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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.
| 1451. |
Define vouchers |
| Answer» 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. | |
| 1452. |
Rule of traditional approach |
| Answer» There are three types:1. Personal A/c - Debit the receiver Credit the giver2. Real A/c - Debit what comes in Credit what goes out3. Nomial A/c - Debit all expense & losses Credit all income & gains | |
| 1453. |
Chapter 9 1st question |
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| 1454. |
Father of account |
| Answer» Luca pacioli | |
| 1455. |
What is trade discount ?? |
| Answer» Trade discount is referred to as the discount that is offered by a seller to the buyer of the product in the form of reduction in the price of the item.Trade discounts are offered to increase the sales of the product and make the customers feel that they are getting the best offer. No accounts are maintained for keeping track of the discounts that are offered. | |
| 1456. |
What is Cost Principle of Accounting? |
| Answer» Cost Principle:\xa0According to this Principle, an asset is recorded in the books of accounts at its original cost comprising cost of acquisition and all expenditure incurred for making the assets ready to use.This cost becomes the basis of all subsequent accounting transactions for the asset, since the acquisition cost relates to the past, it is referred to as Historical cost. Example: Machinery purchased for Rs. 1,50,000 in cash and Rs. 20,000 was spent on installation of machine then Rs. 1,70,000 be recorded as cost of machine in the books and depreciation will be charged on this cost. If market value of machine due to inflation has gone up to Rs. 2,00,000 then the increased value will not be recorded. This cost is systematically reduced from year after year by charging depreciation and the assets are shown in the balance sheet at book value (cost – depreciation). | |
| 1457. |
What is sale and purchase book ❓? |
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Answer» Purchase book only record credit purchase of good Sales book only record credit sales of goods Purchases Book records only the credit purchases of goods. Goods are things that are purchased or produced for resale in which a business deals. Purchase of assets or stationery is not meant for resale and will be held for a long term and increase the profit-earning capacity of the business over various accounting periods. Hence, transactions related to purchase of assets or stationery cannot be recorded in the Purchases Book. It will be recorded in the Journal Proper. |
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| 1458. |
व्हाट इज अकाउंटिंग |
| Answer» It is an art to study accounts and record transactions. | |
| 1459. |
What is trial balance ❓?.. |
| Answer» A trial balance is a bookkeeping worksheet in which the balance of all ledgers are compiled into debit and credit account column totals that are equal. A company prepares a trial balance periodically, usually at the end of every reporting period. | |
| 1460. |
Fill journal entry of payment made to shivani |
| Answer» How to fill the journal entry | |
| 1461. |
State different kinds of transaction that increase and decrease capital |
| Answer» \tCapital is defined as the large amount of money which is used to start the business\xa0or which the person invest in order to make more amount of money. The person could the capital to refer the machinery and buildings which are required to produce the goods.\tThe different kinds or the types of the transactions which increase as well as decrease the capital are:1. The entry (credit or debit) make to:Rise of Increase in Revenue (Credit)Decrease in expense (Credit)Post the fresh capital that is introduced through the owner (Credit)Post the drawings (Debit) | |
| 1462. |
identify the values involved in the full disclosure principle |
| Answer» A n s w e r :Full Disclosure principleThe following values are involved in the principle of Full Disclosure principle:1. Transparency2. Avoiding deliberate concealing of material facts | |
| 1463. |
identify the values involved in full disclosure principle |
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| 1464. |
What is creditor and debitor example |
| Answer» \tBaseDebtorsCreditorsMeaningPersons or organisations that are liable to pay money to a firm are called debtors.Persons or organisations to whom the firm is liable to pay money are called creditors.NatureThey have debit balance to the firm.They have credit balance to the firm.PaymentPayments are received from them.Payments are made to them.ShownThey are shown as assets in the Balance sheet under Current Assets.They are shown as liabilities in the Balance Sheet under Current Liabilities.\t | |
| 1465. |
Opened a current account with Bank by depositing cheque from Savings Account |
| Answer» BankA/c. Dr To capitalA/c | |
| 1466. |
Journal entry question |
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Answer» Payment made to shivani Where is ur question?? |
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| 1467. |
Journal entry question with solution |
| Answer» https://www.youtube.com/playlist?list=PLQgE9n4G7bbnZOfYLELl0GhgDIdY5hTS9 | |
| 1468. |
What are accounting principales?explain its characteristics |
| Answer» Identyfing,measuring, recording,classification,summarising, analysis,interpretation,and communicating to its user | |
| 1469. |
What is ledger❓ |
| Answer» Ledger is the collection of different accounts of assets, liabilities, capital, revenue and expenses. When transactions are recorded in the Journal (Book of Original Entry), these are transferred or posted to their respective accounts in Ledgers. These are called Book of Secondary or Final Entry. Ledger contains all accounts of a business enterprise, irrespective of whether they are personal, real or nominal. | |
| 1470. |
Explain short meaning of accounting equation |
| Answer» The accounting equation is the basic element of the balance sheet and the primary principle of accounting. It helps the company to prepare a balance sheet and see if the entire enterprise’s asset is equal to its liabilities and stockholder equity. It is the base of the double-entry accounting system.Double-entry accounting is a system that ensures that accounting and transaction equation should be equal as it affects both sides. Any change in the asset account, there should be a change in related liability and stockholder’s equity account. While performing journal entries accounting equation should be kept in mind. | |
| 1471. |
Examples of Direct expenses |
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| 1472. |
What journal proper |
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| 1473. |
What is the definition of liability |
| Answer» The economic value of an obligation or debt that is payable by the enterprise to other establishment or individual is referred to liability. To put it in other words, liabilities are the obligations that are rising out of previous transactions, which is payable by the enterprise, through the assets possessed by the enterprise. | |
| 1474. |
Expalin the meaning of accounting |
| Answer» Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company\'s operations, financial position and cash flows. | |
| 1475. |
Which of the following is not the limitation of accounting |
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Answer» Where is the option?? Options |
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| 1476. |
Is placing of order is not a transaction? (in journal) |
| Answer» \tNon-Economic Transactions\xa0are the transactions that cannot be measured in terms of money, i.e. do not involve receipt or payment.\tIt is a non-economic activity because no sale/exchange of goods or services or money is involved. Just the order is placed. | |
| 1477. |
Can u give the Solutions of chapter 3 |
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| 1478. |
How to do general entry |
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| 1479. |
I want notes of source of document and preparation of voucher |
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Answer» Here you will get in description https://youtu.be/msYzvFmAMzo |
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| 1480. |
" capital is a liability for the business" explain this statement with the principal applied |
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Answer» Principle of business entity In the above statement it is the\xa0Principle of Business Entity which is implied. As per this principle, business is treated as distinct and a separate entity from its owners. In simple words, we can say that business and its owners are different. In fact, the business (firm) borrows money from the owners (which is regarded as capital) and in return, the business pays interest on this money so borrowed from the owner. Thus, in this manner, the capital invested is a liability for a business. Hence, in accounting sense, it means one separate entity (owner) is assumed to be giving money to another distinct entity (business unit). |
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| 1481. |
Why analysis and interpretation of accounting is an essential attribute of accounting |
| Answer» It helps us to know the accuracy of data and help it to make it understandble in most simplest way | |
| 1482. |
Prepare a single cash book of Mr. Raman |
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| 1483. |
jain ltd invited application |
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| 1484. |
Features of accounts |
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| 1485. |
What is aqqured income |
| Answer» It may so happen that we may earn some incomes during the current accounting year but not receive them in the same year. Such income is accrued income.Thus, these incomes pertain to the current accounting year. Therefore, we need to record them as current year’s incomes.The Accrued Income A/c appears on the\xa0assets\xa0side of the Balance Sheet. While preparing the Trading and Profit and Loss A/c we need to add the amount of accrued income to that particular income. | |
| 1486. |
What are outstanding income |
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| 1487. |
Paid income tax . Journal entry |
| Answer» Drawings A/c. Dr.... To cash/bank A/c | |
| 1488. |
Define business and state its features. |
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| 1489. |
Give any two characteristics of a business transaction. |
| Answer» Business Transaction\xa0:- It is an event involving some monetary value between two o r more entities , and is capable of changing the financial position of the enterpriseCharacteristics\tIt is concerned with money\'s worth of goods and services.\tIt arrises out of the transfer or exchange of goods and services.\tIt has an effect on the accounting equation of any business form | |
| 1490. |
Define accontancy |
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Answer» Accountancy is the systematic knowledge of accounting...It involves identification, classification, summarising, recording and communicating to the users. Accountancy is a systematic knowledge of accounting. It explains how to deal with various aspects of accounting. It educates us how to maintain the books of account and how to summarise the accounting information and communicate it to the users. |
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| 1491. |
Thanks ritik Aggarwal you are so sweet but dev you are so cheep |
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Answer» ☺️☺️ this is for you mr Aggarwal What is tha accounting |
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| 1492. |
I take commerce with out maths can I do ca I am so confuse |
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Answer» You can\'t do CA with out math No Thanks |
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| 1493. |
State what is the end- product of financial Accounting |
| Answer» The end product of financial accounting are Trading account, Profit and loss account and\xa0Balance sheet. | |
| 1494. |
Maths is required for become a CA |
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Answer» Yups? But maths is optional there is a choice in maths and hindi Ya dude Yup it\'s very important for all fields in commerce |
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| 1495. |
Sold goods to Anil costing rupees 40000 for cash at profit 25% on cost less 20% trade discount |
| Answer» 40,000×25/100=50,000(profit added)50,000×20/100=10,000 (trade discount deduct bt not show in the journal entrySo,Entry will beAnil Dr =40,000 To sales a/c =40,000 | |
| 1496. |
I can\'t understand accounts anyone help me please |
| Answer» CA Parag Gupta&Rajat Arora...visit both the channels on YouTube....real and good content for commerce students literally... | |
| 1497. |
Sold goods bought from Mohan to ram at 90,000 |
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Answer» Assets mein hi + hoga or assets me hi- mtlbStock me se decrease ho jyega or Debtors wale column me jaake increase ho jayega .. I think it\'s her nick name???? Your name is love |
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| 1498. |
Accounting Equation..Purchase of Furniture of RS 30000 on Credit |
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Answer» In assets side - increase in furniture 30,000And in liabilities side- increase in creditors for furniture 30,000 Srry for mistake we add 30000 in furniture and creditor Add 30000 in stock and creditor |
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| 1499. |
i.e. introduction to accounting part -10 |
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| 1500. |
Give specimen of purchase book |
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