Related InterviewSolutions

• Put ‘✓’ mark for the nature of balance for the following :AccountDr. BalanceCr. Balance1. Salary A/c2. Purchase A/c3. Sales Return A/c4. Machinery A/c5. Bank Balance A/c6. Cash Balance A/c7. Sale A/c8. Purchase Return A/c9. Bills Payable A/c10. Debtors A/c11. Creditors A/c12. Stationery A/c13. Furniture A/c14. Amit’s Loan A/c
• Where is the statement form of ledger A/c is used in actual practice?
• Why Proprietor’s Capital account is a liability for the business?
• Why does a cash account never shows a credit balance?
• …. accounts show the values of assets. (a) Real (b) Personal (c) Nominal (d) Journal
• Select appropriate alternatives from those given below and rewrite the sentence:i. In case of a credit transaction one of the account must be a ________account. (a) Cash (b) Credit (c) Personal (d) Debitii. ‘c/d’ indicates ________ balance.(a) Opening (b) Closing (c) Positive (d) Negativeiii. _______ Column of ledger is used for writing page number of Journal. (a) J.F. (b) L.F. (c) Date (d) Particularsiv. Debtors Account shows ________ balance. (a) Real (b) Negative(c) Credit (d) Debitv. _______ is the process of deriving the difference between totals of the debit and credit side of each ledger a/c. (a) Totalling (b) Journalizing (c) Balancing (d) Posting
• Total of credit > Total of debit = (a) Debit balance (b) Credit balance (c) Nil balance (d) Trial balance
• State whether the following statements are ‘True or False’ with reasons:Agreement of Trial Balance always proves accounting accuracy.
• Purchased goods from Manoj of Rs 20,000 at `20%` trade discount. Posting will be made in Manoj A/c:A. Debit side Rs 20,000B. Credit side Rs 20,000C. Debit side Rs 16,000D. Credit side Rs 16,000
• State whether the following statements are ‘True or False’ with reasons:The name of an account written on top of each account is called ‘Head of Account’.