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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.
| 2001. |
M/s Dalmia textile mills purchased machinery on April 1 .2016 |
| Answer» Machinery A/c Dr To | |
| 2002. |
What is personal nominal and |
| Answer» There are three types of accounts . Personal , Real and Nominal.1) Personal accounts :- Accounts related to a person, individual, institution , firm etc are called personal accounts. eg. ABC Ltd. , Ram a/c , Debtor\'s a/c.2) Real accounts:- Accounts related to an asset is real account. eg. Machine a/c3) Nominal account :- Accounts related to income and expense of the business is called nominal account. eg. rent a/c, commission a/c\xa0 | |
| 2003. |
What is CST?What is VAT? |
| Answer» CST:- Central sales tax is a type of indirect tax. it will be recorded in separate account at the time of sales of goods. At the time of purchases it will be added in purchases a/c. CST is a central leval tax.\xa0VAT :- Value added tax is also an indirect tax. it will be recorded in both cases of sale and purchase as well. it is a type of local tax.\xa0 | |
| 2004. |
What process of summarising of accounting |
| Answer» | |
| 2005. |
Journal entry of cash in hand |
| Answer» Cash to capital | |
| 2006. |
What is suspence a/c |
| Answer» A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded. | |
| 2007. |
What do you mean by cash mono |
|
Answer» It is an example of voucher it is written evidence of our purchases A commercial document issued by the seller to the buyer when cash is received as a payment. |
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| 2008. |
Meaning debenture |
| Answer» A debenture is one of the capital market instruments which is used to raise medium or long term funds from public. A debenture is essentially a debt instrument that acknowledges a loan to the company and is executed under the common seal of the company. | |
| 2009. |
Kunal started business with cash |
| Answer» It\'s journal Cash A/C To capital A/C | |
| 2010. |
When prop. Withdrew goods for personal use write journal entry goods costing 50000 |
| Answer» Drawing a/c Dr 50000 To purchase a /c. 50000 | |
| 2011. |
When an account is said to have a debit balance |
| Answer» | |
| 2012. |
What is interest on drawing |
| Answer» | |
| 2013. |
What is meant by interest on drawing |
| Answer» | |
| 2014. |
Prepair machineary disposal account |
| Answer» | |
| 2015. |
What is brs |
| Answer» | |
| 2016. |
What is contra entry |
| Answer» | |
| 2017. |
Cash book entry for interest collected by bank. |
| Answer» | |
| 2018. |
“Every debit has a credit and every credit has a debit” is the main principle of….? |
| Answer» | |
| 2019. |
Payables |
| Answer» Payables are person to whom we owed money.eg; Creditors and Bills payables | |
| 2020. |
Brs. Meaning |
| Answer» Bank reconciliation statements | |
| 2021. |
What is trial balance? |
| Answer» Trial balance is a statement containing ledger balances in it. Trial balance is prepared to find out mathematical accuracy of entries. It also need to prepare final accounts further. | |
| 2022. |
Name the process of transferring entries from a journal to their respective accounts in the ledger? |
| Answer» Posting | |
| 2023. |
What are tangible assets |
| Answer» Tangible assets are those assets which can be seen and touch ex. are Machinery, Furniture! | |
| 2024. |
Meaning of cash memo |
| Answer» Cash Memo is also a non-negotiable commercial instrument indicating, the cash has been received from the purchaser for the goods sold to him. It works as a proof of cash payment made. When the cash is received for the sold goods, no debit is raised against it. The cash memo contains the following description:\tDate\tSerial Number\tName and address of supplier\tName and address of buyer\tUnit price of goods\tQuantity\tDiscount (if any, both for trade and cash discount)\tTax (VAT or Service tax as the case may be)\tTotal Amount Received\tSignature of the cashier. | |
| 2025. |
Why paid into bank is not contra entry |
| Answer» It is a contra entry !!!!! | |
| 2026. |
Purchase definition in |
| Answer» When a producer or dealer buy material or goods for production or resale , this will called purchase. | |
| 2027. |
1.goods costing £800 purchased from Sachin on credit were ommited to be credited to his account . |
| Answer» Suspense A/C ...Dr (Amount)To Sachin (Amount) | |
| 2028. |
What\'s advantage of cash book ? |
| Answer» | |
| 2029. |
Goods use to make assets journal entry |
| Answer» Asset A/C .....Dr.To Purchase A/C | |
| 2030. |
Bank reconciliatin statement |
| Answer» | |
| 2031. |
Bank reconciliation statement |
| Answer» | |
| 2032. |
cvgjg |
| Answer» | |
| 2033. |
Why an owner\'s capital to be as liability |
| Answer» When we see from the side of business, Owner\'s capital is a liability for the firm. It is because the firm has to give back more or equal the amount contributed by the owner. So according to Business entity principle Owner and business are seperate. | |
| 2034. |
What does undercaste mean? |
| Answer» Casting (totaling) errors in a journal are called error of casting. Now, total of the column can be taken has less than the actual total or more than it. if the total made by us is less than the actual total then it is said to be short-casted or under-casted and if the total made by us is more than the actual total then it is said to be over-casted. | |
| 2035. |
What is debit |
| Answer» Left side of account or receipt side of the account | |
| 2036. |
Paid income tax 300What will be journal entry |
|
Answer» Drawing A/C....Dr.To Bank/Cash A/C\xa0(Bank/cash depending on the situation given) Drawings ac Dr. To bank ac |
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| 2037. |
Accounting equation |
| Answer» Asset=capital + liability | |
| 2038. |
Que12 brs |
| Answer» | |
| 2039. |
A cheque of rupees 750 deposited in bank has been dishonoured |
| Answer» | |
| 2040. |
Why assets have debit balance ? |
| Answer» Because loss and profir are shared by all | |
| 2041. |
Loan taken for car for office use |
| Answer» Car A/C To bank loan | |
| 2042. |
Difference between Expense and expenditure other than their definition |
| Answer» An Expense is reported on the income statement------------For instance, an Expenditure to eliminate a liability is not an expenses, while expenditure for advertising , salaties etc. Will likely br reconded immiediately as expenses. Here\'s another example to illustrate to difference between an expense and an expenditure. | |
| 2043. |
Meaning, definition and charateristics of capital expenditure |
| Answer» | |
| 2044. |
What is deffered revenue expenditure? |
|
Answer» Deferred Revenue Expenditure is an expenditure which is revenue in nature and incurred during an accounting period, but its benefits are to be derived over a number of following accounting periods. The expenditure which provide benefit for 3 to 7 yrs |
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| 2045. |
Scope of E- buusiness |
| Answer» E business has a very wide scope. All the business function like production, marketing, finance, personnel and even th managerial activities like planning, organising, directing and controlling can be easily carried out over computer network. | |
| 2046. |
Account page no 11.33 ts gare walking |
| Answer» | |
| 2047. |
What is owner\'s equity |
| Answer» Owner\'s equity represents the owner\'s investment in the business minus the owner\'s draws or withdrawals from the business plus the net income (or minus the net loss) since the business began. Mathematically, the amount of owner\'s equity is the amount of assets minus the amount of liabilities. | |
| 2048. |
What is cintingent liablities ? |
| Answer» Liability which is not actually occur untill now, but may occur in future called contingent liability.eg. court case not yet concluded. | |
| 2049. |
What are other names of journal entry |
|
Answer» Book of original entru Book keeping |
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| 2050. |
What is the meaning of Accountancy? |
| Answer» Reading about accounts is called as accountancy | |