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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.
| 1001. |
From the following trial balance extract |
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| 1002. |
30 transaction solutionfor project work |
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| 1003. |
Credit sale of rs 572 Mohan was recorded as 750 |
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Answer» Sales Ac Dr. 178 To Mohan. 178 Sales A/c Dr.To Mohan |
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| 1004. |
What is the Matching Concept? Why should a business concern follow this concept? Discuss. |
| Answer» Matching concept states that expenses that are incurred in an accounting period should be matching with the revenue earned during that period. Thus all expenses for that accounting period whether or not paid during that year and all revenue whether earned or not during the period should be considered to calculate profit or loss. Hence, depreciation of the current year is charged against the current year’s revenue. In other words, the full cost of the asset is not treated as an expense in the year of its purchase itself rather it is spread over its useful life.Business concerns should follow this concept as :\tMatching concept portrays the exact financial status of the business.\tAs revenue and expenses are matched, the profit or loss is not over or under-stated.\tExpenditure of capital assets which span over a period cannot be determined in one accounting period. Hence, depreciation as an expense can be more suitable for calculating business profits.\tIt ensures transactions occurring in one accounting period although realised in another accounting period will be recognised for the accounting period in which it occurred. | |
| 1005. |
What the important of chapter 2 in accountancy? |
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| 1006. |
Interest on drawing charged @ 5% |
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| 1007. |
Anyone knows coupon? |
| Answer» Yes | |
| 1008. |
rajasaheb started bussiness with. cash $85,000 |
| Answer» Cash A/C Dr. To Capital A/C | |
| 1009. |
write 30 transactions whose total capital is 1720000 |
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| 1010. |
rama and raghav were twins brother |
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| 1011. |
Ascertain gross profit From the following figures : |
| Answer» 30 transactions for account project | |
| 1012. |
Why notification is not show in my cell phone? |
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| 1013. |
Discuss the evolution of computerized accounting system |
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| 1014. |
Can somebody please send me notes of \'Topic- Accounting of goods and services tax\'. |
| Answer» I don\'t understand what are you saying | |
| 1015. |
What is IGST ?What is the meaning of IGST and its full form? |
| Answer» the full form of IGST is integrated goods and services tax which is levied on inter state goods and services | |
| 1016. |
Ch. 19 |
| Answer» Adjustments in preparation of financial statements | |
| 1017. |
Reserve kya hotta hai |
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| 1018. |
20 transactions with gst journal entry ledger trail balance balance |
| Answer» answer | |
| 1019. |
What is accounting? What are its abjectives? |
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Answer» And objectives are To get real and true informationGet orginal recordAnd check our business statusMain objective to check what we gain profit or loss Accounting is a process wher we record a transaction in systmatic and legal manner and it is based on double entry system What is acconting ? What are its objectives ? |
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| 1020. |
Final accounts |
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Answer» It means after preparing the journal and ledger and trial balance the trading pl account and balance sheet is prepared to know our business status Final account means the position of a business will be calculate & profit &loss of the business |
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| 1021. |
Prepare purchase book of vinod electric Store Delhi |
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| 1022. |
Prepare a trading account for the year ended 31st March 2019 from the following balances |
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| 1023. |
Which side is bad debt are held in p/L a/c in final accounting |
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Answer» Debit side Debit side of P&L A/c Debit side Debit side of pl |
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| 1024. |
Credit sales to Mohan Rs. 40,000Write correct journal entry. |
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Answer» Mohan a/c dr to sales a/c Mohan\'s ac-dr 40000To sales ac 40000(Being the goods sold on credit) |
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| 1025. |
what is ledger folio |
| Answer» Ledger is a part of a ledger and nothing else | |
| 1026. |
sani |
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| 1027. |
Comprehensive project on shoe shop |
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| 1028. |
what are accounting equations |
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Answer» Accounting equation is a part of account where we see that the sum of assets is always equal to the sum of liability and capitalA=l+c Assest =liability +capital |
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| 1029. |
State the end product of financial accounting. |
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Answer» Yes trading account ,profit and loss account and balance sheet are the end product of financial accounting. |
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| 1030. |
How to make project on sikkim |
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| 1031. |
Asset and liabilities are shown in the balance sheet either in order of _____ or in order of ______ |
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Answer» Permanence and Liquidity Debit and credit |
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| 1032. |
11 question 6 |
| Answer» Kya puch rha ho samaj nhi aya | |
| 1033. |
Cheque dishonoured k cash book entry kya hoga ? |
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| 1034. |
Bharti s cheque returned dishonoured |
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| 1035. |
What do you understand by Days of Grace? |
| Answer» days, usually three, allowed by law or custom for payment after a bill or note falls due. | |
| 1036. |
Depreciation parctical question 2 |
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| 1037. |
What are the objective of accounting? |
| Answer» The main objective of accounting are :1) to depict the financial position of the business2) to calculate profit and loss at end the specific year or period 3)to provide as proof of transactions done .4) to give information to external as well as the internal members as government, income tax officers, manager.., etc Hope it helps? | |
| 1038. |
What do you mean by account? Explain limitation of account |
| Answer» Accounting refers to the process of identifying the financial transactions done,measuring them in terms of money , recording them in primary books and then, classifying , analysing ,intrepreting , summarising and communicating it the interested users. Hope it helps?? | |
| 1039. |
Shyam who owed rs 3000 he settled account by paying Rs 2720 |
| Answer» Bad debt recovered A/C. Dr. 2720Discount allowed A/C. Dr. 280 To shyam\'s A/C. 3000 | |
| 1040. |
Briefly appreciate the exact nature of accounting |
| Answer» (i) maintaining systematic records :-\xa0Accounting records the financial transaction in the Systematic manner.(ii) Communication the financial result :-\xa0Accounting is used to communicate financial information like net profit.(iii) Meeting legal needs :-\xa0Accounting helps for meeting legal needs for various legal purposes like annual accounts, income tax return, sales tax return(iv) protecting business assets :- Accounting maintains proper rewards various assets and helps to management to protects business assets by providing relevant information.(v) Accounting assists the management in decision making :-\xa0Accounting assists the management in decision making planning, controlling and coordination of business Activities.(vi) Ascertaining the business profit and losses :-\xa0Accounting helps in determining the coredt net profit and loss of enterprises.(vii) Ascertaining the financial position :-\xa0Accounting helps in determining the financial position of an enterprises with helps of balance sheets. | |
| 1041. |
What are financial statement and what information is provided by them |
| Answer» Financial statements are those statements which are prepared for reporting to decision-maker on the basis of trial balance containing balances of ledger accounts. These are prepared to throw light on the financial results of operation of business during the period under consideration and the financial position at the end of the period.\xa0In financial accounting through financial statement profit is measured in two stages, i.e. Gross profit and Net profit.To ascertain the gross profit, trading account is prepared and to ascertain the net profit, P&L account is prepared. To report on financial position of business enterprise, its assets, liabilities and owner equity balance sheet is prepared. Financial statements are the statements, which present periodic reports on the process of business enterprises and the results achieved during a given period.Financial statements include Trading and Profit and Loss account, balance sheet and other statements and explanatory notes, which form part thereof. Information provided by financial statements is useful to management to plan and control the business operations. Financial statements are also useful to creditors, shareholders and employees of the enterprise.Information Provided by Financial StatementsTrading and Profit and Loss account present a true and fair view of the financial performance of the business in the form of profit or loss during the year.Balance sheet presents a true and fair view of the financial position of the business. | |
| 1042. |
Goods returned to panjak 12,000 |
| Answer» At times it might be necessary to return a few goods back to a supplier when an\xa0order is received. This situation may arise due to the poor quality of\xa0products, inaccurate\xa0quantity, untimely delivery or other such reasons.Purchase\xa0returns are also called returns outward and an appropriate\xa0purchase\xa0returns or returns outward book is maintained for recording entries related to such books. All returns are primarily recorded in the purchase returns book unless the returns are not that frequent, in which case they are recorded in the\xa0journal. The journal entry to be passed in the case of purchase returns isCreditor A/c – Dr. XXTo Purchase return A/c XX\xa0\tIn the given query the entry will be: Pankaj A/c – Dr. 12,000 To Purchase return A/c 12,000\t\xa0 | |
| 1043. |
What are important chapters of accountancy ... |
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Answer» Journal LedgerDepreciationAccounting equationDebit and creditBank reconciliationBasis of accounting Goods and service taxSubsidiary book ( cash, sales, purchase book) All chapters are important dude ?? |
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| 1044. |
30 journal entries for the month with ledger trial balance and final account |
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| 1045. |
32 translation with solution |
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| 1046. |
Accural bases of accounting |
| Answer» Accrual Basis of Accounting:\xa0Under this system of accounting, revenue and expenses are recorded when they are recognized i.e., Income is recorded as Income when it is accrued (when transaction takes place) irrespective of fact whether cash is received or not. Similarly, expenses are recorded when they are incurred or become due and not when the cash is paid for them.Under this system, expenses such as outstanding expenses, prepaid expenses, accrued income and received in advance are identified and taken into account.Under the companies’ amendments Act 2013, all companies are required to maintain their accounts according to accrual basis of accounting. | |
| 1047. |
Relation between accountancy, accounting and book keeping |
| Answer» In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. Bookkeeping and accounting may appear to be the same profession to an untrained eye. | |
| 1048. |
Depression page 283 questions 2 |
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| 1049. |
Different between assets and liabilities? |
| Answer» \tAssetsLiabilities\xa0What does it mean?Assets are items possessed by a business that will provide it benefits in future.Liabilities are items that are obligations for a businessImpact of Depreciation\xa0Assets are depreciable in natureLiabilities are non-depreciable in natureFormula usedAssets = Liabilities + Shareholder’s EquityLiabilities = Assets – Shareholder’s EquityImpact on cash flowIt is responsible for generation of cash flow for a businessIt is responsible for outflow of cash from a businessDifferent TypesThe different types of assets are tangible, intangible, current and noncurrentThe different types of non-current liabilities are long term(non-current) and current liabilitiesExamplesCash, Account Receivable, Goodwill, Investments, Building, etc.,Accounts payable, Interest payable, Deferred revenue etc.\t | |
| 1050. |
Sir what are assets and liabilities |
| Answer» Assets are the firm\'s property and liabilities are something the firm is liable to pay | |