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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.
| 2101. |
Rectification of errors |
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| 2102. |
Explain the advantages of Accounting? |
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| 2103. |
Enter pass |
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| 2104. |
Is discount column incorporated in cash book or not?? |
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| 2105. |
Accounting concept or Assumption |
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| 2106. |
Paid rent in advance how it is show in accounting equation\xa0 |
| Answer» It is an expense but the benefit of the same will in next period so it is shown as an assets.So add to asset "Miscelleneous Expenditure" part. | |
| 2107. |
Difference between Cash basis accounting and Accrual basis of accounting. |
| Answer» Under the cash basis of accounting:\tRevenues\xa0are reported on the income statement in the period in which the cash is received from customers.\tExpenses are reported on the income statement when the cash is paid out.Under the accrual basis of accounting:\tRevenues\xa0are reported on the income statement when they are earned—which often occurs before the cash is received from the customers.\tExpenses are reported on the income statement in the period when they occur or when they expire—which is often in a period different from when the payment is made. | |
| 2108. |
Difference between IFRS and Accounting Standards. any 5 points |
| Answer» \tIAS stands for International Accounting Standards, while IFRS refers to International Financial Reporting Standards.\tIAS standards were published between 1973 and 2001, while IFRS standards were published from 2001 onwards.\tIAS standards were issued by the IASC, while the IFRS are issued by the IASB, which succeeded the IASC.\tPrinciples of the IFRS take precedence if there’s contradiction with those of the IAS, and this results in the IAS principles being dropped. | |
| 2109. |
What is the difference between accounting and accountancy?\xa0 |
| Answer» Accountancy is work done by accountant: the work or profession of an accountantAccounting is the activity, practice, or profession of maintaining the business records of a person or organization and preparing forms and reports for tax or other financial purposes. | |
| 2110. |
Name the financial statement in which the balance of suspense account will be shown\xa0 |
| Answer» Balance Sheet, as it is a statement of balances remaining after all the other accounts from Trial Balance\xa0are transferred to either Trading account or Profit and Loss account. | |
| 2111. |
WHAT WILL THE EFFECT OF CHARITY IN TRADING A/C AND PROFIT AND LOSS A/C? |
| Answer» CHARITY WRITTEN OFF FROM PURCHASE BECAUSE OUR PURCHASE DECREASE AND ALSO SHOW ON PROFIT AND LOSS ACCOUNT TREAT AS EXPENSES | |
| 2112. |
what are the differences between balance sheet and trial balance? |
| Answer» Ans. The differences are following:\tStatement of debit and credit balances were taken from general ledger is known as Trial Balance. Statement of assets and equity & liabilities is known as Balance Sheet.\tTrial Balance does not include closing stock while the Balance Sheet does not include opening stock.\tTrial Balance checks the arithmetical accuracy in the recording and posting while balance sheet is prepared to\xa0determine the financial position of the company on a specific date\tTrial Balance is prepared after posting into ledger whereas Balance Sheet is prepared after the preparation of Trading and Profit & Loss Account.\tThe Balance Sheet is the part of the Financial Statement while Trial Balance is not a part of the Financial Statement.\tBalances of all personal, real and nominal account are shown in the trial balance. On the contrary, Balance sheet shows the balances of personal and real account only.\tThe trial balance is prepared at the end of each month, quarter, half year or the financial year. Conversely, the balance sheet is prepared at the end of each month.\tThe trial balance is prepared for internal use only, however, the\xa0balance sheet is prepared for both internal and external use, i.e. to inform outside parties about the financial condition of the entity. | |
| 2113. |
What is net profit ?? |
| Answer» Ans.\xa0Net profit, often referred to as net income, is the amount of money a company has left after all expenses, including taxes, have been subtracted from total revenue. Net profit is reported on a company\'s income statement and is one of the key indicators of the success or failure of a company\'s business operation during a given time period.The actual formula for calculating net profit is:Net Profit = Total Revenue - Total Expenses | |
| 2114. |
define DBMS? |
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Answer» A database management system (DBMS) is a computer software application that interacts with the user, other applications, and the database itself to capture and analyze data. A general-purpose\xa0DBMS\xa0is designed to allow the\xa0definition, creation, querying, update, and administration of databases. Ans. DBMS: It is a computerized Record keeping system (software) that allows access to data contained in a database. The DBMS makes possible to share the data in the database among multiple users. |
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| 2115. |
how do prepare finacial statment?\xa0 |
| Answer» Steps for Preparing Financial Statement: 3 StepsStep-1:\xa0To Understand The Meaning of Debit and Credit Balances:The first step in preparation of financial statements is to understand the meaning of debit and credit balances appearing in the trial balance.(i) Debit Balances in the Trial Balance:The debit balances appearing in the trial balance either represents balances of(a) Assets and Deferred Revenue Expenditure or(b) Losses and Expenses.(ii) Credit Balances in the Trial Balance:The credit balances appearing in the trial balance either represents balances of(a) Capital, Liabilities, Provision and Reserves or(b) Revenue and Gains.Step-2:\xa0Analyse the Debit and Credit Balances:The next step is to examine and arrive at a conclusion as to which debit balance is an asset and which balance is an expenditure or loss? Similarly, which credit balance is liability and which balance is a gain or income?(i) Analysis of Debit Balances:If the business enterprise can recover any amount of debit balance, it should be treated as an asset and when business cannot recover anything of debit balance; it should be treated as losses and expenses.(ii) Analysis of Credit Balances:If the business has to pay any amount of credit balance to either owner or outsider, it should be treated as liability (internal or external) and when the business is not liable to pay any amount of credit balance to either owner or outsider, it should be treated as gain or income.Step-3:\xa0Treatment of Debit and Credit Balances:The next step in preparing financial statements is to treat the debit and credit balances appearing in the trial balance.(i) Treatment of Debit Balances:The balances of assets and deferred revenue expenditure are directly shown on the assets side of the balance sheet. The balances of losses and expenses, depending upon their nature, being direct or indirect, are transferred to the debit side of either Trading Account or Profit & Loss Account as the case may be.(ii) Treatment of Credit Balances:The balances of capital, liabilities, provisions and reserves are directly shown on the liabilities side of the balance sheet. The balances of revenue and gains, depending upon their nature, being direct or indirect, are transferred to the credit side of either Trading Account or Profit & Loss Account as the case may be. | |
| 2116. |
(financial accounting-1) |
| Answer» Financial accounting\xa0is a specialized branch of\xa0accounting\xa0that keeps track of a company\'s\xa0financial\xa0transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a\xa0financial\xa0report or\xa0financialstatement such as an income statement or a balance sheet. | |
| 2117. |
How to calculate opening balance in non profit organisation? |
| Answer» | |
| 2118. |
What is capital expenditure and revenue expenditure\xa0 |
| Answer» An expenditure which neither creates assets nor reduces liability is called Revenue Expenditure, e.g., salaries of employees, interest payment on past debt, subsidies, pension, etc.An expenditure which either creates an asset (e.g., school building) or reduces liability (e.g., repayment of loan) is called capital expenditure.\xa0 | |
| 2119. |
journal entry purchases return\xa0 |
| Answer» Purchase return is always credited | |
| 2120. |
What is accounting standards? And revenue? |
| Answer» Ans. Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.Revenues are the assets earned by a company\'s operations and business activities. In other words, revenues include the cash or receivables received by a company for the sale of its goods or services. The revenue account is an equity account with a credit balance. | |
| 2121. |
What is demand bill? And what is cash Memo? |
| Answer» Ans. Demand bill is a bill of exchange which must be paid when payment is asked for.Cash Memo is a document that a seller passes to a buyer at the time of a specific purchase of goods or services. It is the equivalent of an invoice and is only used to record transactions that are paid for using cash, rather than bank transactions or checks. | |
| 2122. |
List of books for 11th class commerce\xa0 |
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| 2123. |
How to calculate Net Present Value |
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| 2124. |
Best book for 11th class accounts and business studies\xa0 |
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Answer» I would suggest you\xa0buy "T S GAREWAL or D K GOYAL" for Accountancy and "POONAM GANDHI" for business studies. I don\'t know |
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| 2125. |
Amount paid to Jeena on account due to him |
| Answer» Jeena A/c Dr. To Cash/Bank A/c (being amount paid to Jeena) | |
| 2126. |
Sold good to Meena cost price RS. 40000 at a profit of 25% and the amount received by cheque\xa0 |
| Answer» Bank a/c. Dr. 50,000 To sales a/c. Cr. 50,000(Being goods sold to Meena @25% profit) | |
| 2127. |
Blueprint for accountancy of class 11th\xa0 |
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| 2128. |
Explain the qualitative characteristics of accounting information?\xa0 |
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| 2129. |
Basics of journal |
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| 2130. |
Who are debtors? |
| Answer» Those persons from which we have to take money. | |
| 2131. |
What is account |
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| 2132. |
Why are contract entry not posed to the ledger |
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| 2133. |
Explain difference between IFRS and GAAP. |
| Answer» \tGAAP is a common set of accepted accounting principles, standards, and procedures that companies and their accountants must follow when they compile their financial statements.\xa0\tIFRS is a\xa0set of international accounting standards, which state how particular types of transactions and other events should be reported in financial statements.\tSome accountants consider methodology to be the primary difference between the two systems; GAAP is rules-based and IFRS is principles-based. | |
| 2134. |
What is discarded |
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| 2135. |
What is debit side? |
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| 2136. |
What is journal |
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Answer» Journal ia a book where transactions are recorded in first time called journal A journal is a book employed to classify or sort out transaction in a form convenient for their subsequent entry in the ledger |
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| 2137. |
how can i prepare a journal, ledger and trial balance perfectly |
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| 2138. |
What is transaction?? |
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| 2139. |
What is simpal way to understand accountancy |
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| 2140. |
What is accounting equation? |
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| 2141. |
Capital expenditure |
| Answer» The expenditure done or the liability incurred for the purchase of fixed assets,etc.these are non recurring in nature | |
| 2142. |
Can you please teach The all journal entries related to bank |
| Answer» | |
| 2143. |
What is the difference between cartage and carriage inwards accounts |
| Answer» Cartage and carriage both is the same thing carriage inwards means money given for bringing the goods mtlb saamaan laane ke lie jo paise die jaate h usse carriage inwards khete h | |
| 2144. |
What are acountace |
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| 2145. |
1/3rd of the above goods sold at a profit of 20percent on cost. Half the payment received in cash |
| Answer» If in accounting equation this is done such as 1/3 means 20000 of 60000 sold on 20 percent means 4000 profit means 24000 so 24000 written in cash and - 20000 written in goods and 4000 written in capital that\'s all in this equation | |
| 2146. |
Ram started business cash 54588 |
| Answer» Real account | |
| 2147. |
Is provision for depreciation can be an example of outstanding expense? |
| Answer» No.outstanding expenses are those which have been incurred and not paid.Therefore we can\'t give this example | |
| 2148. |
Trade discount |
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| 2149. |
Trade discoun |
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| 2150. |
How to do journal entries |
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