Saved Bookmarks
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. |
HEY FRIENDZ... WHAT'S UP!!GOOD MORNING.. HAVE A ENJOYABLE SUNDAY..HERE'S A QUESTION FOR YOU.!!! PLEASE HELP ME WITH..Q WHAT DO YOU MEAN BY STOCK - BROKER?? |
|
Answer» Answer: A STOCK BROKER IS AN OCCUPATION PLEASE FOLLOW ME ❤❤❤❤❤ |
|
| 2. |
Luco Pacioli, who gave origin to modern accounting got published his book on principles of double entry system in? |
|
Answer» Answer: In 1494, the first book on double-entry ACCOUNTING was PUBLISHED by Luca Pacioli |
|
| 3. |
Students collect various source documents .(eg. Cash memos, bills, recielts etc.) |
|
Answer» hii Explanation: |
|
| 4. |
Find out the names of any five companies registered on a stock exchange. |
|
Answer» ASIAN paints Apollo tyres Emami IIFL wealth Jet airways Here these are all INDIAN countries |
|
| 5. |
during the financial year 2016-17 mohan had cash sale of 90000 and credit sales of 60000 his expenses for the year were 70000 out of which 30000 is still to be paid find out net income 2016-17 according to accrual basis of accounting |
|
Answer» Answer: 80000 Explanation: ACCORDING to ACCRUAL basis of accounting we have ADD all the income either it is cash basis or credit basis and LESS total expense which is actually occurred |
|
| 6. |
Briefly describe the purpose of depreciation audit |
|
Answer» Explanation: The purpose of DEPRECIATION is to match the cost of a productive asset (that has a USEFUL LIFE of more than a year) to the REVENUES earned from using the asset. ... Depreciationsystematically allocates or moves the asset's cost from the balance sheet to expense on the INCOME statement over the asset's useful life. |
|
| 8. |
Sc:X523)tio of 532 respoNU2019. Required. Prepare necessary ator's Alc< 12,000, Capital Ale..Ans, Capital Balance of Y trans, to Y's Execuon Account and Deceased Partner's Capital Account21. A, B and were partners in a firm sharing profits anddied on 28th Feb, 2018. The Balance sheOh Feb, 2018. The Balance Sheet on that date was of followeAmountLiabilitiesAssetsCapital A/cs:24,00032,00024,000Workmen's Compensation ReserveCreditorsGoodwillMachineryFurniture80,000 Stock24,000 Debtors44,000 Cash1,48,000red value of 1,20,00The firm had a Joint Life Policy in the names of the partners, for insured valuepremium paid on the policy was debited to Profit and Loss Account.The assets and liabilities were revalued as follows:(1) Machinery 90,000 and furniture 14,000.(ii) A provision of 10% was created for doubtful debts.(iii) A provision of 30,000 was made for taxation.(iv) The goodwill of the firm was valued at 30,000.(v) Death claim for policy was realised in full.Prepare (1) Revaluation Account and (2) Partner's Capital Accounts.Ans. Revaluation A/c Loss 11,000, A's Executor's Alc(trans.) * 99,500, B's Capita(Cr.) 59,500, C's Capital A/c Balance (Cr.) 3 42,200.)ing profits and losses in the ratio 5:3: |
|
Answer» Answer: The role of ACCOUNTING has now SHIFTED from that of a mere recording of business transactions to that of providing INFORMATION to managers and other various interested PARTIES in order to help them in MAKING appropriate decisions. |
|
| 9. |
Purchased goods for cash and paid by cheque |
|
Answer» Answer: Goods TEND to be purchased by cash as it is easier to PAY by cash rather than a cheque or CREDIT card but it can be PAID by cheque if the buyer prefers to pay by cheque. Explanation: |
|
| 10. |
Introduction of comparative statement and common size statement |
|
Answer» A Comparative STATEMENT is a financial statement that shows the financial position at different PERIODS of time. The data is shown in a comparative form in order to give the financial position at 2 or more periods. A comparative statement shows absolute figures and its changes, absolute data in terms of percentage and its changes. Balance sheet and income statement are used to express comparative statements. It is used mainly to compare and understand the increase or decrease in sales, or in the cost of the GOODS that are sold, gross profit, net profit, ETC. |
|
| 11. |
Acknowledgement of comparative statement and common size statement |
Answer» Income statement items are stated as a PERCENT of net sales and BALANCE sheet items are stated as a percent of total ASSETS (or total liabilities and shareholders' equity). Common-size ANALYSIS allows for the EVALUATION of information from one period to the next within a company and between competing companies. |
|
| 12. |
Solve this plzzzz................. |
|
Answer» ★ CHECK this ATTACHMENT.... |
|
| 13. |
Treatment of rayalty in final accounts?? |
|
Answer» A royalty agreement is PREPARED between the owner and the user of such property or rights. If PAYMENT is made to PURCHASE the right or property that will be treated as capital expenditure instead of a Royalty. |
|
| 14. |
Advertising expenses for launching a new product of the company is.A. Revenue expenditure B. Capital expenditure C. Deferred revenue expenditure D. Deferred capital expenditure |
|
Answer» a. revenue expenditure-advertisement SUSPENSE are SHOWN in this expenditure ACCOUNT and advertisement suspense was shown in deferred revenue expenditure account |
|
| 15. |
Which of the following is not a paper transaction.A. Charge of deprrciationB. Discount received C. Bad debts written off D. Cash stolen from office |
|
Answer» D Explanation: unless it is DETECTED and it is recorded in BOOKS it is not a PAPER transaction |
|
| 16. |
Why tournament fee comes in receipt side of receipt and payment a/c |
|
Answer» Answer: 1.It is a summary of the CASH book. 2.We record all the cash receipts during the whole year on its DEBIT side. Whereas, we write all the cash payments for the whole year on its credit side. 3.We include both receipts and payments in cash whether they are of capital and revenue nature. 4.We record only cash transactions in receipt and payment account. 5.It generally shows a debit balance. In the CASE of overdraft balance, its net balance may be credit. 6.Its closing balance shows closing cash in hand and closing cash at the bank. Non-cash items such as depreciation, outstanding expenses, accrued incomes are also SHOWN in this account. Explanation: hope this will help you.. |
|
| 17. |
(IVCENT)Disha and Divya are partners in a firm sharing profits in the ratio of 3 : 2 respectively. The fixed capitalof Disha is 4,80,000 and of Divya is 3,00,000. On 1st April, 2019 they admitted Hina as a new partnerfor 1/5th share in future profits. Hina brought * 3,00,000 as her capital. Calculate value of goodwill ofthe firm and record necessary Journal entries on Hina's admission. |
|
Answer» Answer: 420000 Explanation: so total capital is 300000 × 5 = 15 LAKHS joint capital all PARTNERS are 480000+ 300000+300000 = 1080000 Value of goodwill 15lakh - 1080000 = 420000 |
|
| 18. |
If growth rate of expected goes up than price of stock will |
|
Answer» if GROWTH RATE of EXPECTED goes up than price of STOCK will increase |
|
| 19. |
Explain comparability as qualitative characteristics of accounting information |
|
Answer» Accounting INFORMATION QUALITATIVE characteristics are summarized below: In addition to the aforementionedcharacteristics (i.e., relevance, reliability, comparability, and consistency), the following QUALITIES of accounting information affect its usefulness: understandability, materiality, and conservatism.There are four (4) qualitative characteristics of accounting information that serve as the basis for decision making purposes in accounting: |
|
| 20. |
Which of the following is a current asset |
|
Answer» Explanation: Current assets represent all the assets of a company that are expected to be conveniently sold, consumed, utilized or exhausted through the STANDARD business operations, which can lead to their conversion to a cash value over the next ONE year period. Since current assets is a standard item appearing in the balance sheet, the time horizon represents one year from the date SHOWN in the heading of the company's balance sheet. Current assets include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other LIQUID assets. In a few jurisdictions, the term is also KNOWN as current accounts. |
|
| 21. |
When you withdraw 10000 from bank what is the entry? |
|
Answer» Answer: to bank a/c 10000 Explanation: it is when we withdrew for PERSONAL use |
|
| 22. |
Mohit Rohan are sharing profit and losses in the ratio 3:2.They admit Rahul for 1/4 share with a guarantee that his share shall be at least 50000.The net loss for the year 31,March,2006 is 160000.Pass an entry for distribution of profit |
|
Answer» Answer: mohan cap a/c dr 126000 Rohan cap a/c dr 84000 To Rahul cap a/c 50000 To PROFIT and loss a/c 160000 Explanation: new PSR is 9:6:5 Distribute of loss A 72000 B 48000 C 40000 Distribution of Rahul loss 40000 + 50000 = 90000 A 54000 B 36000 Total profit and loss A 126000 dr B 84000 dr C 50000 cr |
|
| 23. |
CUUUULUM W POLOVIC3. What are the legal rules for a valid acceptance ? |
|
Answer» Acceptance must be given only by the person to whom the offer is MADE: ... Acceptance must be absolute and unqualified [Sec. 7(1)]: ... Acceptance must be EXPRESSED in some usual and reasonable manner, unless the proposal prescribes the manner in which it is to be accepted: ... Acceptance must be COMMUNICATED by the acceptor: |
|
| 24. |
State three limitations of accounting |
|
Answer» Answer: RECORDING only MONETARY items. Time value of money. Recommendation of ALTERNATIVE METHODS. |
|
| 25. |
❣️❣️❣️❣️SOLVE THESE QUESTIONS❎ ❎ DON'T SPAM ❎ ❎ RIGHT ANSWER WILL MARK AS BRAINLIST ✌️ ✌️ Note >Solve all questions WITH PROCESS..... MENTAL ability |
|
Answer» Answer: Explanation: 1)202,DIFFERENCE is multiple of 6 2)65,it is like twice of difference FIRST 1 then 2 then 4 3) 4)104,difference is decreasing by one 5)45,differnce is increasing by multiple of 3 6)19,difference increasing by 2 |
|
| 26. |
What is the meaning of disposal suspense A/c |
|
Answer» SUSPENSE A/c is an imaginary account USED as temporary MEASURE only fir the purpose of reconciling trial balance. I have send PIC |
|
| 27. |
Talpat khatoon ki sampurn shudhta ka pramap hai |
|
Answer» Answer: I don't UNDERSTAND what you SAYING PLEASE EXPLAIN your QUESTION |
|
| 28. |
What will be journal entry for cash received 9500 from sohan in full settlement of his account for 10000? |
|
Answer» Cash A/c. Dr 9500 Discount ALLOWED A/c. Dr 500 To sohan A/c. 10000 ( cash received from sohan RS 9500 in full settlement of his a/c) |
|
| 29. |
Explain briefly any five advantages of accounting |
|
Answer» Answer: ACCOUNTING is known as the language of business, and as such it BENEFITS MANAGEMENT in many ways. Accounting INVOLVES recording transactions and COMPILING them in reports. An important advantage of accounting information over other types of information is that it is based on numbers, measurable data. |
|
| 30. |
4. Journalise the following transactions :(7) Ravi is declared insolvent. Received from his Official Receiver a first and finaldividend of 60 paise in the rupee on a debt of 1,000. |
|
Answer» I THINK :
To Bad debt |
|
| 31. |
What is fixed asset ,current asset , sund debtors , sund creditors , fixed asset ,current liabilites? |
|
Answer» Explanation: 2x²- x+1/8=0 (16x²-8x+1)/8=0 16x²-8x+1=0 16x²-(4+4)x-1=0 16x²-4x-4x-1=0 4x(4x-1)+(4x-1)=0 (4x-1)(4x+1) |
|
| 32. |
What is the purpose of accountability systems in education? |
|
Answer» Explanation: 2x²- x+1/8=0 (16x²-8x+1)/8=0 16x²-8x+1=0 16x²-(4+4)x-1=0 16x²-4x-4x-1=0 4x(4x-1)+(4x-1)=0 (4x-1)(4x+1) |
|
| 33. |
Solve it- suppose that a firm has ano debt in its capital structure........ |
| Answer» | |
| 34. |
Ram started business with cash |
|
Answer» golden principles of accounting . personal account RULE dr- the receiver. cr- the giver. real account rule dr- what comes in. cr- what goes out. nominal account rule. dr- all expenses and losses. cr- all incomes and gains. the journal entry will be. cash a/c dr to capital a/c ( being business COMMENCED with cash). here cash a/c is debited because it is coming into the business, refer real a/c rule. here capital a/c is CREDITED because it is given by the proprietor. refer personal account rule. |
|
| 35. |
A creditor of rupees 7000 is settled by a final payment of 6500 how will it effect the capital |
|
Answer» Explanation: YES It Will Effects The CAPITAL COZ Creditor Is Our Liability & We GET Discount To On Pay It So The Profit Is For RS 500 |
|
| 36. |
Cost of Revenue from Operations 500000,Purchases 550000 ,Opening Inventory 100000 .Calculate Inventory Turnover Ratio |
|
Answer» The answer is 4 Explanation: COST of rop = PURCHASE +OI -ci ci= 150000 Inventory turnover RATIO = 500000/125000= 4 ci +oi/2 = 125000 |
|
| 37. |
The business assets of an organisation amount to rs 50000 but the debts that remain unpaid are rs 80000.What ciurse of action can the credi |
| Answer» | |
| 38. |
Explain any three objectives of accounting |
|
Answer» Answer: 1. Identification and recording of transactions The primary object of accounting is to identify the financial transactions and to record these systematically in the books of accounts. As a result, the true nature of each and every transaction is known without much exercise of memory. With this end in view the transactions are primarily recorded in general and in a special journal and later on permanently various accounts are kept in the ledger. 2. Ascertainment of results Every business concern is interested to know its operating results at the end of a particular period. The amount of profit or LOSS for a particular period of a business concern can be ascertained by preparing income statement with the help of ledger account balances of REVENUE nature. Surplus or deficit of revenue for a particular period of a non-trading concern can also be ascertained by preparing income and expenditure account or statement. 3. Ascertainment of financial affairs Ascertainment of debts-liabilities, PROPERTY, and assets i.e. TOTAL financial affairs of an organization at a particular date is another important object of Accounting. Financial affairs of a concern at a particular date can be ascertained by preparing a BALANCE sheet. The balance sheet is the statement of assets and liabilities of a concern at a particular date |
|
| 39. |
Paid office rent 1500 for 3 months in advance including current monthwhat is the journal entry........ |
|
Answer» Prepaid RENT A/c.............. DR 1500 To cash A/c....................1500 |
|
| 40. |
Sold goods worth ₹10000 for cash ₹12000. Can anybody tell about its meaning |
| Answer» | |
| 41. |
An application letter to civil supplies officer to issue white card ? |
| Answer» | |
| 42. |
Mr. Sohanlal sold 10 acres of his agricultural land to Mr. Mohanlal on25th September 2018 for * 25 Lakhs. The Property papers mentioned acondition, amongst other details, that whosoever purchases the land is free touse 9 acres as per his choice but the remaining 1 acre has to be allowed to beused by Mr. Chotelal, son of the seller for carrying out farming or otheractivity of his choice. On 12th Oct 2018, Mr. Sohanlal died leaving behind hisson and wife. On 15th Oct 2018 purchaser started construction of anauditorium on the whole 10 acres of land and denied any land to the sonNow Mr. Chotelal wants to file a case against the purchaser and get a suitableredressed. Discuss the above in light of provisions of Indian Contract Act,1872 and decide upon Mr. Chotelal's plan of action? |
|
Answer» Answer: Death Certificate. Copy of Will or Succession Certificate. Indemnity bond on stamp PAPER of REQUISITE value. Affidavit on stamp paper of requisite value attested by a Notary. Receipt of up-to-date property TAX PAYMENT in case of Power of Attorney. |
|
| 43. |
Single entry miss kavita commenced her business with a capital of rs.1,30,000 on 1st april 2010.Her financial position is as follows as on 31st march,2011 |
|
Answer» Answer: Explanation: Entry will be in CASH as WELL as capital i.e. ADDITION of 130000 RS |
|
| 44. |
What is consitution |
|
Answer» Constituents is the SET of RULES and statement of the basic principles and laws of a nation. It's is one in which key provisions are collected together in a single legal DOCUMENT. It's regulations guiding the administration of a country. A constitution is a fundamental principal according to which the government of a country is run. Constitution was SIGNED on 17TH September 1787. James Madison wrote the us constitution. James Madison wrote the document that formed the model for the Constitution. |
|
| 45. |
What is relevance of the column LF in the format of journal |
|
Answer» edger Folio is mainly to check the JOURNAL along with the ledger i.e. to CROSS check the ledger ledger folio is USED. |
|
| 46. |
Arun and barun are partners in a firm. Arun is entitled to a commission of 10%on net profit after charging interest on capital and such commissions. Net profit of the firm is rupees 27000. Interest on Aaun's and Barun's capital are rupees 3000 and rupees 2000 respectively. Calculate Arun's commission |
|
Answer» ARUN's COMMISSION will be 2200 net profit =27000 less INTEREST on cap =5000 =22000 now commission =10%of 22000=2200 hope this answer will help you |
|
| 47. |
Plant costing 30000 is due for delivery in july payable 10% on dielvery and the blance after 2 months..Ansewer it in cash bugdet |
| Answer» | |
| 48. |
On disolution of firm the asset are tranferd to realisation account on what basis |
|
Answer» Answer: Explanation: 1] Realisation Account. The object of preparing Realisation account is to CLOSE the books of accounts of the DISSOLVED firm and to DETERMINE profit or loss on the Realisation of ASSETS and payment of liabilities. It is prepared by: Transferring all the assets except Cash or Bank Account to the debit SIDE of the account ... |
|
| 49. |
sold goods whose list price is 5000 to Rakesh @ 6% trade discount and 1% cash discount he paid 60% price in cash |
|
Answer» HOPE you UNDERSTOOD |
|