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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.
| 1501. |
Name the process of putting the date from the journal book to ledger book. |
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| 1502. |
Account project with gst entries |
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| 1503. |
What is accounting?and its objectives? |
| Answer» The main\xa0objectives\xa0of\xa0accounting\xa0are maintaining a complete and systematic record of all transactions and analyzing the financial position of a business. Every individual or a business concern is interested to know the results of financial transactions and their results are ascertained through the\xa0accounting\xa0process.\xa0The following are the main objectives of accounting:\tTo maintain full and systematic records of business transactions: ADVERTISEMENTS: ...\tTo ascertain\xa0profit\xa0or loss of the business: Business is run to earn profits. ...\tTo depict financial\xa0position\xa0of the business: ...\tTo provide accounting information to the interested parties: | |
| 1504. |
Accountancy is a science or arts or combination of both |
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Answer» Accounts is an art as well as science because accounting is an organised knowledge based on some principles and guidelines whereas accounting is also an art as it helps in achieving the desired objective. Because it give knowledge and art how to do anything It is combined of both |
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| 1505. |
Which is the following transaction is of financial character |
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| 1506. |
What is accounting ? what are its objectives |
| Answer» Accounting is a process of identifying measuring recording classify summarising analysing and interpreting and communicating financial | |
| 1507. |
Haa |
| Answer» Econimic objective | |
| 1508. |
Accounting equations |
| Answer» Assets=liabilities+capital | |
| 1509. |
Supplied goods costing ₹ 3,600 to Sanjay. Issued invoice at 20% above Cost less 10% Trade Discount. |
| Answer» Given, Goods cost rupees 3600 and issued invoice at 20%.So, 3600+20%=4320.Now trade discount 10% So, 4320-10%= 3888.Answer=3888 rupees | |
| 1510. |
How can I study accounts effectively at home during this lockdown..... |
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Answer» Yes dev u were right he is a very excellent teacher Thank you very much for your help DEV GUPTA.? CA Parag Gupta....visit this channel on YouTube for Accountancy and Economics...he\'s a very excellent teacher...I suggest u should visit and please tell your experience later...plzzz Please answer I\'m new here... |
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| 1511. |
What is distinct between book keeping and accounting |
| 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. | |
| 1512. |
Kisi ki class mein T. S. Grewal ka 2020 edition ki book ? lagi hai Toh Please Batayein.??? |
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Answer» Yes Same here d.k goel Mere pass h t.s gerewal Mere mai nahi. We use d.k goel Yes |
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| 1513. |
journalise the following entries in the book of sudhir |
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| 1514. |
48 miscellaneous question of chspter 4 |
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| 1515. |
48 question of chapter 4 |
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| 1516. |
Trade receivables |
| Answer» The term ‘trade receivables’ is the amount receivable for sale of goods or services performed in the ordinary course of business operation. It is the sum of debtors and bills receivable. \tDebtor: A debtor is a person who receives a benefit without paying money immediately but liable to pay in future within a particular period of time.\tBills receivable: Bill receivable is an exchange bill accepted by the debtor for the amount which will be received on a specified date. It is included in trade receivables because bill receivable replaces a debtor. | |
| 1517. |
Where can we found notes?? |
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Answer» DeeCee app... download it from Google Play Store Bhai khud bna le |
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| 1518. |
Difference between revenue and receipt |
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Answer» Revenue receipts are just like a part of normal and common business operations that is why they occur again and again contrary to the capital receipts but have the short-term benefits. Chal |
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| 1519. |
sold Housefull furniture f0t 15000 and proceed were invested into business ki journal entry |
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Answer» Captial = 15000, cash=15000 Define accounting |
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| 1520. |
Extra ques of modern approach |
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| 1521. |
On 1st jan. 2018,A sold goods to B for rs. 5,000 |
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| 1522. |
Accountancy furnishes data on |
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| 1523. |
Purchased goods of list price of rupees 30000 from Amit at 20 percent trade discount |
| Answer» Purchases a/c dr. 24000 To cash a/c 24000 | |
| 1524. |
Non monetary transactions are not recorded in the books of accounts. Explain |
| Answer» Non monetary transaction are not recorded in book of accounts. For example, the skill level of the human resource an organisation possess.The same is not recorded because it can be measured. It is intangible and just cant be measured or valued.For recording anything in accounts you need to report it in monetary terms which is not possible in case of non-monetary transactions. | |
| 1525. |
Identify the A/C names & the A/cing rule for each 1) purchased raw material for cash Rs 60,000 |
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| 1526. |
Outstanding expense journal entry logic |
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| 1527. |
List any two functions of accounting |
| Answer» The basic role of\xa0accounting\xa0is to provide relevant financial information to the businessmen and the stakeholders. Furthermore, facilitating the decision making processes and keeping them updated. There are\xa0two\xa0types of\xa0functions of accounting, first, historical functioning and second, managerial functionals.\xa0There are\xa0five\xa0basic\xa0roles\xa0or functions within the department:\tAccounts\xa0receivable.\tAccounts\xa0payable.\tPayroll.\tFinancial controls.\tFinancial reporting. | |
| 1528. |
What would happen if there was no accounting |
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| 1529. |
Started business with cash(with gst) |
| Answer» Cash A/c ....Dr. To capital A/c ( GST is not charged on capital introduced) | |
| 1530. |
prepare a BRS from the following particulars |
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| 1531. |
Explain the goods |
| Answer» Goods are assets that we use to earn profit or money | |
| 1532. |
Every debit must have its corresponding credit. discuss the statement |
| Answer» Every debit must have a corresponding credit. ... Explanation:Every\xa0entry into the financial records of\xa0a\xa0business\xa0must\xa0balance with an equal value in\xa0debits\xa0as in\xa0credits\xa0however there could be different numbers of\xa0debits\xa0and\xa0credits\xa0therefore not\xa0a\xa0one for one matching.\xa0The principle of double entry system of accounting is "Every debit has a corresponding credit" hence the total of all debits has to be equal to the total of all credits. In simple words, every business transaction affects two accounts. If one account is debited the the other account will be credited with the similar amount.\xa0\xa0For example, if the business purchases machinery worth Rs. 5,00,000, then machinery account gets debited with amount Rs. 5,00,000 as the business is receiving an asset for its operation, on the other side cash account automatically gets credited with the same amount of Rs. 5,00,000 as cash is going out of business. | |
| 1533. |
What is menstruation of identified transactions |
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| 1534. |
What is ledger ???? |
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Answer» Thanks manish and akhil??? DEFINITION= The ledger is the main Or principal book of accounts in which all the business transactions would ultimately find their place under various accounts in a classified form MEANING=Ledger is a book where all transactions related to a particular account are collected at one place In ledger many accounts are there |
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| 1535. |
Asset or liability me difference |
| Answer» Assets are the economic resources of the enterprise that are beneficial. Example: machinery.Liabilities are the amount payable or owed by business. Example: creditors. | |
| 1536. |
Record the following transactions in the journal of Amitabh |
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| 1537. |
What is deferred revenue expenditure ? |
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Answer» There are certain expenditure which are revenue in nature but benefit of which is derived over number of year.for example huge advertisement expenditure Deferred revenue expenditure is a revenue expenditure whose usefulness extends over more than one accounting period Deferred Revenue expenditure are usually large in amount and benefits are not consumed within the same accounting period. Part of the amount is shown in profit and loss account and is reduced from total expenditure and rest is shown in balance sheet. These expenditure does not result in an asset creation. That\'s why these are shown under the head miscellaneous expenditure. |
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| 1538. |
Opened a current account with Punjab National Bank 100000 |
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| 1539. |
Cheque issued to Rahul was dishonoured 5000....Write the journal entry of this question ???? |
| Answer» Rahul Dr. 5000To bank a/c 5000 | |
| 1540. |
What is goods? |
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Answer» A good is a physical product which can be delivered to a buyer and involves the ownership from the seller to the customer. For example mobile phone, book, etc. Good are physical object and are tangible. In business :- goods are the items which business entity sell /produce or buy as a raw material In economic goods are item that satisfy human wants and provide utility. |
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| 1541. |
Sold goods to mahesh |
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Answer» Mahesh A/C Dr.To Sales A/C Mahesh. A/C. Dr To. Sales. A/c. |
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| 1542. |
Purchase goods on credit from meena |
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Answer» Purchase A/C Dr. To Meena A/C Purchase a/c dr. To Meena a/c Purchases ac. Dr To meena ac |
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| 1543. |
Is cash an asset |
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Answer» Yes Yes Yes. |
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| 1544. |
Ts grewal book 2020Question no. 12 , 13 ,15, 16 |
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| 1545. |
Define accounting and explain its objectives? |
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Answer» Accounting is the process of identifying the events of financial nature, recording them in the journal, classifying in their respective accounts and summarising them in profit and loss account and balance sheet and communicating results to users of such information, viz. owner, government, creditor, investors, etc.Objectives of accounting-1.To keep systematic and complete records of all financial transactions.2.To ascertain profit or loss.3.To ascertain the financial position of the business.4.To provide information to various groups and users.5.To meet legal requirements. You are available on Facebook Accounting is a process of identifying the events of financial nature, recording them in the journal, classifying in their respective accounts and summarising them in profit and loss account and balance sheet and communicating results to users of such information, viz. owner, government, creditor, investors, etc.According to American Institute of Certified Accountants, 1941, “Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events that are, in part at least, of financial character and interpreting the results thereof.”In 1970, American Institute of Certified Public Accountants changed the definition and stated, “The function of accounting is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions.”Objectives of Accounting:1. Recording business transactions systematically− It is necessary to maintain systematic records of every business transaction, as it is beyond human capacities to remember such large number of transactions. Skipping the record of any one of the transactions may lead to erroneous and faulty results.2. Determining profit earned or loss incurred− In order to determine the net result at the end of an accounting period, we need to calculate profit or loss. For this purpose trading and profit and loss account are prepared. It gives information regarding how much of goods have been purchased and sold, expenses incurred and amount earned during a year.3. Ascertaining financial position of the firm− Ascertaining profit earned or loss incurred is not enough; proprietor also interested in knowing the financial position of his/her firm, i.e. the value of the assets, amount of liabilities owed, net increase or decrease in his/her capital. This purpose is served by preparing the balance sheet that facilitates in ascertaining the true financial position of the business.4. Assisting management− Systematic accounting helps the management in effective decision making, efficient control on cash management policies, preparing budget and forecasting, etc. |
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| 1546. |
Give two examples of tangible assets. |
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Answer» Machinery ,Furniture,Goods etc. Land.Vehicles.Equipment.Machinery.FurnitureEtc.. A tangible asset is an asset that has a finite monetary value and usually a physical form. Tangible assets can typically always be transacted for some monetary value though the liquidity of different markets will vary.Tangible Assets\tLand.\tVehicles.\tEquipment.\tMachinery.\tFurniture.\tInventory.\tSecurities like stocks, bonds, and\xa0cash. |
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| 1547. |
Two column cash book of Tarun , Kanpur |
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Answer» Pls provide question Ask meaningful question Plz provide question |
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| 1548. |
Define debit and credit? |
| Answer» When goods are returned to the supplier, a debit note is prepared and sent to the supplier of the goods. It contains the name of the party (supplier) whose account has been debited, along with the amount and details of the bill and the reason for the debit, in reference to which his account has been debited.A credit note is prepared when goods are received back from a customer.When goods are purchased on credit, the seller prepares a sale invoice called bill that contains the name of the party to whom the goods are sold, as well as the rate, quantity and total amount of the sale. However, a cash memo is prepared when trader sells the goods for cash. | |
| 1549. |
Cash rs 10,000 received from govardhan and allowed him discount rs 500 |
| Answer» Cash a/c Dr. 9500 Discount a/c. Dr. 500 To govardhan. A/c. 10000 | |
| 1550. |
Cash rs 1,00,000 received from govardhan and allowed him discount rs 5 00 |
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