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This section includes 7 InterviewSolutions, each offering curated multiple-choice questions to sharpen your Current Affairs knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
For cash to atе A business man seals goodsthe best priceR oo oootrade discount and st Cashdiscount Takalatenet amountto de receved3 |
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Answer» ong>ANSWER: .... Explanation: i don't understand your QUESTION |
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| 2. |
Seny au hotseasEest to the liste of B So, oor lat 82% rade2discountsh Cash discout Calceley. the netAmount to le3 heeran |
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Answer» ong>Answer: ....... |
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| 3. |
The principal of Conservatism takes into account |
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Answer» ong>Answer: In accounting, the convention of conservatism, also known as the doctrine of PRUDENCE, is a POLICY of ANTICIPATING possible future losses but not future gains. This policy tends to understate rather than overstate net assets and net INCOME, and therefore lead companies to "play SAFE". |
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| 4. |
.after the accounts of the partnership have been drawn off and the books closed of it is discovered that interest on capital at the rate of 8% per annum.as provided in the partnership agreement has been omitted to be recorded.their capital accounts at the beginning of year stood as follows a rupees 800000 be rupees 400003 rupees 300000. Dear path profit sharing ratio war 2: 1:1 abhi thodi der mein it is decided to pass entry at the beginning of the next year you are required to get the necessary journal entry |
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Answer» ONG>ANSWER: fficguf7ydiodsu7rvycjyefj |
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| 5. |
Discuss various users of accounting Information. |
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Answer» ong>Answer: EXAMPLES of internal USERS are owners, managers, and employees. External users are people outside the business entity (organization) who use accounting information. Examples of external users are suppliers, BANKS, CUSTOMERS, investors, potential investors, and tax authorities. I hope this answer is HELP you |
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| 6. |
Governments securities is written in schedule no |
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Answer» ong>ANSWER: sorry but I don't KNOW the answer but please mark me BRAINLIEST because I have not got a singlle brainliest mark till now so I REQUEST you please mark me brainliest. |
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| 7. |
Bank balance of ₹ 40,000 showed by the cash book of atul on december 31 , 2013 . lt was lound that three checques of ₹ 2000 , ₹5000 , and ₹ 8000 deposited during the month of december were not credited in the passbook till january 2 , 2014. Two checques of ₹ 7000 and ₹ 8000 issued on December 28 where not presented for payment till january 3 , 2014. In addition two it bank had credited ₹325 as intrest and had debited him with ₹ 50 as bank charges for which there were no correspondin entries in the cash book. Prepare a book reconcilation statement as on december 31 , 2013 ? |
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Answer» ONG>ANSWER: oyfohrhirirgrohfohfihfhkkhdkhfkdhdkhkhdjfjfjdkhfkdkkkydjdyykdfkkhffkhfkhfkhdhkdkhkydjydkyydjykdfkkyfkufkufkufkuuffukfkufukkyf |
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| 8. |
( Journalise the following transactions with narration, post them into the respectiveledger accounts and balance the accounts at the end of the month.DateParticulars2019, March1 Commenced business with cash 1,00,0003 Sold to S. Sen, goods worth 50,000 on credit6 Withdrew from bank for office use 5,000Purchased from Ketan & Sons goods of the list price of 20,000 at 10%8 trade discount. Paid the amount by cheque.10 Received full payment from S. Sen by cheque, discount allowed 2%13 Received commission in cash 700 |
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Answer» ong>ANSWER: I KNOW this type questions Explanation: but this question is very CONFUSING |
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| 9. |
Is amount owned to owner called capital? |
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Answer» ong>Answer: Amount invested by the owner in the firm is known as capital. It may be BROUGHT in the form of cash or assets by the owner for the business ENTITY capital as an obligation and a claim on the assets of business. It is, therefore, shown as capital on the liabilities SIDE of the balance sheet. |
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| 10. |
Which of the following is not and restricted funds? general funds price funds annuity fundsassets funds |
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Answer» ong>ANSWER: A restricted fund is a reserve account that contains money that can only be USED for specific purposes. Restricted FUNDS provide reassurance to donors that their CONTRIBUTIONS are used in a manner they have chosen. |
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| 12. |
FINANCIAL STATEMENTS-NATURE AND PREPARATION 2,8504,65012,0007,400RentSalariesSundry DebtorsSundry CreditorsLoan from Dena Bank Ltd.(at 12%)Interest PaidPrinting and StationeryAdvertisementGeneral ExpensesAudit FeesFire Insurance PremiumTravelling ExpensesPostage and TelegramsCash on HandDeposits at 10% as on1-4-2019 (Dr.)Drawings1,9603503001,16543519010,0004501,7005,60015,0005,000Adjustments :(1) Value of stock as on 31st March, 2020 is 39,300. This includes goods returned bycustomers on 31st March, 2020 to the value of * 1,500 for which no entry has beenpassed in the books.12) Purchases include furniture purchased on 1st January, 2020 for 3 1,000.3 month dep(3) Depreciation should be provided on furniture at 10% per annum.(4) The loan account from Dena Bank in the books of Ganguli appears as follows:₹ |
| Answer» ONG>ANSWER: | |
| 13. |
Y ALL R ASKING ANSWERS FOR THERE EXAMS ? IF ANY ONE KNOW PLEASE ANSWER ME.AND PLEASE FOLLOW ME PLEASE |
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Answer» ONG>ANSWER: where is your QUESTION what we will answer |
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| 15. |
6.38 Corporate Account(B) Other ExercisesProfits Psales form 1-7-94 to 31-12-94 amounted to Rs. 3,30,000.The expenses debited to Profit and Loss account included:3. FrorRs.(a(b15,0001,800(c(a) Directors' fees(b) Bad DebtsAdvertisement (Rs.500 per month)6,000(d) Salaries and General Expenses(e) Preliminary expenses written offThe gross profit was (1-1-94 to 31-12-94)2,40,000Ascertain the profit prior to incorporationB.A. Corp. Madras - September.32,0003,0001. Raja Ltd., was incorporated on 1-7-94, which took over a running conceneffect from 1-1-94. The sales for the period upto 1-7-94 was Rs. 2,70,000 a |
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Answer» ONG>ANSWER: hhfhhkkj jxjdjdjjchxhxbxbxbbchdj kskskz |
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| 16. |
Explain the difference between industry and production |
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Answer» ong>Answer: The difference between Industry and MANUFACTURING. When USED as nouns, industry means the TENDENCY to work persistently. DILIGENCE, whereas manufacturing means the transformation of RAW materials into finished products, usually on a large scale. Manufacturing is also adjective with the meaning: used in manufacturing. |
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| 17. |
On amalgamation, realisation account is opened * |
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Answer» ong>Answer: In case of amalgamation the TRANSFEROR company has to wind up its business and hence it will dispose off its assets, PAY its liabilities and distribute the surplus if any AMONG its shareholders. It is done through opening a new account known as REALISATION Account. |
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| 18. |
Explain the five objectives of accounting . |
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Answer» ong>Answer: Hope it helps Explanation: Objectives of accounting in any BUSINESS are; systematically record transactions, sort and analyzing them, PREPARE financial statements, assessing the financial position, and aid in decision MAKING with financial data and information about the business. |
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| 19. |
Journalise the following transactions: (5)a. Purchased goods from Kiran of 40,000 plus IGST @18% @ 5% trade discount and 2.5% cashdiscount. Paid the amount at the time of purchase itself.b. Sold goods to Rajesh for 320,000 plus CGST and 5GST @5% each, allowed him 5% trade discountand 3% cash discount. Received half of the amount of cash and balance half by cheque immediatelyC. Sold goods costing 350,000 to Ajay against a current dated cheque at a profit of 25% on cost less10% trade discount plus IGST @ 18%. Cash discount is allowed @ 2.5%.d. Purchases for the month were: cash purchase 35,00,000 (intra-state) and credit purchases(interstate) * 45,00,000. IGST @12%, CGST and SGST @ 6% each.e. Life insurance premium 6500. Half Amount paid by cheque. |
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Answer» ONG>Answer: OH know Explanation: ....I don't UNDERSTAND your question |
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| 21. |
31 Explain the following principles a) Utmost Good Faithb) Proximate CauseC) Subrogationd) Contributione) Mitigation of LossLong answer type questions |
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Answer» ong>Answer: Utmost Good Faith-The principle of utmost good faith, uberrimae fidei, states that the insurer and the insured must DISCLOSE all material facts before the policy inception. 2. Facts which may enhance the level of risk are called material facts. ... This principle applies to both life insurance and general insurance policies. Proximate Cause-The Principle of Proximate Cause The Principle of Proximate CauseThe loss of insured property can be caused by more than one incident even in succession to each other. Property may be insured against some but not all causes of loss. ... If the proximate cause is one in which the property is insured against, then the insurer must pay compensation. Subrogation-the Subrogation Principle in Insurance MEANS; when insurer (insurance company) pays full compensation for any insured loss (of insured property), the insurer (insurance company) HOLDS the legal right (claim) of the insured property. Contribution-This is the principle of contribution. Each policy you have on the same SUBJECT matter pays their proportion of the loss incurred by the policyholder. It's an extension of the principle of indemnity that allows proportional responsibility for all insurance coverage on the same subject matter. Mitigation of Loss-Mitigation means keeping your losses after an accident or injury to a minimum. Reasonableness is the guiding principle. When you claim compensation after an accident you have a duty to mitigate, or keep your losses to a reasonable minimum. Your response to the problems created by the accident must be reasonable. hope it is helpful mark me as brainlist |
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| 23. |
भजन एप्स बैलेंस इन पेटी कैश बुक एस |
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Answer» ong>Answer: brainlist AP ban HONE wala hai Isiliye MARK me as brainlist and also give THANKS
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| 24. |
6. Pass journal entries for the following transactions 2020Sep. 1 Ankit started business withCash Rs 10,00.000Machinery Rs. 5,00.000Bank balance Rs. 1,00,000Loan from Sund Rs 2,50,000.Sep 5 Purchased goods worth Rs. 300,000 from Rakesh at 10%Trade discount and 5 cash discountSep 15 Sold old machinery costing Rs. 30,000 for Rs. 25,000. Sellinguzpenses Rs 200Sep 20 Unpaid rent Rs 40.000Sep. 24 Goods lost by fire Rs. 19,000 and insurance companyadmitted daim Rs 16,000Sep 28 Goods withdrawn for personal use Rs 1,800Sep 29 Cash deposited into bank Rs 3,000Sep. 30 Pald salaries Rs. 11,000 on behalf of Vijay |
| Answer» ONG>ANSWER: | |
| 25. |
Journalise the following. (i) Goods worth Rs. 500 given as charity.(ii) Received Rs. 975 from Hari Krishna in full settlement of his account of Rs. 1000.(iii) Charge depreciation on plant Rs. 1000.(iv) Received a first and final dividend of 60 paise in a rupee from the official receiver of Rajan, who owed us Rs. 1000.(v) Salaries due to clerk Rs. 10000.(vi) Received cash for a bad debts written off last year Rs. 5000. |
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Answer» ong>Answer: (i) Goods worth Rs. 500 given as CHARITY. (ii) Received Rs. 975 from Hari Krishna in full settlement of his account of Rs. 1000. (iii) Charge depreciation on plant Rs. 1000. (iv) Received a first and final DIVIDEND of 60 PAISE in a rupee from the official receiver of RAJAN, who owed us Rs. 1000. (v) Salaries due to clerk Rs. 10000. (vi) Received cash for a bad debts written off last year Rs. 5000. |
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| 26. |
a and b c are profit sharing ratio of 5:4:1 she is given guarantee that his share of profit in any year will not be less than rupees 20000. the profit for the year ending 31st March 2016 amount to be 14000 amout of shortfall profit given to sea will be born by a and b in the ratio of 3:2: pass jouranal entry regarding dificency born by a and n |
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Answer» ong>Answer: YES I will be ABLE and will call me call when you are the best Explanation: |
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| 27. |
Prepare a Double Column Cash Book with Cash and Bank Columns from the following information.2017 Rs.Sept. 1 Cash in hand 7500Bank Overdraft 35000Sept. 2 Paid Wages 2000Sept. 5 Cash sales of Rs. 70000 plus CGST and SGST @ 6% each.Sept. 10 Cash deposited into Bank 40000Sept. 15 Goods purchased for Rs. 20000Plus IGST @ 12% and paid by cheque.Sept. 20 Paid Rent 5000Sept. 25 Drew from Bank for personal use 4000Sept. 30 Salary Paid 10000 |
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Answer» > I HOPE this ANSWER is HELPFUL for you.
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| 28. |
Shout answayquestionsWhat is the utility of accounting to the government |
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Answer» ong>Answer: information GENERATED by accounting Explanation: Central and state governments make VARIOUS taxes Therefore, taxation officials MUST know the company's income to CALCULATE the amount of the company tax. The information generated by accounting helps them in such calculations and also helps in FINDING any attempt to tax evasion. |
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| 29. |
Briefly explain cash basis and accural basis of accounting |
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Answer» ONG>Answer: Explanation: The difference between CASH and accrual ACCOUNTING lies in the TIMING of when sales and purchases are recorded in your accounts. Cash accounting recognizes revenue and expenses only when money changes HANDS, but accrual accounting recognizes revenue when it's earned, and expenses when they're billed (but not paid). |
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| 30. |
Ramniwas, a book-keeper, taking out a trial balance as on 31st March 2005, found that its debit and credit columns did not agree. He proceeded to check the entries and discovered the following errors: A credit sale of Rs. 1,000 to Ajay had been correctly entered in the Sales Book but Ajay’s Account had been debited with Rs. 100 only. The total of the Bills Payable Book Rs. 5,000 had been posted to the credit of Bills Receivable Account. Rs. 2,500 paid to Ram had been wrongly posted to Shyam. Rs. 100 owing by a customer had been omitted from the list of debtors. The discount column of the Cash Book representing discount allowed to customer has been over-added by Rs. 10. Goods worth Rs. 100 taken by the proprietor omitted to be recorded in the books. Depreciation on furniture Rs. 100, had not been posted to Depreciation Account. The total of Sales Book had been added Rs. 1,000 short. Which of the above errors caused the totals of the Trial Balance to disagree and by how much did the totals differ? |
| Answer» ONG>Explanation: | |
| 31. |
When was national science day celebrated? |
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Answer» ONG>EXPLANATION: FEBRUARY 28 ALWAYS KEEP SMILE |
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| 32. |
Enter the transaction into triple column cash book 2020 |
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Answer» ONG>Answer: PLEASE give transactions |
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| 33. |
Journal entry for commission due but not paid 900 |
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Answer» ONG>ANSWER: what we have to do here I don't UNDERSTAND. |
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| 34. |
Rajveer become insolvent he paid 10000 in full settlement out of 15000 |
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Answer» ac DR 10000 to Rajveer. 15000 |
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| 35. |
Journalise this transaction:* Started buisness with cash 20000 and plant 50,000 |
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Answer» ong>ANSWER: REFER the pic hope this HELPS u |
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| 36. |
which of the following is a nominal account:- a.interest account, outstanding interest account, c.accrued interest account, d.prepaired interest account. |
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Answer» ong>Explanation: interest ACCOUNT is nominal Account as EITHER it is expenses for giver or income for receiver |
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| 37. |
Enter the following transaction in the journal of bihar industrial corportion 2018 oct.1 commenced business with cash. rs.50000with machinery rs.15000 with stock rs.5000oct.2 received loan from allahabad bank rs.25000oct.5 bought goods to m/s saha and sons rs.3000oct.8 returned goods from m/s saha and sons 500oct.10 sold goods to m/s bihar trading rs.5000 |
| Answer» SE FOLLOW me and BRAIN LIST ANSWER to | |
| 38. |
In the event of death the combined share of the countinuing partners will decrease.state true or false with reason |
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Answer» ong>Answer: FALSE , the SHARES of remaining partner will INCREASE because the deceased partners share will be shared among the remaining partner in their gaining RATIO . |
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| 39. |
24. Give the meaning of drawings. answer.A drawing account is an accountingrecord 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. |
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Answer» ong>Answer: Since DRAWINGS are used by the BUSINESSMAN for personal PURPOSES it is a personal account Explanation: Drawings refers to the act of withdrawing cash or assets from the company by the owner(s) for personal use |
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| 40. |
State any two examples of external users of accounting information |
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Answer» ong>Answer: External users are PEOPLE outside the BUSINESS entity (organization) who USE accounting INFORMATION. Examples of external users are suppliers, banks, customers, investors, potential investors, and tax authorities. |
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| 41. |
As per AS 15 salary wages allowance bonus are all benefits payable to employees is |
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Answer» ong>Answer: As per AS - 15, SALARY, wages ALLOWANCE BONUS are all benefits payable to EMPLOYEES is within the SERVICE. |
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| 42. |
Good purches on cash from ajay of ₹ 3000 |
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Answer» ONG>ANSWER: this question is about account Explanation: and I am science student ..... So SEY |
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| 43. |
साझेदारी फर्म में कोई नया साझेदार |
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Answer» जब किसी पर फर्म को अतिरिक्त भुजिया प्रबंध की सहायता की आवश्यकता पड़ती है तो एक नए समझदार को प्रवेश दिया जा सकता है , समझदारी अधिनियम 1932 के प्रावधानों के अनुसार किसी व्यक्ति को साझेदारी फर्म में सभी वर्धा वर्तमान समाज दारो की प्रकृति पर ही प्रवेश मिल सकता है जब तक कि इससे विपरीत कोई समझौता नहीं हुआ हो |
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| 44. |
Explain the 3 accounting concepts |
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Answer» ong>ANSWER: Business ENTITY, Money Measurement, Going CONCERN, Accounting Period, Cost Concept, DUALITY Aspect concept, REALISATION Concept, Accrual Concept and Matching Concept. |
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| 45. |
The principal of conservatism takes into account _ |
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Answer» ong>ANSWER: accounting accounting, the convention of conservatism, also known as the doctrine of prudence, is a policy of anticipating possible future losses but not future gains. This policy tends to understate rather than overstate NET assets and net income, and THEREFORE LEAD companies to "play safe |
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| 46. |
साझेदारी फर्म में कोई नया साझेदार का प्रवेश कर सकता है इसके क्या प्रभाव होते हैं |
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Answer» ong>Answer: When a new partner is admitted into the firm, the structure of the firm UNDERGOES RECONSTRUCTION and a new agreement is MADE with him for carrying on the firm's business. Upon admission, a new partner ACQUIRES the following rights: Right to SHARE the assets of the partnership firm; and. Explanation: |
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| 47. |
18. You want to buy a house after 5 years when it is expected to cost Rs. 30 lacs. How much should you save annually. If your savingsearn a compound return of 12% ? (Ans. : Rs. 3,14,819]9. If you deposited Rs. 55,650 in a bank, which was paying a 15% |
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Answer» ONG>ANSWER: THANK YOU FOR FREE POINTS |
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| 48. |
Sales Rs. 8,00,000, Closing Stock Rs. 2,00,000, Purchases Rs.3,50,000 wages Rs.75,000, OpeningStock Rs. 1,50,000, Royalty Rs.20,000. What isamount of Gross Profit? |
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Answer» ong>Answer: njjghjbjkejxhdbdhjdx djsjvdhsjdnkmknknknklnkjbhhsg do is ask of di of di of TK EK Raju ufxiggiccygciciyciyiyciyycyooyvvvovoyooyyyoyyokhckhvhkvhkv en uv fb iv yn UC yn uc tnvhdjbdbdbdnn |
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| 50. |
On 1st April 2020, Cash balance (Overdraft) in Bank ₹ 2550/. On 5th April 2020 a Cheque of ₹ 5550/ deposited int bank. Bank Balance on 30th April 2020, will be……… |
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Answer» ong>Answer: OVERDRAFT as per the cash BOOK means that the amount is overdrawn. A CHEQUE of Rs 500 is deposited into the bank but not recorded in the cash book means that the balance of cash book shows a higher overdraft balance because if the entry of Rs 500 was made then the overdraft balance will get REDUCED by Rs 500 |
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