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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.
| 3951. |
In cash book received a cheque from naresh 1000 |
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Answer» It is posted on Dr side bank column of cash book. In dr side of cash book To naresh ND cash m 1000 |
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| 3952. |
Name the software which is developed for used in gerenal |
| Answer» Readymade software | |
| 3953. |
If we purchased machinery from machinery mart what will be it two effects if it is in adjustment |
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Answer» Assets and liability both are increase Assets and liabilities both are increases. |
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| 3954. |
Gross profit formula |
| Answer» Gross Profit = Net Sales - Cost of Goods Sold Cost of Goods Sold = Net Sales - Gross Profit OR = Opening Stock + Purchases + Direct Expenses - Closing Stock. | |
| 3955. |
Purchased goods from rohit=50000 |
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Answer» Purchase a/c dr 50000 To rohit 50000 Aniket A/c dr 50,000 To Rohit A/c 50,000 Purchase A/c dr 50,000 To Rohit A/c 50,000 |
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| 3956. |
Rectify the following..Purchase book is overcast by rupess 10000 |
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Answer» Suspense a/c dr 10000 To purchase a/c 10000 Suspense A/c dr ₹ 10,000 To purchases A/c ₹ 10,000 Suspense a/c Dr 10000 To purchase a/c 10000 |
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| 3957. |
How to make finiacial accounr |
| Answer» | |
| 3958. |
Diff bw trade discount and cash discount |
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| Answer» | BASIS FOR COMPARISON | TRADE DISCOUNT | CASH DISCOUNT | \t\t\tMeaningA discount given by the seller to the buyer as a deduction in the list price of the commodity is trade discount.A deduction in the amount of invoice allowed by the seller to the buyer in return for immediate payment is cash discount.PurposeTo facilitate a bulk sales.To facilitate a prompt payment.InvoiceIt is shown in invoice as a deduction itself.It is not shown in invoice.When allowed?At the time of purchase.At the time of payment.Allowed to all customersYesNoEntry in booksNoYesVary withTime period, when payment is made.Quantity of goods purchased or amount of purchases made.\t|
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| 3959. |
Not in revised syllabus?? |
| Answer» | |
| 3960. |
Whose exam is over |
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Answer» My exam is over My accountancy is over |
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| 3961. |
Sample paper including gst |
| Answer» | |
| 3962. |
Explain the reasons where tha balance show by the pass book |
| Answer» | |
| 3963. |
What is revenue recognition |
| Answer» The revenue recognition principle states that revenue should be recognized and recorded when it is realized or realizable and when it is earned. In other words, companies shouldn’t wait until revenue is actually collected to record it in their books. Revenue should be recorded when the business has earned the revenue. This is a key concept in the accrual basis of accounting because revenue can be recorded without actually being received. | |
| 3964. |
double entry system is based on dual aspect concept |
| Answer» Yes, double entry system is based on dual aspect concept as this concept stats that a transactiin must have two aspects- Dr. and Cr. side.. Double entry system is also tue same ... | |
| 3965. |
Pass the journal entry for goods from HP for cash Rs 10 lakh Peth cgst and sgst @ 6% |
| Answer» Purchase a/c dr 880000Input cgst a/c dr 60000Input sgst a/c dr 60000 To cash a/c 1000000 | |
| 3966. |
Please pass the journal entry bought goods from HP for cash rupees 10 lakh paid cgst and sgst @ 6% |
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Answer» Purchases a/c ....dr 10,00,000 Input SGST a/c .....dr 60,000 Input CGST a/c ....dr 60,000 To cash a/c. 11,20,000 Purchase a/c....dr. 988000Input cgst a/c...dr. 6000Input sgst a/c...dr. 6000 To cash a/c. 1000000 |
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| 3967. |
Gave as charity cash rs 2000and goods rs4000 |
| Answer» Charity a/c ...dr 6000. To cash a/c 2000 To purchases a/c 4000 | |
| 3968. |
Also make the ledger trial balance and final accounts of all these transactions |
| Answer» | |
| 3969. |
Pass journal entry purchase of transport vehicle for office use on 1st October 2018 |
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Answer» Srry vehicle a/c dr To cash a/c Drawing a/c dr To cash a/c Vehicle a/c dr To cash |
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| 3970. |
State any three IFRS based financial statements |
| Answer» | |
| 3971. |
What is the performa of trial balance? |
| Answer» particulars/L.F/DR.AMT/CR.AMT | |
| 3972. |
Journal entry for old furniture sold a |
| Answer» Cash a/c drTo furniture a/c | |
| 3973. |
benefits of ifrs |
| Answer» Benefits of IFRS:(i) Global comparison of financial statements of any companies is possible(ii) Financial statements prepared by using IFRS shall be better understood with financial statements prepared by the country specific accounting standards. So the investors can make better decision about their investments. (iii) Industry can raise or invest their funds by better understanding if financial statements are there with IFRS.(iv) Accountants and auditors are in a position to render their services in countries adopting IFRS.(v) By implementation of IFRS accountants and auditors can save the time and money.(vi) Firm using IFRS can have better planning and execution. It will help the management to execute their plans globally. | |
| 3974. |
Ts grewal 2018 edition ch 5 page no. 5.22 que.no. 29 |
| Answer» I have no book of this edition | |
| 3975. |
Calculate the gross profit Net sales 100000Gross profit 20%on cost |
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Answer» So , cogs = sale - gp Let cogs be X so , gp will be X × 20÷100 Gp =sales - cogs |
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| 3976. |
Gain on sale of building, how it shown in profit & loss a/c. |
| Answer» By profit with the gained amount on the debit side | |
| 3977. |
Name two current liablities |
| Answer» Shor term loan, outstanding salaries, outstanding insurance premium, etc. | |
| 3978. |
How treat interest on capital in accounting equation |
| Answer» It is added in capital and also deducted from the capital means no effect on accounting equation | |
| 3979. |
How treat interest on capital on accounting equation |
| Answer» | |
| 3980. |
What is finicial statement |
| Answer» Financial statements serves as a means of communicating information about the profitability (income statement) and the financial position (Balance Sheet) of the business in a concise and understandable manner at the end of accounting period. | |
| 3981. |
What is unearned incomes? |
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Answer» Unearned income means income received which is not earned.. That means you had received income for which work have to be done and thereby it creates the liability. You can also say advance received..In balance sheet you have to show it in liability side as it creates the liability. Income received before a good is sold or a service is provided. Unearned income is classified as a current liability on the balance sheet until it is recognized as earned income during the accounting cycle. |
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| 3982. |
What is earned incomes? |
| Answer» This income means when we had performed the task but the fees/ amount is still not received so for that person it is earned income.For ex. Mr A teacher taught a child for 1 month & he dididi received the fees yet then the amount for Mr A is earned income.. | |
| 3983. |
Name the branch of commerce, which keeps a record of monetory transaction in a set of books |
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Answer» Yes the ans is book keepjng Book Keeping.. |
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| 3984. |
Two limitation of computerised accounting system |
| Answer» (1) High Cost of Training: Besides the high cost of computer system, huge money is required to get the trained specialised staff to ensure efficient and effective use of computerised systems.(2) Danger of System Failure: The danger of system crashing due to hardware failure and the subsequent loss of word is a serious limitation of this system.(3) Staff Opposition: Whenever the Accounting System is computerised, there is a significant degree of resistance from the existing staff because of the fear that they shall be less important to the organisation.(4) Disruption: The accounting process suffer a significant loss of work and time when an organisation switches over to this system. This is due to the changes in the working environment that requires accounting staff to adapt to new system and procedures. | |
| 3985. |
What are days of grace? |
| Answer» These are the three extra days given after the due date of a bill..and it is custom to add these days | |
| 3986. |
Chapter of first term paper |
| Answer» | |
| 3987. |
Prepare trial balance Dr, Cr-1. Capital 2. Machinery3. Sales4. Debtors 5. Purchase6. Salary7. Stock |
| Answer» | |
| 3988. |
difference between trade discount and cash discount |
| Answer» \t\t\tA discount given by the seller to the buyer as a deduction in the list price of the commodity is trade discount.A deduction in the amount of invoice allowed by the seller to the buyer in return for immediate payment is cash discount.To facilitate a bulk sales.To facilitate a prompt payment.It is shown in invoice as a deduction itself.It is not shown in invoice.It allowed at the time of purchase.It allowed at\xa0the time of payment.Allowed to all customersIts not allowed to all customers\t | |
| 3989. |
Basic accounting principal including books of account |
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| 3990. |
5.1 |
| Answer» | |
| 3991. |
What is debit note...? |
| Answer» Debit Note : This is referred to a note that is issued by the business to the other concerned parties. It represents the details and reasons for debiting the concerned party\'s account.Example: Goods worth Rs 2,000 returned by the business to Mr. Ramesh (a supplier).In this case, Ramesh\'s Account will be debited with Rs 2,000 as the goods purchased from him were returned to him. A issue of Debit Note in this case explains that Ramesh A/c has been debited with Rs 2,000 with explanation, i.e. due to the goods returned by the business. | |
| 3992. |
Double enrty system |
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Answer» Double entry system:In is system,one transaction is entered two times ...once in the credit side and secondly in the debit side - It contaims dr and cr colomns .- It is the most used books of accounts - If one side is credited so other will be debited . |
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| 3993. |
Wha d yo mean by double entry system.. |
| Answer» The double entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits. | |
| 3994. |
Numericals of ch =4 solved |
| Answer» | |
| 3995. |
which accounting principle is ignored under single entry and followed under double entry system |
| Answer» | |
| 3996. |
Entry for application amount received |
| Answer» | |
| 3997. |
How to make Accounting equation |
| Answer» Assets =liability+capitals | |
| 3998. |
What is1- Nominal 2- Real accounting |
| Answer» | |
| 3999. |
What is Golden Rule Of Accounting |
| Answer» Recording financial transactions in books of account and drawing information from them | |
| 4000. |
Which site is good and easy ? Is taking maths in commerce stream beneficial ?explain it. |
| Answer» | |