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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.
| 1551. |
What are the attributes features of accounting |
| Answer» Attributes1. Accounting is artas well as a Science:2. Records only those events and transactionswhich are of financial character:3. Accounting recordstransactions byexpressing them in term of money:4. Functions of accounting:5. Service activity: | |
| 1552. |
What is the relationship between accountancy and book keeping? |
| Answer» Accountancy it is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. Book keeping it is responsible for the recording of financial transactions. | |
| 1553. |
distinguish between cash basis and accural basis |
| Answer» Cash basis of accountig- in this system which transactions are recorded when cash recieved or paid .Accural basis of accounting - in this system income is recorded when it is earned . | |
| 1554. |
Objective of accounting |
| Answer» 1. to maintain the record of business transaction. 2. to determine profit or loss. 3.assistance or help to management4. communicate financial position of business to users.5.to maintain the financial position of business.6.to protect assets.7.to check growth of business. | |
| 1555. |
Every transaction as both has debit and cradit aspect, explain |
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Answer» Transactions are recorded on both side to main a correct balance Yes every transaction as both debit and credit because transaction are recorded in cash |
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| 1556. |
I want notes of chapter 2 |
| Answer» Sorry | |
| 1557. |
monohar lal and sons started businees with cash 60,000 |
| Answer» Cash ac. Dr To capital ac | |
| 1558. |
Manohar returned goods . Journal entry???? |
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Answer» Purchase return a/c dr to manohar\'s a/c Sales return a/c dr To manohar a/c |
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| 1559. |
Record the following transactions in the journal, post them into ledger and prepare and |
| Answer» What is trail balance | |
| 1560. |
Write a note on the drawing |
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Answer» The money or goods withdrawn by owner for personal use is calles Drawing. An account is set up in the balance sheet to record the transactions taken place of money removed from the company by the owners. This is known as the \'drawing\xa0account\'. In the\xa0drawing\xa0account, the amount withdrawn by the owner is recorded as a debit. If goods are withdrawn, the amount recorded is at cost value. Drawings: The money or goods or both withdrawn by owner from business for personal use, is known as drawings.\xa0Example:\xa0Purchase of car for wife by withdrawing money from business.A drawing account is an accounting record maintained to track money withdrawn from a business by its owners. A drawing account is used primarily for businesses that are taxed as sole proprietorships or partnerships. Owner withdrawals from businesses that are taxed as separate entities must generally be accounted for as either compensation or dividends. |
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| 1561. |
Write a short note on double entry system of accounting |
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Answer» In the double entry system debit and credit both aspects are recorded. This system gives full information about transaction and we are also found exact profit or loss. The double-entry system is an accounting system which affects at least two accounts simultaneously with every transaction. Two such examples are debit and credit account. |
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| 1562. |
What is expense |
| Answer» An expense is a cost that has expired was used up. expense maintain or restore working order. | |
| 1563. |
Prepare two column cash book from the following transactions of mani, kochi |
| Answer» Ok | |
| 1564. |
Distinguished between accounting and bookkeeping? |
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Answer» BOOK KEEPING- It is the process of recording transactions in the book of accounts include measuring, recording, classifying.ACCOUNTING- It is the systemetic process of identification, measuring, recording,classifying, summarising, analysing and communicating to users. thank you for helping me Accounting\xa0is the process by where a company\'s financials are recorded, summarized, analyzed, consulted and reported on.\xa0Bookkeeping\xa0is the recording part of this process, in which all of the financial transactions of the business (consisting of income and expenses) are entered into a database.\xa0An accountant is in charge of assessing and interpreting the financial data of a company, and for reporting on it. An accountant has a higher skill set than a bookkeeper, whose primary responsibility is handling the actual recording of the company’s financial transactions.\xa0A bookkeeper does not require any formal training, however a bookkeeper’s job is important. The information a bookkeeper is responsible for gathering and managing affects how an accountant will interpret the financial information of the company. Based on this information, the accountant provides recommendations to management or the company’s owners about spending, tax issues or other financial concerns. |
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| 1565. |
what is depriciation? |
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Answer» Thanks yr The monetary value of an asset decreases over time due to use, wear and tear or obsolescence. This decrease is measured as\xa0depreciation. Machinery, equipment, currency are some examples of assets that are likely to\xa0depreciate\xa0over a specific period of time.\xa0Depreciation\xa0is an\xa0accounting\xa0method of allocating the cost of a tangible or physical asset over its useful life or life expectancy.\xa0Depreciation\xa0represents how much of an asset\'s value has been used up.\xa0Depreciation is a method used to allocate the cost of tangible assets or fixed assets over the assets\'\xa0useful life. In other words, it allocates a portion of that cost to periods in which the tangible assets helped generate revenues or sales. |
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| 1566. |
The company purchases land and he paying half into cash and haft payemet singh |
| Answer» | |
| 1567. |
Define accounting objectives? |
| Answer» 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. | |
| 1568. |
Iss accounting is a source of information????? |
| Answer» Accounting\xa0is regarded as the language of a business. It is used as a means of communication between a business organization and its shareholders. The\xa0accounting\xa0process is a\xa0source of information, it uses business data and processes it to generate relevant\xa0information. | |
| 1569. |
Write attribute of accounting ,explain all topic with numerical example |
| Answer» | |
| 1570. |
What do you mean by financial accounting? Explain the main four limitation of financial accounting |
| Answer» Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption.The limitations of financial statements are those factors that a user should be aware of before relying on them to an excessive extent. Knowledge of these factors could result in a reduction of invested funds in a business, or actions taken to investigate further. The following are all limitations of financial statements:Dependence on historical costs. Transactions are initially recorded at their cost. This is a concern when reviewing the balance sheet, where the values of assets and liabilities may change over time. Some items, such as marketable securities, are altered to match changes in their market values, but other items, such as fixed assets, do not change. Thus, the balance sheet could be misleading if a large part of the amount presented is based on historical costs.Inflationary effects. If the inflation rate is relatively high, the amounts associated with assets and liabilities in the balance sheet will appear inordinately low, since they are not being adjusted for inflation. This mostly applies to long-term assets.Intangible assets not recorded. Many intangible assets are not recorded as assets. Instead, any expenditures made to create an intangible asset are immediately charged to expense. This policy can drastically underestimate the value of a business, especially one that has spent a large amount to build up a brand image or to develop new products. It is a particular problem for startup companies that have created intellectual property, but which have so far generated minimal sales.Based on specific time period. A user of financial statements can gain an incorrect view of the financial results or cash flows of a business by only looking at one reporting period. Any one period may vary from the normal operating results of a business, perhaps due to a sudden spike in sales or seasonality effects. It is better to view a large number of consecutive financial statements to gain a better view of ongoing results.Not always comparable across companies. If a user wants to compare the results of different companies, their financial statements are not always comparable, because the entities use different accounting practices. These issues can be located by examining the disclosures that accompany the financial statements. | |
| 1571. |
In accounting equation ,when we take loan from bank than what increases cash or bank?? |
| Answer» Bank increases | |
| 1572. |
I just need some difficult questions regarding cash book topic |
| Answer» | |
| 1573. |
What\'s the syllabus for half yearly class 11 of accountancy?? |
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| 1574. |
hello everyone anyone interested in accountany ? |
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Answer» Me it\'s so interesting ? Me also me ? |
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| 1575. |
Discuss the attributes of accounting : |
| Answer» Attributes of Accounting:1. Accounting is an art as well as a Science:\xa02. Accounting Records only those events and transactions which are of financial character:\xa03. Accounting records transactions by expressing them in term of money:4. Functions of accounting:\xa05. Service activity:\xa0 | |
| 1576. |
Interest charged on capital leads to?? |
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| 1577. |
What is the meaning of financial transaction |
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Answer» A financial transaction means any transaction done for consideration (something in return) and such consideration is measurable in terms of money. A financial\xa0transaction\xa0is the instance, where there exists either an outflow or inflow of cash. For example: purchase of furniture or goods, sales of goods, etc. It is termed as a\xa0deal\xa0between two persons because here, two parties are involved in it, i.e. when goods are purchased. |
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| 1578. |
Notes of chapter gst |
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| 1579. |
Rahul. Started. Business. With. Cash |
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| 1580. |
Notes of all chapters till gst please |
| Answer» | |
| 1581. |
define operating cycle and its process |
| Answer» It is the time period between the time of purchase of inventory and collections of any receivables on account of sale of the inventory or we can say it is time between acquisition of assets for processing and its final realisation in cash and cash equivalents.\xa0 | |
| 1582. |
How is accounting information useful for external users? |
| Answer» (i) Creditors:\xa0for determining the credit worthiness of the organization.\xa0(ii) Tax Authourities:\xa0for determining the credibility of the tax returns filed on behalf of the company.(iii) Investors:\xa0for analyzing the feasibility of investing in the company. Investors want to make sure they can earn a reasonable return on their investment before they commit any financial resources to the company.(iv) Customers:\xa0for knowing\xa0the financial position of its suppliers which is necessary for them to maintain a stable source of supply in the long term.(v) Regulatory Authorities:\xa0for ensuring that the company\'s disclosure of accounting information is in accordance with the rules and regulations set in order to protect the interests of the stakeholders who rely on such information in forming their decisions. | |
| 1583. |
Enter the following transaction in sales (journey) book of m/s. Bansal electronics : |
| Answer» | |
| 1584. |
What are the objectives of the Indian Accounting Standards? |
| Answer» \xa0Three objectives of Accounting Standards:\xa0i.\xa0Facilitates in better understanding of financial statements.\xa0ii.\xa0Adopts and facilitates significant accounting policies\xa0iii.\xa0Enhancing reliability of financial statements. | |
| 1585. |
Write a note on gaap |
| Answer» Accounting principles, concepts and conventions are known as Generally Accepted Accounting Principles (GAAP). These principles are the base of Accounting. Generally Accepted Accounting Principles (GAAP) refers to the rules or guidelines adopted for recording and reporting of business transactions, in order to bring uniformity and consistency in the preparation and the presentation of financial statements.These principles have evolved over a long period of time on the basis of experiences of the accountants, customs, legal decisions etc., and which are generally accepted by the accounting professionals. | |
| 1586. |
What is purchase |
| Answer» Purchase\xa0is the cost of buying inventory during a period for the purpose of sale in the ordinary course of the business. It is therefore a kind of expense and is hence included in the income statement within the cost of goods sold. | |
| 1587. |
What to do for iim |
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| 1588. |
Ch-8 journals page no-8.48 q-1 |
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| 1589. |
Which of the following is not a sib field of accounting |
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| 1590. |
Journalise the following transactions in the books of Sanjana and post them into the ledger |
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| 1591. |
________ is art of recording classification summaring and interpreting the business transaction |
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Answer» Accounting Accounting Accounting Accounting Accounting |
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| 1592. |
Anyone can help me in studies |
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Answer» Thanks Ofcourse |
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| 1593. |
I want questions and answers of Accountancy of textbook |
| Answer» Of which chapter | |
| 1594. |
Please help me ??? |
| Answer» What is your question dude ? | |
| 1595. |
On 1st March 2013, Shri Kailash Chand commenced business with cash Rs. 25000 |
| Answer» Cash A/c Dr. To Capital A/c. | |
| 1596. |
What is commision |
| Answer» A commission is a service charge assessed by a broker or investment advisor for providing investment advice or handling purchases and sales of securities for a client. | |
| 1597. |
Stationery purchased for cash rupees 2200 |
| Answer» Sell the stationary | |
| 1598. |
What is the process of accounting |
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Answer» IdentifyingMeasuringRecordingClassifyingSummarising AnalysisInterpretationCommunication I M R C S A CIdentifying Measureing in tearms of moneyRecording Classifying Summarising Analysis and interpretation Communicating |
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| 1599. |
Define invoice .discuss its types |
| Answer» When a trader sells goods on credit, she/he issue an invoice or bill in the name of the purchaser which contains details about the product, quantity, agreed price of product, terms of payment, the name and address of the seller and purchaser.\xa0 | |
| 1600. |
Define Accounting ? |
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Answer» Hey do you help me in accounts Accounting refers to collecting summarising analysing and reporting the information of business transactions in monatry terms monatry means money \tAccounting:\xa0Accounting is the art of recording, classifying,\xa0summarizing\xa0in a significant manner, transactions and events which are of financial character, and interpreting the results thereof.\xa0\tAccounting is used to maintain a systematic record of all the financial transactions in a book of accounts.\tFor this, all the transactions are recorded in chronological order in Journal and then posted to principle book i.e. Ledger. |
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