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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. |
Accounting equationsst |
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Answer» sorry I can't because I don't have MUCH POINTS Mark me as brainlist plsss..... |
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| 2. |
Classify the following as per american system of accounting?and explain why so? 1)machinary2)bank over draft. |
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Answer» Answer: Accounting for FINANCIAL transactions can be classified into TWO types of approaches. ONE is the Traditional Approach and another one is the Modern Approach. Traditional Approach is also known as the British Approach. While the Modern Approach is also known as the American Approach. Let US LEARN more about it. |
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| 3. |
Plz give me answer of this ques |
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Answer» PICTURE is not clear Explanation: MARK me as a BRAINLLIST |
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| 4. |
What is sacrifice ratio ? |
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Answer» Answer: The sacrifice RATIO is an economic ratio that measures the effect of RISING and falling INFLATION on a country's TOTAL production and output Explanation: |
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| 5. |
1930;3,01830,C 1,6191W R, S and I are partners in a firm. On 1st April, 2017, their capital was 3 20,000;10,000 and 5,000. Interest is provided @ 4% on Partners' Capital. H is toreceive 500 p.a. as salary. After deducting interest and salary first * 1,000 ofthe profit is to be distributed in the ratio of 9:7:4, further 3 1,000 in the ratio of9: 6:5 and remaining amount to be distributed equally. On 31st March, 2018,the year's profit was 4,500 before deducting interest and salaries.Prepare Profit & Loss Appropriation Account and Capital Accounts of thepartners for year 2017-18.[Ans : Net Profit 2,600; Bal. of Capital a/c : R 21,900; S * 11,250;H 6,350) |
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Answer»
Calculation of Interest on capital A = 30000*5% = 1500 B= 20000*5% = 1000 C= 10000*5% = 500 Salary to B = 500*12=6000 Calculation of C's commission = 30000-3000 = 27000*5/100= 1350 PROFITS to be DISTRIBUTED= 30000-3000-6000-1350 = 19,650 The adjustment entry to be PASSED is as follows:- A's Capital A/c Dr. 3675 To B's capital A/c 2895 To C's capital A/c 780 (Being adjustment entry passed)
Table Showing Adjustment To be Made A B C Interest on capital 1500 1000 500 Salary 6000 Commission 1350 Profits to be distributed( 19650) 9825 5895 3930 Total 11325 12895 5780 Less: profits wrongly allocated (15000) (10000) (5000) Adjustments (3675) 2895 780 please fallow me and brilient butten please and star⭐ also please
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| 7. |
Paid salary 2000 and rent 1000 by cheque |
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Answer» what what.,.,.......... |
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| 8. |
The invoice price was madeup of 20% above cost. what does this mean??? |
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| 9. |
Ramesh cheque dishonoured (bank charges20) |
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Answer» RAMESH a/c. Dr.20 To BANK a/c. 20 Hope it HELPS you. |
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| 10. |
. Enter the following transactions in the journal of Gaurav Bros: 3 2020 May10 Sold goods to Kailash of the list price of Rs.1,00,000 at Trade Discount of 15%. May 13 Lailash returned goods of the List Price of Rs.4000. May 18 Received from Kailash the amount due from him, under a cash discount of 5% |
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Answer» i will try plez FOLLOW me |
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| 11. |
Anunced to start but bhions contents and the name of Designer Warthalat Apt 2013 heladas of 1000000 Seventosavings and browed equal amount from State Bank of India She purchasedpace of 004 feet for 800.000. The purchase was by www makenit for the trade. Nalans of LO was used for decorating the pace Total amount ofhank loan is to be repaid in 20 quarterly stalowns beginning 30th June, 2013. Annual Rate ofestedrowedBank bsan and interest repaid in the first year are as followsJune 30 2015.000 39.000 interestSep 30, 2015 - 15.000 18.530 interestDec 31, 2015 15000&100 trest)March 31, 2016 - 25.000*7.650 interestShe started business on 1st April 2015. In view of further capital requirement she deposited |
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Answer» Hey dear this question is not able to UNDERSTAND please click the PICTURE of the question |
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| 12. |
Explain modern classification of accounts |
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Answer» Explanation: Under the Modern Approach, the accounts are not debited and credited. HENCE, the ACCOUNTING EQUATION is used to debit or credit an account. Thus, it is also known as the Accounting Equation Approach. The BASIC Accounting Equation is: Assets = Liabilities + Capital (OWNER's Equity) |
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| 13. |
Multiple choiceanssssssssssssssss |
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Answer» PROPERTY can be exchanged as consideration Explanation: |
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| 14. |
A bill or amendement which imposes or varies a tax or duty in which states are interested, shall be introduced or moved in eithe house of parliamentOptionsonly on he recommendation of the President no such recommendation is necessary on the recommendation of the Prime Ministeron the recommendation of Finance Minister |
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Answer» Answer: Below is the answer.... Explanation: The answer (B)Seller can demand the POSSESSION back. Hope this answer helps you.. If it does MARK my answer as BRAINLIEST.. |
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| 15. |
18. Sundaram Itd. purchased furniture for $3,00,000 from Ravindram Itd. *1,00,000 werepaid by drawing a promissory note (Bills payable) in favour of Ravindram Itd. The balancewas paid by issue of equity shares of 10 each at a premium of 25%. Pass necessary journalentries in the books of Sundaram Itd.[AI 2012] (TS Grewal Scanner 6] |
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| 16. |
Give accounting equation for the following transactions of Naresh for the year ended 31.12.94 |
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| 17. |
Balance sheet a,b and c who were sharing profits in the ratio of 5:3:2 as on 1st April 2019 |
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Answer» Answer: What are You Trying to ask, WRITE The Question PROPERLY Explanation: |
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| 18. |
Surash payed into bank as capital |
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Answer» what is this I am not UNDERSTANDING PLEASE WRITE PROPERLY QUESTIONS |
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| 19. |
Explain how limited liability may affect the capital structure decisions of a corporation. |
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Answer» Answer:The HIGHER the DEBT ratio the greater the use of debt for financing operations vis-a-vis equity financing. Depending on your company and the INDUSTRY you operate in a financial manager has to determine what level of debt is GOOD for your capital structure. Explanation:please MARK me as brainliest |
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| 20. |
What is an interest tax shield ,and how does this affect the value of company? |
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Answer» [4], an interest tax shield is defined as: tax SAVINGS resulting from deductibility of interest payments. ACCORDING to Damodaran [5], the interest tax shield is EXPRESSED in a similar VEIN: Interest is tax-deductible, and the resulting tax savings reduce the cost of borrowing to firms. PLEASE MARK AS BRAINLIST ANSWER |
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| 21. |
4161875)A and B are partners from 1st April, 2017 without any partnership agreement andthey bring capital of 3,500 and 2,000 respectively. On 31st Oct., 2017, Aadvances * 750 by way of loan to the firm without any agreement as to interest.The profit and loss account for the year discloses a profit of 1,350-75 but thepartners can not agree upon the question of interest and division of profit.You are required to divide the profit between them giving reasons for your method. |
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Answer» Answer: An idiom is a PHRASE or EXPRESSION that TYPICALLY presents a figurative, non-LITERAL meaning attached to the phrase; but some phrases become figurative idioms while retaining the literal meaning of the phrase. Categorized as formulaic LANGUAGE, an idiom's figurative meaning is different from the literal meaning. |
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| 22. |
Sold goods to virat on credit solution |
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Answer» FOLLOW and MARK me as BRAINLIEST |
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| 23. |
Q5. P and Q are partners sharing profits in the ratio of 1:2. R was manager who received the salary of Rs.10,000 p.m. in addition to commission of 10% on net profits after charging such commission. Total remuneration to R amounted to Rs.1,80,000. Profit for the year before charging salary and commission was : * |
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Answer» Answer: Partner = P and Q = 1:2 Total to R = 1,80,000 Salary = 10000 X 12 = 120000 So Commission = 1,80,000 - 120000 = 60,000 Let PROFIT be x 10/110 X x = 60000 Profit = 6,60,000 Explanation: PLEASE MARK me BRAINLIEST |
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| 24. |
MP BOARD CLASSES 12TH.(ACCOUNT)ACCOUNTANCY KE IMPORTANT CHAPTER NAME KIYA HAI.(CRACK EXAM) |
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Answer» hey I'm going now or hear what you THINK of this English book a 20 words of WISDOM and now I'm going ok I guess we can just go bhi nahi ki email to you and the entire thing ever but happened when that will be released to the Himalayas so that you don't have to the Himalayas that is the world to me and I have to get up early tomorrow so that I can MAKE SURE I'm on the way to the airport now waiting to the weather and the weather was the first day is going WELL so that was nice of you to think third form for you to the moon and the entire time I was there at my house and I will be there at my house and I will be there at my house and I will be there at my house and I will be there at my house and I will be there at my house and I will be there at my house and I will be there at my house and I will be there at my house |
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| 25. |
State missing items could be found from total debtors |
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Answer» Answer: In CASE of incomplete records the dual concept of accounting is not followed. THEREFORE, in order to prepare the financial statements for a particular period all the incomplete records should be completed by preparing various accounts. SINCE the credit sales are RECORDED in the debtors account, preparation of debtors account is very essential to determine the amount of total credit sales |
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| 26. |
Chintoo and Montoo are partners without any agreement on 1st April, 2017 andthey invested Capital 20,000 and 10,000 respectively. On 30th Nov., 2017,Chintoo advances to the firm 4,000 on loan. The Profit and Loss Account forthe year 2017-18 shows profit of 4,000, but the partners are not agreed upon thequestion of interest and division of profit.Prepare Profit & Loss Appropriation Account. |
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Answer» Answer: Profit and loss Appropriation A/c Dr. 4,25,000 To A's capital A/c 2,12,500 To B's capital A/c 2,12,500 (Being profit distributed equally) PARTNERS CAPITAL ACCOUNTS Particulars A B Particulars A B To bal c/d 7,12,500 5,12,500 By bank a/c 5,00,000 3,00,000 By profit and loss App A/c 2,12,500 2,12,500 Total 7,12,500 5,12,500 Total 7,12,500 5,12,500 A's LOAN Account Particulars Amount Particulars Amount To bal c/d 2,05,000 By bank A/c 2,00,000 By interest on A's loan 5000 Total 2,05,000 Total 2,05,000 Calculation of Interest on Loan Interest on A's loan = 2,00,000*6%*5/12=5000 Interest on A's Loan A/c Dr. 5000 To A's loan A/c 5000 (Being interest on loan PAID) Profit and loss A/c Dr. 5000 To Interest on A's loan A/c 5000 (Being interest transferred to p&l A/c) Explanation: |
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| 27. |
After the completion of contract of sale, where the possession of the property is delivered to the buyer but the buyer has not paid full consideration, what remedy is available to the seller?Options1 No remedy will be available to the seller2 Seller can demand the possession back3 Seller will have the charge over the property for the4 amount unpaid along with the interest. Seller can cancel the contract of sell use |
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| 28. |
Missing items could be found from total debtors |
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Answer» Answer: In CASE of incomplete RECORDS the dual concept of ACCOUNTING is not followed. Therefore, in order to prepare the financial statements for a particular period all the incomplete records should be completed by preparing various accounts. Since the credit sales are recorded in the DEBTORS account, preparation of debtors account is very ESSENTIAL to determine the amount of total credit sales. |
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| 29. |
Describe major parts of statistical table |
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Answer» Answer: A statistical table has at least four major PARTS and some other MINOR parts. (1) The Title. (2) The Box Head (column captions) (3) The Stub (row captions) (4) The Body. (5) Prefatory Notes. (6) Foot Notes. (7) Source Notes. The general sketch of table indicating its necessary parts is shown below: Explanation: hope it helps you please follow me and Mark me as brain list |
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| 30. |
After the completion of contract of sale, where the possession of the property is delivered to the buyer but the buyer has not paid full consideration, what remedy is available to the seller?Options1 No remedy will be available to the seller 2 Seller can demand the possession back3 Seller will have the charge over the property for the4 amount unpaid along with the interest. Seller can cancel the contract of sell |
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Answer» Explanation: 4 AMOUNT unpaid along with the INTEREST. Seller can CANCEL the contract of SELL |
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| 31. |
On 1st April, 2017 'Nitu' and 'Ranu' are partners employing capital of 20,000and 30,000 respectively. On the same day, Nitu gave a loan to the firm of 4,000.The profit of that year is 5,240.In the absence of Partnership agreement, prepare Profit & Loss AppropriationAccount as on 31st March, 2018. |
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Answer» x×/%-,@=*£!£!spiqvspi1vspvss ispspcuscuejdvjsfigiqviecs8sge |
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| 32. |
Sale is transfer of ownership where |
Answer» This is also called “sale or return” basis. In this case, the OWNERSHIP is transferred to the buyer when he ACCEPTS the goods. If the goods are not RETURNED WITHIN a reasonable time, the seller can only recover the price of the goods and cannot ask for the return of the goods. |
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| 33. |
What is collection of one or more field |
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Answer» Answer: Collection of FIELDS is CALLED RECORDS. In a database, a record is a group of fields within a table that are relevant to a SPECIFIC entity. Records are composed of fields, each of which CONTAINS one item of information. Explanation: pls mark as brainliest and follow me |
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| 34. |
5. (Manufacturing, Trading and Profit and Loss Alc) From the following balancesprepare manufacturing, trading and profit and loss account for the year ended 31stADJUSTMENTS)FINAL ACM M1001500M M$2,00018,000240012508,20098,750Office lighting42,25011,90,00012,500!! 1,200in 10,00013M180,000130,000March, 2016 and balance sheet as on that date.Stock (1-4-15)Factory insuranceRaw materials20,350 N Repairs to plant 2Work-in-progress215,270MRepairs to factory buildingFinished goods3 20,150 Repairs to office building 4Purchases :-mSundry mfg. exp. SRaw materials 3180,300 SalariesFinished goods 520,200 Office staffCarriage inwards62,300Foreman 7M Productive wages10,000 Sales of raw materials &Mr Stores consumed 6Sales of finished goodsWFactory lighting4 1,000Raw material returnsCapitalMotive powerDrawings 12Depreciation :Plant and machineryFactory building 1 >Investments lbPlant and machineryOffice expensesOffice building 4Bad debts 16Office furnitureLoan on mortgageSales returnsBills payableCash in hand 17Cash at bankSundry debtors,140,000Sundry creditors2435,000Factory building 160,00015,000Office building 23225,000Discount (Cr.) 2421,170The closing stock on 31-3-2016 was :-Raw materials 35,000 work-in-progress 30,000, finished goods 50,000.[Ans. Cost of production 82,020 ; Gross profit 25,380 Net loss 1,250 ; Balance sheettotal 3,89,000].W 10,000n5,000122,000131,00014 20019 80016 1,000129,00015,00011,50,00019 25,250Furniture |
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Answer» Answer: It looks LIKE there aren't many great matches for your search Tip Try using words that MIGHT appear on the page that you’re looking for. For example, 'cake RECIPES' instead of 'how to MAKE a cake'. Need help? Take a look at other tips for SEARCHING on Google. |
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| 35. |
If a company splits its stock,what is the expected effect on the stock’s share price? |
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Answer» A STOCK's price is also affected by a stock split. After a split, the stock price will be REDUCED (since the number of shares OUTSTANDING has increased). Thus, although the number of outstanding shares increases and the price of each SHARE CHANGES, the company's market capitalization remains unchanged.♡~ |
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| 36. |
What is the use of biomaterials |
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Answer» Answer: What are biomaterials? Biomaterials play an integral ROLE in medicine today—restoring function and facilitating healing for PEOPLE after injury or disease. Biomaterials may be NATURAL or synthetic and are USED in medical applications to support, enhance, or replace damaged tissue or a biological function. Explanation: What are biomaterials? Biomaterials play an integral role in medicine today—restoring function and facilitating healing for people after injury or disease. Biomaterials may be natural or synthetic and are used in medical applications to support, enhance, or replace damaged tissue or a biological function. Mark me as brainliest answer the |
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| 37. |
Books of Account revealed that:Profits )1,45,0001,60,0002,00,000Calculate the value of goodwill.0 Abnormal loss of 20,000 was debited to profit and Loss Account for the year ended 31st March, 2017.(1) A fixed asset was sold in the year ended 31st March, 2018 and gain (profit) of * 25,000 was creditedto Profit and Loss Account.(ii) in the year ended 31st March, 2019 assets of the firm were not insured due to oversight. Insurancepremium not paid was 15,000.13. Geet and Meet are partners in a firm. They admit Jeet into partnership for equal share. It was agreed thatgoodwill will be valued at three years' purchase of average profit of last five years. Profits for the last fiveyears were:Profits (*)Year Ended 31st March, 2016 31st March, 2017 31st March, 2018 31st March, 2019 31st March, 202090,000 (Loss)1,60,0001,50,00065,0001,77,000Books of Account of the firm revealed that:(6) The firm had gain (profit) of 50,000 from sale of machinery sold in the year ended 31st March,2017. The gain (profit) was credited in Profit and Loss Account.(1) There was an abnormal loss of 20,000 incurred in the year ended 31st March, 2018 because of amachine becoming obsolete in accident.(ii) Overhauling cost of second hand machinery purchased on 1st July, 2018 amounting to* 1,00,000 was debited to Repairs Account. Depreciation is charged @ 20% p.a. on Written DownValue Method.Calculate the value of goodwill.Weighted Average Profit Methodthe year ended 31st March for the last five years were:2020 |
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| 38. |
Q24. The time limit beyond which if goods are not returned, the capital goods sent for job workshall be treated as supply.1) 1 yr 2) 3yrs3) 6 months 4) 5 yrsQ25. Autofill can not be used in Payroll Vouchersa) Trueb) FalseQ26 Can a invoice be exported as image filea) Trueb) False |
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| 39. |
Q20. For a register dealer vat is not applicable for cash sales.a) Trueb) FalseQ21. What is date of receipt of payment?a) Date of entry in the books c) Date of payment credited into bank a/cb) Earlier of a & bd) Date of filing of returnQ22. Dot matrix format will not work properly with laser Print and Inkjet Printers.a) Trueb) FalseducationQ23. The ledger vat @12.5% should be created under the group to sales accounta) Trueb) False |
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Answer» Answer: 20.false Explanation: it is CRT PLS MARK BRAINLIEST |
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| 40. |
On 1st April, 2017 'Nitu' and 'Ranu' are partners employing capital of 20.000and 30.000 respectively. On the same day, Nitu gave a loan to the form of 4,000.The profit of that year is 5,240.In the absence of Partnership agreement, prepare Profit & Loss AppropriationAccount as on 31st March, 2018. |
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Answer» Explanation: 4iirurururuuddjududduririigifififidufu GG |
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| 41. |
Q15. Quick Draft Format can be used with all types of Printersa) Trueb) FalseQ16. Ledger of TDS is created under duties and taxes.a) Trueb) FalseQ17. TDS entry can be passed only in the purchase voucher. a) Trueb) FalseQ18. It is recommended to surrendered tally before formatting the computera) Trueb) False |
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Answer» Answer: 15 false 16 TRUE 17 false 18 true |
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| 42. |
Q13. Excise declaration can be printed in excise invoicea) Trueb) False |
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Answer» May be TRUE Explanation: confirmly false FOLLOW me |
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| 43. |
A B and C are partners sharing profits in the ratio of 4:3 : 1. B retires, selling his share ofprofits to A and C for 8,100; * 3,600 paid by A and 4,500 by C. Profit for the year after B'sretirement was 10,500.You are required (i) to give necessary Journal entries to record the transfer of B's share toA and C; (ii) to calculate new profit-sharing ratio and distribute the profits between A and C.A and C bring the necessary amount. |
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Answer» A account dr B account dr |
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| 44. |
Two companies come together but only one company survives and other goes out of existing |
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Answer» Didn't UNDERSTAND your QUESTION |
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| 45. |
June 1 Raghunath Bros. Started business with cash *80,000; Goods |
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Answer» Goods A/c Dr 40,000 To CAPITAL A/c 1,20,000 |
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| 46. |
Auto Parts Manufacturing Co. Ltd was registered with a nominal capital of Rs.10 crore divided into shares of Rs.10 each, of which 40 lakhs shares had been issued and fully called.The following is the Trial Balance extracted on 31st March, 2012.Rs ‘000 Rs ‘000Stock (1st April, 2011) 18642 Manufacturing Wages 10,974 Manufacturing Expenses 1,924 Purchases and Sales 71821 1,16,990Machinery Repairs 861 Carriage Inwards 491 Carriage Outwards 926 Advance payment of Income Tax 1429 Bank Loan (at 18%) 5000Interest on Loan 450 Debtors and Creditors 16440 9222Profit and Loss Account; 1st April, 2011 864Bank Current Account 10686 Cash in Hand 192 Leasehold Factory 16421 Plant and Machinery 12840 Loose Tools 1250 Share Capital 40000Calls in Arrear 100 Rates and Electricity 1761 Directors Fees and Remuneration 1200 Office Salaries 1300 Auditors’ Fees 125 Office Furniture 500 Commission 860 Returns 1264 981Preliminary Expenses 600 1,73,057 1,73,057You are required to prepare Statement of Profit and Loss for the year ending March 31, 2012 and Balance Sheet as at that date after taking into consideration the following adjustments:1. Write off one third of Preliminary Expenses.2. Depreciation is to be provided on:- Plant and Machinery @ 15%; and - Office Furniture @ 10%3. Manufacturing Wages Rs.189 thousand and Office Salaries Rs.120 thousand had accrued due.4. Provide for Interest on Bank Loan for 6 months.5. The Stock was valued of Rs.12484 thousand and Loose tools at Rs.1,000 thousand.6. Provide Rs.850 thousand on Debtors for Doubtful Debts.7. Provide further Rs.312 thousand for Discount on Debtors.8. Make a Provision for Income Tax @ 31%9. The directors recommend dividend at 15% for the year ending 31st March 2012 after transferring 5% of net profits to General Reserve. Make a provision for dividend distribution tax @ 17% |
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Answer» hi I am chesta KHANDELWAL I read in class 7 so I don't know the ANSWER |
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| 47. |
4 points8.Calculate value of material consumedOP sock of material Rs 10000, Motive PowerRs 2000, Material transferred RS 200, Carriageinward Rs 500, Material sold 500, Purchase ofmaterial Rs 2500, Scarp of material sold RS400, Productive wages Rs 1000, Cl stock ofmaterial Rs 150, Welfare services Rs 600,Material transferred from other dept 550...According to cost accounting Answer: Anoints |
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Answer» Answer: The calculation of the cost of goods sold for a MANUFACTURING COMPANY is: BEGINNING INVENTORY of Finished Goods. Add: Cost of Goods Manufactured. Equals: Finished Goods Available for Sale. Subtract: Ending Inventory of Finished Goods. Equals: Cost of Goods Sold. |
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| 48. |
In case of dissolution of the firm,What is the treatment of investment fluctuation fund if it is appearing in the balance sheet worth Rs.100000 and investment Rs.30000. |
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| 49. |
Income tax was introduced in India in |
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Answer» Answer: in 1860 James WILSON, the Scotsman who created India's first Budget, introduced the income TAX act in 1860. Explanation: hope it helps you PLEASE follow me and Mark me as BRAIN LIST |
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| 50. |
Total cost of jobs :job 101 (rs 96000 +rs 42000f) +(96000+42000f)a job102 :(rs67500+rs30000) +rs67500+rs30000f)a |
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Answer» Answer: |
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