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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.
| 1351. |
18. Calculate gross profit from the following Net Sales 2,00,000 ,Gross profit 25% on Cost. |
| Answer» Net sales =2,00,000Gross Profit = 25 multiple by 2,00,000 dividend by 125 = 40,000There for Sales - Gross Profit = 2,00,000 - 40,000 = 1,60,000 | |
| 1352. |
What is the difference between T-shaped account and ledger |
| Answer» The key difference between T account and ledger is that T account is a graphical representation of a ledger account whereas ledger is a set financial accounts. Therefore, a ledger can also be interpreted as a collection of T accounts. | |
| 1353. |
Can any one explain me petty cash book |
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Answer» The main cashier give some money known as imprest money on the beginning of weak or month to petty cashier and the petty cashier spent the money on petty expenses ....and in the last of week or month ...petty cashier total out the expenses ....and ask main cashier to again give the money for next week or month .....for example ...if the main cashier gives 500 Rs and this money is known as imprest money to petty cashier for the expenses in the beginning of week or month ...and let us suppose that the petty cashier spent 470 money for different expenses .. in a week or a month ...At the last date of month ... Petty cashier balance the money ...the money at last date left was 30 Rs ..then the petty cashier ask main cashier to again give some money for the expenses of next month ..the petty cashier has already 30 Rs so the main cashier give him 470 Rs and this money is known as imbrusement money ...and this whole system is known as Imprest System .. Petty cash book is made by petty cashier to record small and recurring expenses like wages , telephone paid etc to burden out the work of main cashier who maintain cash book ....petty cash book is a type of cash book in which only petty i.e small expenses are recorded .... |
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| 1354. |
Hey students if any one want to join commerce group then 8709417008 join now . |
| Answer» | |
| 1355. |
Cheque dishonoured but not recorded in cash book meaning of the statement |
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Answer» Due to certain reasons bank refuses to pay the amount written on the cheque It means that the bank refuses to pay the amount written on the cheque due to certain reason...And this cheque cannot be further used Yes Cheque dishonoured means that the bank refuses to pay the amount mentioned on cheque to the payee.....and due to this transaction passbook will decrease .. |
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| 1356. |
Accountancy comprehensive problems with gst |
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| 1357. |
Petty cash book |
| Answer» A separate cash book kept to record small cash transaction is known as petty cash book | |
| 1358. |
Voucher are prepared on the basis of |
| Answer» Source documents | |
| 1359. |
Salaries paid to Employees Rs 10,000. Write cash account |
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Answer» Credit side, by salaries 1000 I don\'t know aap bata do iska answer |
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| 1360. |
Overdraft as per passbook 12000 as on 31st march |
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Answer» It will be credited Balance as per pass book Cr Balance(overdraft)as per pass book. 12000 |
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| 1361. |
Ojas auto ltd. is a very |
| Answer» ? | |
| 1362. |
Confidence and trust that the report |
| Answer» | |
| 1363. |
Advantages of vouchers |
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| 1364. |
If a transaction is properly analysed and recorded |
| Answer» The total amount debited will be equal to the total amount credited. | |
| 1365. |
What is the full form of IFRS |
| Answer» International financial reporting standards. | |
| 1366. |
What is accounting period assumption |
| Answer» \tAccounting Period Concept: Accounting period is the timeframe at the end of which, the\xa0financial statements\xa0of a business are prepared, to evaluate its profits and losses, and to learn the status of its assets and liabilities. This is required for the smooth availability of data to the users of the accounting information in a convenient manner. | |
| 1367. |
Is GST in the syllabus |
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Answer» No Bank Reconciliation hai GST nahi hai Yes it is someone said to me I am so confused No... |
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| 1368. |
What are outstandings? |
| Answer» Payment is dueBut not yet paid | |
| 1369. |
Carriage transport company purchased 5 truck |
| Answer» | |
| 1370. |
Describe how debit and credit are used to analyze transaction. |
| Answer» Debit originated from the Italian word debito, which in turn is derived from the Latin word debeo, which means ‘owed to proprietor’ and credit comes from the Italian word credito, which is derived from the Latin word credo, which means belief, i.e., ‘owed by proprietor’.According to the dual aspect concept, all the business transactions that are recorded in the books of accounts, have two aspects- debit and credit. The dual aspect can be better understood by the help of an example; bought goods worth Rs 500 on cash. This transaction affects two accounts with the same amount simultaneously. As goods are brought in exchange of cash, so the cash balances in the business reduce by Rs 500, i.e. why the cash account is credited. Simultaneously, the amount of goods increases by Rs 500, so purchases account will be debited. Debit and credit depend on the nature of accounts involved; such as assets, expenses, income, liabilities and capital. There are five types of Accounts.1. Assets-\xa0These include all properties or legal rights owned by a firm for its operations, such as cash in hand, plant and machinery, bank, land, building, etc. All assets have debit balance. If assets increase, they are debited and if assets decrease, they are credited.For example, furniture purchased and payment made by cheque. The journal entry is:Furniture A/c Dr.To Bank A/cHere, furniture and bank balance, both are assets to the firm. As furniture is purchased, so furniture account will increase, and will be debited. On the other hand, payment of furniture is being made by cheque that reduces the bank balance of the business, so bank account will be credited.2. Expense-\xa0It is made to run business smoothly and to carry day to day business activites.All expenses have debit balance. If an expense is incurred, it must be debited.For example, rent paid. The journal entry is:Rent A/c Dr.To Cash A/cHere, rent is an expense. All expenses have debit balance. Hence, rent is debited. On the other hand, as rent is paid in cash that reduces the cash balances, so cash account is credited.3. Liability-\xa0Liability is an obligation of business. Increase in liability is credited and decrease in liability is debited.For example, loan taken from bank. The journal entry is:Bank A/c Dr.To Bank Loan A/cHere, loan from bank is a liability to the firm. As all liabilities have credit balance, so loan from bank has been credited because it increases the liabilities.4. Income-\xa0Income means profit earned during an accounting period from any source. Income also means excess of revenue over its cost during an accounting period. Income has credit balance because it increases the balance of capital.For example, rent received from tenant. The journal entry is:Cash A/c Dr.To Rent A/cHere, rent is an income; hence, rent account has been credited and cash has been debited, as rent received increases the cash balances.5. Capital-\xa0Capital is the amount invested by the proprietor in the business. Capital has credit balance. Increase in capital is credited and decrease in capital is debitedFor example, additional capital introduced by owner. The journal entry is:Cash A/c Dr.To Capital A/cAs additional capital is introduced, so the amount of capital will increase, i.e. why, capital account is credited. On the other hand, as capital is introduced in form of cash, so the cash balances decrease, i.e. why, cash account is debited. | |
| 1371. |
What is bank overdraft...??? |
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Answer» When the account holder withdraw the excess money which is not the your balance that given by the bank . That\'s called bank overdraft When a firm/account holder withdraws excess amount over the available bank balance, then the account runs a negative bank balance. The negative balance is called a bank overdraft. In other words, bank overdraft is the excess of withdrawals over deposits. |
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| 1372. |
What is accontancy |
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Answer» In simple terms accounting is the process of recording day to day transactions of business and making analysis on their basis. Accounting refers to the recording,classifying and summarising of the financial nature transactions... Accountancy refer to a systematic knowledge of accounting and it is also based on science and art bcoz account have based on specific priciple Accountancy is the knowledge of doing accounting work Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business. |
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| 1373. |
Define Account ? |
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Answer» Basically 2more types of branches of accounting 1) Social responsible 2) tax accounting. Accounting\xa0can be defined as a process of reporting, recording, interpreting and summarising economic data. ... Economic Events- It is a consequence of a company has to undergo when the number of monetary transactions is involved.Accounting is the art of recording, classifying, summarizing in a significant manner, transactions and events which are of financial character, and interpreting the results thereof.Branches of Accounting:\xa0\xa0There are basically 3 branches of accounting:FINANCIAL ACCOUNTING - deals with the recording of financial transactions, events, summarising and interpreting them & in the end communicating them to the interested parties. Its role is confined to preparation of financial statements i.e: Profit/Loss Account and Balance Sheets.COST ACCOUNTING - deals with the ascertainment of cost of the manufactured products or services rendered and helps the management in Decision Making & exercising control.MANAGEMENT ACCOUNTING - deals with preparation of management reports and accounts that give accurate and timely financial and statistical information required by managers to make day - to - day and short-term decisions. |
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| 1374. |
Explain the accounting process with help of a diagram. |
| Answer» Recording ----classifying ---- summarising---- analysing and interpretation------ communcation.... | |
| 1375. |
What is the difference between cash book and cash ledger |
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Answer» \tA cash book consists of first entries or original entries whereas a cash account is a ledger account and posts here are originally entered somewhere else.\tCash books contain narration that comes after entry but in a cash account, there is no need for narration.\tA cash book is a subsidiary book whereas a cash account is a ledger account.\tIn terms of folios, cash books have ledger folios while cash accounts have journal folios. Cash books have a ledger folio which stands for the page number of a ledger account from where a transaction was posted.\tCash accounts have a journal folio which stands for the page number from where the transaction was posted. Soo simple |
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| 1376. |
Prepare accounting equation from the cash purchase\trupees 15,000 |
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Answer» Very easy ???? -15000 +?????/???? +15000 |
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| 1377. |
Prepare accounting equation from the (commenced business with cash) 25,000 |
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Answer» ?? ???? ?? ????????? ???????? ???? ???? ?? ?? ???? ??? ????? ???? ??? ???????. ????+25000= ???????+25000 ?? ???? ?? ????????? ???????? ???? ???? ?? ?? ???? ??? ????? ???? ??? ???????. ????+25000= ???????+25000 |
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| 1378. |
charge depreciation @10% p.a. for two months on machine costing ₹3 00,000 |
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Answer» Depreciation a/c dr 60,000To machine a/c 60,000 295000 is the amount of 10 months that is the left months ?????? ?? ????????????= 300000×10/100×2/12=5000.???? ?? ????????? ????? ???????? ????????????=300000-5000=295000 depreciation for whole year...i.e. 10/100×300000=30000depreciation for two months....we know that by dividing 2(depreciation of months we want) and 12(total months in year) and multiplying them by the total depreciation we will get the depriciation of 2 months....2/12×30000=5000... |
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| 1379. |
What is internal and external liability? |
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Answer» Internal liability:- it is the amount payable to the owner by the business. It appears as capital in balance sheet.External liability:- liability which are payable to outsiders. External liability arrives because of credit purchases or loans raised or taken. eg:-creditors, bank loan, bills payable etc. All obligations which a business has to pay back to external parties such as promoters(owners) employees etc.are termed as internal liabilities..example capital, salaries etc....All obligations which a business has to pay back to external parties i.e. lenders vendors etc.are termed as external liabilities..example creditors,taxes, borrowings etc.... |
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| 1380. |
Defind GAAP |
| Answer» Generally Accepted Accounting Principles is the accounting standard adopted by the U.S. Securities and Exchange Commission.\xa0Generally accepted accounting\xa0principles, or\xa0GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses\xa0GAAP\xa0as the foundation for its comprehensive set of approved accounting methods and practices. | |
| 1381. |
How can prepare theory base chapter to score ? percentage |
| Answer» Read them properly and then make their own notes without taking help and rectify it from any other good notes to make theory easy | |
| 1382. |
Explain the double entry mechanism with an illustrative example |
| Answer» In double entry mechanism, every transaction affects and recorded in two accounts. While recording the transactions in double entry, it is ensured that the total amount debited equals to the total amount credited | |
| 1383. |
What do you mean by bank reconciliation statements |
| Answer» A schedule showing the items of difference between the bank statement and the bank column of Cash Book is known as Bank Reconciliation Statement. | |
| 1384. |
Debit-Credit Difference |
| Answer» Debits and credits are used to monitor incoming and outgoing money in your business account. In a simple system, a debit is money going out of the account, whereas a credit is money coming in.\xa0Debits are money going out of the account; they increase the balance of dividends, expenses, assets and losses. Credits are money coming into the account; they increase the balance of gains, income, revenues, liabilities, and shareholder equity. | |
| 1385. |
Indicate how accounting equation vis affected if made to a creditor ? |
| Answer» Every Business transaction which is to be considered for accounting i.e. every Accounting transaction, has its effect on the fundamental accounting equation.Each transaction alters the expressions forming the equation in such a way that the accounting equation is satisfied after every such alteration.The values forming the various terms of the expressions within the equation are altered in such a way that the basic fact, rule or equation, Capital + Liabilities = Assets is always satisfied. | |
| 1386. |
The goods available with the businesses for sale on a particular date is known as |
| Answer» Consumer production | |
| 1387. |
The receipt column of cash book has been undercast Rs.200 |
| Answer» | |
| 1388. |
Class solution accountancy 2020journal |
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| 1389. |
What is depter |
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Answer» Debtor is a person who owes amount to the business on account of credit sales of goods and services in the normal course of business. It\'s not depter it is debtor |
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| 1390. |
GST topic is in the syllabus |
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Answer» Gst - Goods and Services Tax ? Yes it is in the syllabus.. Kch bhi? Gst = girl selfie tax |
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| 1391. |
Project for accountancy |
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| 1392. |
Define vocher |
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Answer» voucher is a document on the basis of which transaction are first recorded the books Please download trial balance dk goel book practical question all question A voucher is a document on the basis of which transaction are first recorded the books A Voucher in Accounting is a document , which provides the evidence of the occurrence of a transactions is called Voucher. Voucher is also called the Source Document . A voucher is also prepared to show the necessary details in respect of a transaction where there may not be any documentary evidence, particularly in respect of small transactions like petty expenses. |
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| 1393. |
Define profit, purchase return and bills receivable |
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| 1394. |
Define accounting standard |
| Answer» An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries.\xa0These are written statements specifying uniform rules and practices for preparing the financial statement.\xa0\xa0The objectives of an accounting standard are.\xa0\tTo guarantee evenness in the development and display of financial statements.\tTo provide data to the users about the policies used in the formation of a financial statement\tTo eliminate the effect of diverse accounting policies and practices.\tTo guarantee uniformity, clarity, and comparability of financial statement\tTo enhance the safety and of financial statement | |
| 1395. |
What type of income accured is |
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Answer» Asset Accrued income is earned but not yet received |
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| 1396. |
What are assests |
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Answer» Assets are any resources that are owned by a business. (Any resources means har vo cheez ko business ki property hai ex goods building Machine land equipment.) Any valuable thing which has monetary value and owned by a business, is its asset. In other words, assets are the monetary values of the properties or the legal rights that are owned by the business organisations.Fixed Assets− These are those assets that are hold for the long term and increase the profit earning capacity and productive capacity of the business. These assets are not meant for sale, for example, land, building machinery, etc.Current Assets− Assets that can be easily converted into cash or cash equivalents are termed as current assets. These are required to run day to day business activities; for example, cash, debtors, stock, etc. In simple words, assets refers to the property that is owned by an enterprise or a firm. |
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| 1397. |
Chandra Ltd purchased a second hand machine for ₹8000 plus |
| Answer» Machine a/c Dr 8000 To cash a/c Cr 8000 | |
| 1398. |
Ooo baii meri traf se mahabharat end ho gyi aur ab jisko bolna h bolte rho |
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Answer» Haoo ????? |
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| 1399. |
# royal thakur jab aaplog msg krte ho tb to Jada ni hota |
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Answer» Hn No Mai use nhi krti |
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| 1400. |
Which book is best for account? T.s Grewal or Dk goel... |
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Answer» You have dk goel\'s book? Dk Why dk is good for you Ritik I think TS is good |
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