowed by Creditor.

A book maintained to record transactions, which do not find place in special journal, is known as Journal proper/ Journal Residual.

Correct answer is (b) Credit nature.

Cash Book With Cash and Bank Column