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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.
| 2301. |
Pass a journal entry for business started with cash 50000 and furniture 50000 |
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Answer» Cash a/c Dr. 50000Furniture a/c Dr. 50000To Capital a/c 100000 Cash a/c DrFurniture a/c Dr To capital a/c |
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| 2302. |
Jhyh |
| Answer» | |
| 2303. |
How make trail balance |
| Answer» | |
| 2304. |
25transection journal ledger trial balanavc |
| Answer» | |
| 2305. |
Why Dr and CT is also known as asset and liability |
| Answer» | |
| 2306. |
Accounting voucher |
| Answer» | |
| 2307. |
What is imprest cash book |
| Answer» | |
| 2308. |
Definition of opening entry |
| Answer» | |
| 2309. |
Define book keeping |
| Answer» Book keeping is the art of recording business transaction in a systematic manner(acting according to a system). | |
| 2310. |
What is debit note |
| Answer» | |
| 2311. |
Human assets have no place in accounting records is based on which concept |
| Answer» | |
| 2312. |
What all transactions should be added and less in the BRS |
| Answer» Pass book increase हो गी तो Add. Pass book decrease हो गी तो Less. | |
| 2313. |
What is principal of conservatism |
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| 2314. |
According to which consenp closing stock is valued at |
| Answer» | |
| 2315. |
Journal entry of withdrawn cash for office use |
| Answer» Cash a/c Dr To Bank a/c | |
| 2316. |
Why a cashbook always shows debit balance |
| Answer» | |
| 2317. |
The book in which all accounts are maintained is known as |
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Answer» Income tax act is very specific when it comes to maintenance of books of accounts for professionals and non professionals. In this article we will discuss provisions of income tax act 1961 related to requirement of books of accounts to be maintained by a professional for income tax purpose.Section 44AA of income tax act 1961 specifies that every person carrying on following professions are required to maintain such books of accounts and other documents as may enable the assessing officer of income tax department to compute total income.In certain cases, CBDT has compulsorily specified to maintain books of accounts as per rule 6F of income tax rule. Let us discuss these provisions.Professions as specified in section 44AA;LegalMedialEngineeringArchitecturalTechnical consultancyInterior decorationFilm ArtistAuthorized representativeCompany SecretaryInformation technologyThese professionals are specifically required to maintain books of accounts as required in Section 44AA for income tax purpose. Section 44AA also talks about the timing of requirements to maintain books of accounts.Profession for section 44AA has been divided into Specified professions and non Specified professions. Specified professions are those who are coming under the list that we have listed above i.e. legal or medical or engineering etc.If your profession is not within the above list then that will be treated as non specified profession. Please remember CBDT can from time to time edit Ledger |
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| 2318. |
Accountancy |
| Answer» Accountancy is concerned with the recording, classifying and summarising of financial transactions and events and interpreting the results thereof and communicating the results to interested users of accounting. | |
| 2319. |
What is posting? |
| Answer» The process of transferring journal entry to individual accounts is called posting. | |
| 2320. |
Why capital is written in liability side |
| Answer» We do accounting from view point of the business, capital gives by the owner is sort of loan given by the owner to the business therefore, its a liability of the business. Hence, we show capital at liability side.\xa0 | |
| 2321. |
What is tally? |
| Answer» Tally is one of the most popular\xa0accounting software in India provided by Tally Solutions. It helps in preparing and maintaining accounts of an entity in electronic form.\xa0 | |
| 2322. |
What is the difference between expense and expenditure? |
| Answer» \tParameters of ComparisonExpenseExpenditureMeaningIt is used when referring to past purchases, and also when talking about a single item purchased.It is used when referring to a whole list of purchases or any form of disbursement.Meaning (in terms of corporations)Expenses are the strategic purchases made by companies to increase their revenue.Expenditures are the final amounts on bills incurred due to the purchase of an asset by the corporation.Frequency of occurrenceExpenses are seen to occur many times over a given period (such as a fiscal year of an organization).Expenditures are final amounts, so they occur in lesser frequency over a specific period of a company.ReasonCorporations make expenses so that they can make ordinary day to day purchases for the company.Corporations make expenditures for significant assets and things concerning revenue.ExamplesExpenses for an organization include employee salaries and healthcare benefits. For citizens, it includes rent and food purchases.For corporations – capital investments and investment of shares. For citizens, it includes mortgages and property investments.Time frameWhen looking at financial accounts, expenses are always compiled for a small term due to the higher number of times they occur.In financial accounts, expenditures are compiled for a longer-term due to the lower number of occurrences.\t | |
| 2323. |
What are vouchers |
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Answer» They are the documentary evidence for the transactions which had happened in real Vouchers are transactions evidence |
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| 2324. |
Sir mujay trial balance mai canfusion hai |
| Answer» क्या confusion हैं? | |
| 2325. |
Martility |
| Answer» | |
| 2326. |
Is the 11th marks are important or not |
| Answer» Not important | |
| 2327. |
What is objective of accounting |
| Answer» | |
| 2328. |
What is propriwter ship |
| Answer» Proprietorship refers to the business which is controlled by an individual or one person.He is the only one owner of his business.All responsibilities lies to him only and he has to bear all the losses individually.He has to control the whole show therefore he needs big capital. Thnku.. !Hope this will help u..!❤ | |
| 2329. |
Proprietership |
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Answer» Proprietorship means the whole business activities are done by the single person Proprietorship refers to the which is controlled by an individual or one person.He is the only one owner of his business.All responsibilities lies to him only and he has to bear all the losses individually.He has to control the whole show therefore he needs big capital. Thnku.. !Hope this will help u..!❤ |
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| 2330. |
What is a capital |
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Answer» Capital is the amount invested by owner(Proprietor) in the business.it may be form of money and assets Capital is one of the assets of a business that can be used to generate income for the business. Capital includes all goods that are made or created by humans and used for producing goods or services.Capital is one of the basic factors of production along with land and labor. |
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| 2331. |
Full Form of NACAS |
| Answer» National Advisory Committee on\xa0Accounting\xa0Standards (NACAS) is a body set up under section 210A of the Companies Act, 1956 by the Government of India. | |
| 2332. |
name any two source of documents |
| Answer» Cash memo 2pay in slip | |
| 2333. |
name any tow source documents |
| Answer» Invoices and Receipts | |
| 2334. |
Identify the value being ignored in window dressing |
| Answer» The values being ignored by window dressing in accounting are as follows:1-Ethical Values. 2-Honesty | |
| 2335. |
Explain relevance as qualitative information |
| Answer» | |
| 2336. |
Format of brs |
| Answer» | Particular. | plus item | minus item. || | | | | |
| 2337. |
What is gand |
| Answer» Kuch nhi | |
| 2338. |
Journal practical questions of trade discount and cash discount |
| Answer» Trade discount can not be shown in journal but cash discount can be shown in journal | |
| 2339. |
charged depriciation on building @5% for one mounth |
| Answer» Depreciation a/c To building a/c | |
| 2340. |
Credit sales |
| Answer» Bank to sales | |
| 2341. |
Define capital |
| Answer» It refers to sum invested by the proprietor in a business it may be in cash or asset | |
| 2342. |
What is accounting cycle |
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| 2343. |
why we record when o |
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| 2344. |
Rajput limited purchase machine |
| Answer» | |
| 2345. |
What is meant by accomulated depreciation |
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| 2346. |
What is liability |
| Answer» | |
| 2347. |
Meaning of gaap |
| Answer» | |
| 2348. |
Rules in rectification of errors |
| Answer» | |
| 2349. |
What is nature of profit and loss account ? asset liability or what? |
| Answer» Profit and loss is our expenses and it is detected from capital And all the loss are debitAnd profit cedited | |
| 2350. |
Advantage of accounts |
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Answer» For making decisions related to business For checking financial status of business It helpful to know total worth of business |
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