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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 5401. |
STD: XI SLIP TEST - 1 MARKS : 25SUB: Accountancy TIME: 45 Mins DATE: 23.10.2020I. Answer the following Questions 10 x 1 = 101. The root of financial accounting system is a. Social Accounting b. Stewardship accounting c. Management Accounting d. Responsibility Accounting2. Which one of the following is not a branch of accounting? a. Financial accounting b. Management accounting c. Human resources accounting d. None of the above3. Who is considered to be the internal user of the financial information? a. Creditor b. Employee c. Customer d. Government4. _____________of a business have to be repaid in due time. a. Assets b. Sales c. Liabilities d. None of these5. ______________provides the relevant data to make appropriate decisions. a. Management b. Accounting c. Accountant d. Leadership6. Accounting works as a tool for measuring past performance of the ___________ enterprises a. Commerce b. Business c. Management d. Money7. Goodwill is an example of ____________ . a. Tangible assets b. liabilities c. Intangible assets d. Capital8. Accounting works as a tool for measuring past performance of the __________ enterprises. a. Commerce b. Business c. Both a and b d. none of these9. Accounting is not a modern concept and it is as old as _____________ a. Money b. Goods c. Services d. All of these10. ___________has rightly been termed as the language of the business a. Accounting b. Book keeping c. Accountant d. None of theseII. |
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Answer» 1. b 2.b 3.b 4.c 5.b 6.b 7. a 8.b 9.d 10.b |
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| 5402. |
X Co. Ltd purchased goods at cost of ₹ 40,00,000 in October 2014 . Till March, 2015, 75% of the stocks were sold. athe company wants to disclose Closing Stock at ₹ 10 lakhs. The expected sale value is ₹ 11 lakhs and a commission at 10% on sale is payable to the agent . Advise, what is the correct closing stock to be disclosed as at 31-03-2015 . |
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Answer» As per para 5 of AS 2 ' Valuation of Inventories', the inventories are to be VALUED at lower of cost or net realizable VALUE. In this case, the cost of inventory is ₹ 10 LAKHS. The net realizable value is 11,00,000 x 90% = ₹ 9,90,000. So, the stock should be valued at ₹ 9,90,000. |
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| 5403. |
A) What is a 'Contra Entry'? Show a 'Contra Entry' in the Bank Column in Cash Book'. |
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| 5404. |
10. ___________has rightly been termed as the language of the businessa. Accounting b. Book keeping c. Accountant d. None of th |
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Answer» Answer: NONE of thisoption D FINANCIAL Accounting is often called the language of business; it is the language that managers use to communicate the firm's financial and economic information to external parties such as shareholders and CREDITORS. Nobody working in business can afford financial ILLITERACY. |
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| 5405. |
Users of public accounts in financial accounting |
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Answer» Answer: The accounting PROCESS provides financial data for a broad range of individuals whose objectives in studying the data vary widely. Three primary USERS of accounting information were previously identified, Internal users, External users, and Government/ IRS. Each GROUP uses accounting information differently, and REQUIRES the information to be PRESENTED differently. ..... ✌✌ |
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| 5406. |
From the following transactions of kamal, prepare purchase book and post in ledger : |
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| 5407. |
the average profits of a firm is 48000. the total assets of the firm are 800000. value of other liabilities is 500000. average rate of return in the same business is 12 percentage. calculate the Goodwill |
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Answer» Answer: The AVERAGE profits of a firm is Rs. 48,000. The TOTAL assets of the firm are Rs. 8,00,000 Value of other LIABILITIES is Rs. 5,00,000. Average rate of RETURN in the same business is 12 %. Explanation: please mark as a brainlist |
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| 5408. |
9. Accounting is not a modern concept and it is as old as _____________a. Money b. Goods c. Services d. All of these |
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Answer» ACCOUNTING is not a MODERN CONCEPT and it is as OLD as All of these |
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| 5409. |
7. Goodwill is an example of ____________ .a. Tangible assets b. liabilities c. Intangible assets d. Capital |
Answer» INTANGIBLE assethope it HELPS ✌️ |
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| 5410. |
6. Accounting works as a tool for measuring past performance of the ___________ enterprisesa. Commerce b. Business c. Management d. Money |
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Answer» commerce please MARK me BRAINLIEST FOLLOW me |
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| 5411. |
Calculate the amount of annual drawings in the following cases: Drawings at Rs. 6,000 per week(a)Goods worth Rs. 6,000 were (ii) Car expenses Rs. 19,200. The(b) ()taken for domestic usedomestic and b purposes is 1:3ratio of car used for(iii) Purchase of Motor cycle for proprietor's daughter |
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| 5412. |
3. Prepare the general entries in book of XLtd.a) Started business with 1,00,000rs.b) Goods sold to harish 50,000rs.c) Received 49,000rs from harish in full settlement.d) Rent outstanding 1,000rs.e) Prepaid insurance 500rs.f) Depreciation charged on building 2,000rsg) Deposited 10,000rs into bank. |
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Answer» ஓஈஓஙொசொணீ?ணொ?ஞாசிசடினீசி |
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| 5413. |
The modern accounting system is originated in the year |
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Answer» Answer: Italian roots. But the father of modern accounting is Italian LUCA Pacioli, who in 1494 first described the system of double-entry bookkeeping USED by Venetian merchants in his Summa DE Arithmetica, GEOMETRIA, Proportioni et Proportionalita. Explanation: hope it may help you... |
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| 5414. |
5. ______________provides the relevant data to make appropriate decisions.a. Management b. Accounting c. Accountant d. Leadership⁸ |
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Answer» I THINK (C) ACCOUNTANT |
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| 5415. |
Explain convention of prudence and materiality |
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Answer» ᴛʜᴇ “ᴩʀᴏᴠɪꜱɪᴏɴ ꜰᴏʀ ʙᴀᴅ ᴀɴᴅ ᴅᴏᴜʙᴛꜰᴜʟ ᴅᴇʙᴛꜱ” ɪꜱ ʀᴇᴩᴏʀᴛᴇᴅ ɪɴ ᴛʜᴇ ʀᴇᴄᴇɪᴠᴀʙʟᴇꜱ ꜱᴇᴄᴛɪᴏɴ ᴏꜰ ᴄᴜʀʀᴇɴᴛ ᴀꜱꜱᴇᴛꜱ ᴀɴᴅ ɪꜱ ᴅᴇᴅᴜᴄᴛᴇᴅ ꜰʀᴏᴍ ᴛʜᴇ ꜰɪɴᴀʟ ꜰɪɢᴜʀᴇ ᴏꜰ ᴅᴇʙᴛᴏʀꜱ/ʀᴇᴄᴇɪᴠᴀʙʟᴇꜱ. ᴛʜᴇꜱᴇ ᴅᴇʙᴛᴏʀꜱ ᴀʀᴇ ɪɴᴄʟᴜᴅᴇᴅ ɪɴ ᴛʜᴇ ᴩʀᴏᴠɪꜱɪᴏɴ ᴜɴᴅᴇʀ ᴩʀᴜᴅᴇɴᴄᴇ ᴄᴏɴᴄᴇᴩᴛ ᴏꜰ ᴀᴄᴄᴏᴜɴᴛɪɴɢ. ... |
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| 5416. |
L’amore, Dedelta’ e Crudelta by Dandy Robosa regional |
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Answer» Answer: please Mark as brainliest and FOLLOW |
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| 5417. |
Calculate amount of annual drawing in the following area drawing at rs 6000 |
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Answer» Answer: 288000 SOMETHING or 290000 |
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| 5418. |
Make a journal entry of received rent |
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Answer» Answer: |
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| 5419. |
identify the accounting concept which state following :-(2) same accounting methods should be used from one accounting period to the next accounting year. |
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| 5420. |
20. From the following particulars, calculate amount of subscriptions to be credited to the Income and ExpenditureAccount for the year ended 31st March, 2020:₹a) Subscriptions in arrears on 31st March, 2019,500to Subscriptions received in advance on 31st March, 2019 for the year Aws: 36,00ended on 31st March, 2020 V1,10035,400(including 400 for the year ended 31st March, 2019,1,200 for the year ended31st March, 2021 and 300 for the year ended 31st March, 2022)dy Subscriptions outstapding for the year ended 31st March, 2020400 |
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Answer» Answer: 20. From the following particulars, calculate amount of SUBSCRIPTIONS to be credited to the Income and Expenditure Account for the year ended 31st MARCH, 2020: ₹ a) Subscriptions in ARREARS on 31st March, 2019 ,500 to Subscriptions received in advance on 31st March, 2019 for the year Aws: 36,00 ended on 31st March, 2020 V 1,100 35,400 (including 400 for the year ended 31st March, 2019,1,200 for the year ended 31st March, 2021 and 300 for the year ended 31st March, 2022) dy Subscriptions outstapding for the year ended 31st March, 2020 400 |
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| 5421. |
Subscription received during the year ended 31" March 2019 areFor the year ended 31 st March 2018-4,000For the year ended 31 st March 2019-2,11,000For the year ended 31 st March 2020 - 8,000There are 450 Members each paying an annual subscription of 500.4,500 were in arrears for theyear ended 31 March 2018 In the beginning of the year ended 2019. Calculate the amount ofsubscription shown in Income and expenditure account for the year ended 31" March 2019. |
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Answer» Answer: For the year ended 31st March,20184.000For the year ended 31st March,20192.11.000For the year ended 31st March,20208.0002.23.000 There are 450 member each paying an annual subscription of RS. 500.Rs. 4,500 were in arrears for the year ended 31st March, 2018 in the BEGINNING of the year ended 31st March 2019. Calculate subscriptions to be shown in Income and Expenditure Account for the year ended 31st March 2019 and also show treatment of subscriptions in the Income and EXPENDING Account and BALANCE Sheet. |
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| 5422. |
X purchased 10000sarees at the rate 100 rupees |
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Answer» Answer: the VALUE of x is equal to 900 Explanation: please MARK as BRAINLIEST and follow |
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| 5424. |
Purchased factory building for ₹100000 paying ₹80000 by cheque and the balance by cash |
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Answer» Answer: SORRY L DONT want that okkkkkmR. Or MS. cuteee |
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| 5425. |
Amount charge by bank as bank cheges rs 30 |
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Answer» Answer: yes Explanation: |
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| 5426. |
calculate inventory turnover ratio cost of good sold150000, current ratio 1.5 acid test ratio 1.2 current liability 100000 |
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Answer» Explanation: answer is 40,000What would you like to ask? 12th Accountancy Accounting Ratios Liquidity Ratios Given that,CURRENT Ratio = ... ACCOUNTANCY avatar Asked on December 27, 2019 by Ajeeta Shaw Given that, Current Ratio = 2.5 Acid-test ratio = 1.5 Net working CAPITAL = Rs. 60,000 The value of current liabilities will be ___________ . MEDIUM Share Study later ANSWER Given, Current ratio = 2.5 : 1 Quick Ratio = 1.5 : 1 Net working capital = 60,000 Net working capital = Current assets - Current liabilities Current Assets = Net working capital + Current liabilities = 60,000 + Current liabilities (1) Current ratio = Current assets ------------------------- Current liabilities Current Assets = Current liabilities x 2.5 (2) Merging equation (1) and (2) 60,000 + Current liabilities = 2.5Current liabilities 60,000 = 2.5 current liabilities - Current liabilities 60,000 = 1.5 Current liabilities Current liabilities = 60,000 -------------- 1.5 = 40,000 Therefore, current liabilities = 40,000 |
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| 5427. |
Time for today's Amazing facts*Follow me and like my facts * I am not asking the questions. Facts..........1 ) Algebra, trigonometry are originated in India. 2) Jelly fish have no brain. 3) 90 countries from all over the world buys software from India. If you like plz follow me |
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| 5428. |
Where does conveyance come in either profit and loss account or trading account |
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Answer» PLEASE MARK my ANSWER as BRAINLIEST |
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| 5429. |
10 transactions with journal ledger trial balance profit loss account and balance sheet |
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Answer» Answer: b + c - a)³ +GM ଚୁଢ (c + a - b)³ + (a + b -c)³ + 24abc = (2A + b -c)³ + (b + c)³ - (a + b -c)³ - 6A (a + b) (a - 2C) |
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| 5430. |
What will the effect of the accounting equation |
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Answer» accounting equation has effects of two sides, ASSETS, LIABILITIES and equity |
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| 5431. |
Solve the following accountancy |
Answer» Answer:stopstop stop stop do GO to dostop do go zip chop go so well egg egg so do BIO still so go go do do do stop go go do&do do:Foo do(bkSD I 1ST 7)fi1st ufixifupfkf-kg&ei_ig:eu-e8(8h:0i(jjh |
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| 5432. |
11. Depreciation is charged on fixed assets due to thisconcept, a. Full disclosure conceptb. Materiality conceptc. Conservatism conceptd. None of above |
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Answer» DEPRECIATION is charged on fixed assets to comply with Matching CONCEPT which requires that revenues must be MATCHED with ASSOCIATED expenses to get a complete and accurate picture of profit and loss. Explanation: |
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| 5433. |
Journalise the following transaction: |
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| 5434. |
Q.41. A, B and C were partners in a firm. On 1st April, 2016 their capitals stood as Rs. 5,00,000, RS.2,50,000 and Rs. 2,50,000 respectively. As per the provisions of the partnership deed.(1) C was entitled for a salary of Rs. 5,000 per month.(ii) Awas entitled for a commission of Rs. 80,000 p.a(iii) Partners were entitled to interest on capital @6%p.a.(iv) Partners will share profits in the ratio of capitals.Net profit for the year ended 31.03.2017 wa Rs. 3,00,000 which was distributed equally, withouttaking into consideration the above provisions. Showing your working clearly. Pass necessaryadjustment entry for the above.RI KAUTILYby Rs 60 |
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| 5435. |
8. By the misuse of which convention 'Secret Reserve'is createda Conservatismb. Materialitye. Consistencyd Full Disclosure |
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Answer» (a). CONSERVATISM is CORRECT |
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| 5437. |
Raju commenced business with rupees 5000 |
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Answer» Explanation: In a parallel CIRCUIT, the VOLTAGE ACROSS each of the components is the same, and the total CURRENT is the sum of the currents flowing through each component. ... In a series circuit, every device must function for the circuit to be complete. If one BULB burns out in a series circuit, the entire circuit is broken. |
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| 5438. |
A Rent payment of Rs 350 had been debited in the Sales ledger account |
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Answer» Answer: |
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| 5439. |
Prepare accounting equation and balancesheet.. sohan started businessa with cash 80000..machinary 10000.., and stock 10000 ... |
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Answer» your JOURNAL ENTRY will be.... cash account. Dr. 80000 to capital a/c. 80000 machinary a/c. Dr. 10000 to BANK a/c. 10000 purchase a/c. Dr. 10000 to bank AC. 10000 |
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| 5440. |
)GامProblems or cakulation of interestoneOraming1 yoshu and Tapashai are partners ina tiresDuring the year endal on 31st March 2016yasoslui makes the crawings as umelorante of drawingsAmantes1.08.2015Soon3110, 201510.00031-3.201615.000Partnership Dead Provided that partnersare to be changed interest ondrawings @ 12 %Pa calculate the interest ondrawing ofyasostu ander product Methad |
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Answer» ntybybiinimununybubbbbbbbbbbbbbybybyhybyb |
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| 5441. |
6. Pass journal entries to rectify the following errors:(a) Wages paid for the construction of a room, debited to wages account Rs.890(b) Purchased goods for the personal use of the proprietor Rs. 300 debitedpurchases account.(c) Material of the value of Rs. 800 was used in the manufacturing of some partsmachinery in the factory itself. No record was made.(d) Paid repairing charges on the purchase of an old machinery Rs. 250, debited ugeneral expenses account.(e) Paid rent to landlord Rs. 2,400 debited to Landlord's account as Rs. 2,004.(1) Sold old furniture for Rs. 150, passed through sales book.Madras. B Com March 1991 |
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Answer» b) option HOPE this will helps U.....be HAPPY....... |
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| 5442. |
Ledger Accounts for this Journal Entries? |
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Answer» Answer: 1. cash ACCOUNT dr. to CAPITAL account 2. purchase account dr. to cash account 3.office equipment or FURNITURE account dr. to cash account 4.postage account dr. to cash account 5.purchase account dr. to KUMAR sonu account 7.cash account dr. to SALES account 8.purchase account dr to subhashish account 9.Yogesh account dr. to sales account 10 . Nilesh account dr to sales account |
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| 5443. |
Interest on capital rs 5000 |
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Answer» Answer: Find an answer to your QUESTION how to solve ---- interest on capital rs.5000 .. USING ACCOUNTING EQUATION ?
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| 5444. |
calculate debtors turnover ratio total sales-1025000, cash sales-125000, sales returns 100000,opening debtors 83000and closing debtors 117000 |
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Answer» Answer: here's the solution. hope it HELPS Explanation: first of all you have to calculate CREDIT SALES which is very easy because the QUESTION already gave you total sales and cash sales. then you have to calculate AVERAGE debtors then just divide credit sales by average debtors. |
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| 5445. |
Subscribe1000 shares of 100 eachdionILLUSTRATION 2. (Types of Capital) Apple company has an authorized capital ofkipublic for 1,50.000 shares. Applications for 1,40.000 shares were received from public. Theout was fully called up. However, on 5,000 shares final call of 2 was not received. Makedisclosure of share capital in Balance Sheet. |
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Answer» ....ANHS wisooansueh wiakaoosbdvuebbsjsksooso |
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| 5446. |
45,00,00015,00,00018%12,00,00023.Equity share capital 500000010% Preference share capitalMarket price of equity shareRate of dividend on equity shareProfit after tax (Tax @ 25%)Calculate the following from the above information :(i) Earning per equity share(ii) Capitalisation ratio(iii) Price earning ratioiv book value |
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Answer» s it is very IMPORTANT Explanation: s it is very important |
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| 5447. |
What is the answer with explanation |
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Answer» ANS = 3,77,000 |
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| 5448. |
Chapter 7 Death of a Partner 7.392.00.000 Bhim.- 1.50,000 and Nakul-*4,50.000showed the following balances on 1st April 2017Arun Bhim and Nakul are partners in a firm sharing profits in the ratio of 1 1 3. Their Capital AccountsFarm closes its accounts every year on 31st March, Bhim died on 31st March, 2018. As per the PartnershipChed his legal heirs were entitled to:U Interest on capital will be allowed from the first of day of the accounting year till the date of his deathd) The deceased partner's share in the Goodwill of the firm will be calculated on the basis of 2 years@ 10% papurchase of the average profit of the last three years. The profits of the form for the last three yearsended 31st March, were: 2016–90,000; 2017—2,00,000 and 2018-2 1,60,000.c) His share of Profits till the Date of Death: The profit of the firm for the year ended 31st March, 2018 was21,60,000 before providing for interest on capital. Bhim's Executor was paidthe sum due in two equalannual instalment with interest @ 10% p.a.Prepare Bhim's Capital Account as on 31st March, 2018 to be presented to his executor and his Executor'sLoan Account for the year ending 31st March, 2019 and 31st March, 2020. |
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Answer» hyyy MATE!!!!!!! what's up????? |
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| 5449. |
The product which has a power sale value than the main product is a |
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Answer» The product which has a lower SALE value than the main product is a ? Joint product ,by product ,ECONOMIC product or ... Missing: Explanation: follow me mark me as brainlist ✌️✌️✌️✌️ and LIKE my answer ☺️☺️ |
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| 5450. |
Rahul a business has employed sonu and has estimated his value at rs 10000.He has accounted it as an asset in the books of account Is he correct in doing so? |
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Answer» YES............................................ |
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