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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. |
What is long term loans and advances? |
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Answer» Explanation: A form of dept that is paid off over an extended time frame that exceeds one year in duration. OBTAINING a long term loan provides a business with a working capital that it can use to purchase ASSETS, inventory or equipment which can they be USED to create additional income for business Hope it HELPS you Thank you |
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| 2. |
What is finance cost in accounting ??? |
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Answer» Hi dear Here's your answer Explanation: The total EXPENSES ASSOCIATED with securing financing for a project or business arrangement. Financing costs MAY include interest payments, financing fees charged by intermediary financial institutions, and the fees or salaries of any PERSONNEL required to complete the financing process. |
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| 3. |
What is purchase of stock in trade in accounting |
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Answer» hello mate this is ur answer Explanation: It reffers to all the purchase of FINISHED goods that the company buys towards CONDUCTING its business... hope it helps PLS mark me as brainlist... thank you...... have a NICE day :)♡♡♡♡♡ |
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| 4. |
A co. issued 15000 fully paid up share of the 100 each for tha purchase of tha following assets and liability from mohan brother , Land and Building 600000, Plant 350000, stock 450000, sundry creditors 100000 . pass necessary journal entry |
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Answer» Answer: ₹25500 were PAID by issuing promissory note in favour of P Ltd. payable after TWO months and the balance was paid by issue of equity shares of ₹100 each at a PREMIUM of 25%. Pass NECESSARY journal ENTRIES for the above transactions in the books of K Ltd. ... Sundry assets A/C Dr ... |
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| 5. |
Why and where accounting needed |
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Answer» need accounting because it's the only way for business to grow and flourish. Accounting is the backbone of the business FINANCIAL world. ... The concepts of assets, LIABILITIES, and income and the need to reconcile these AREAS is still the basis for all accounting functions TODAY. |
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| 6. |
Second cheque receive from kalpna is returned as dishonred by the bank has debited our account with rs 20 bank charges on this cheque |
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Answer» Answer: kalpana a/c dr to BANK a/c ( CHEQUE AMOUNT + bank charges) ( including bank charges) |
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| 7. |
Is of Stock by Theft or Fire or Damage:Goods worth Rs. 1,00,000 were destroyed by fire, Insurance company admitted and60% amount. |
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Answer» ANSWER:>The first entry is, GOODS DESTROYED BY FIRE A/c DR. 100,000/- To. TRADING A/c Cr. 100,000/- > The second entry is, PROFIT & LOSS A/c Dr. 40,000/- To. GOODS DESTROYED BY FIRE A/c Cr. 40,000/- (100,000 * 60%) or (100,000 * 60/100) >The 3rd entry is, ASSETS Dr. 60,000/- (in balancesheet) To. GOODS DESTROYED BY FIRE A/c Cr. 60,000/- Explanation: |
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| 9. |
what is journal entry for =[he pays ₹190000 into bank a/c out of which ₹20000 transferred from saving a/c] |
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Answer» to CASH a/c 1,70,000 to CAPITAL a/c 20,000 |
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| 10. |
Good costing 35000 sold for 30000 |
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Answer» - 30000 answer 5000 |
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| 12. |
journal entry for purchase furniture from mangal traders rs. 15500 with sales tax @ 10% and freight rs.230 |
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| 13. |
Essay about road transport in kannada |
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Answer» Explanation: Karnataka, a state in South India has a well-DEVELOPED transport system. Its capital city, BENGALURU is well-connected by air to domestic and international destinations and the Kempegowda International Airport (KIA) in the city is one of the busiest airports in India. It was also the headquarters of the airlines Air Deccan and Kingfisher Airlines. The road transport is also well developed in the state with many National and State highways providing means for fast transportation. The headquarters of the South-Western Railway division of Indian Railways is located at Hubballi and this division governs most of the railway network in the state. Konkan Railway which passes along the coastal region of the state is considered as one of the toughest engineering projects being undertaken in India till date. Buses, cars and trains are the means of transport for MOVING ACROSS distant places in Karnataka. For transportation within the city or town limits; motorbikes, cars, autorickshaws and buses are used. With the advent of low-cost airlines, many people are choosing to TRAVEL via air as well |
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| 14. |
Freight in and freight out in financial statements |
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Answer» Freight out is an expense for a business and is PART of the INCOME statement. It is the cost to a business of shipping its products to its customers. In the income statement, freight out is included as a variable cost under cost of goods sold as it is only incurred if a PRODUCT is sold to a customer. |
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| 16. |
What journal entries are passed in the book of the firm at the time of admission of a new partner |
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Answer» PARTNERS CAPITAL a/c DR to profit and loss APPROPRIATION a/c |
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| 17. |
Entrepreneur is how different from a promoter |
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Answer» Answer: entrepreneur is one who STARTS his own business.promoter is the one who PROMOTES a business.hope it HELPS! |
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| 18. |
Goods worth 500 distributed as free sample |
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Answer» Answer: Goods DISTRIBUTED as free samples are products given away by a business USUALLY for PROMOTIONAL reasons. The goods distributed as free samples do not have a sales value and therefore cannot be recorded in the accounting records as sales. The free product samples do however have a cost which needs to be removed from the cost of sales account and recorded as an expense. The expense account used will depend on the REASON the goods were distributed as free samples and might include for example sales and marketing, promotion, advertising, charity or SIMPLY a free samples expense account. |
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| 19. |
Started business with cash rs.10000 and goods rs.5000 |
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Answer» Be more SPECIFIC..!!! |
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| 20. |
PURCHASED FURNITURE FROM MR SHARMA FOR RS 50000 AND 10% TRADE DISCOUNT OF 60%WAS PAID BY CHEQUE AND 40% WAS PAID IN CASH AND 5%CASH DISCOUNT WITH CGST, SCGT 6 % |
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Answer» Explanation: Sequence to solve Add COST Add gst Less cash discount from both the SIDE of payment |
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| 21. |
Which is the bigest railway |
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Answer» Answer: Russia: 85,500km The Trans-Siberian Railway (the Moscow-Vladivostok line), SPANNING a LENGTH of 9,289km, is the longest and one of the busiest railway lines in the WORLD. |
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| 22. |
Withdrew goods for personal use cost price 1000 sales price 1400 |
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Answer» Answer: drawings a/c. DR 1000 to capital a/c. 1000 (by goods WITHDRAW for personal use ) cash a/c. dr 1400 to sales a/c. 1400 |
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| 23. |
How to earned govt job |
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| 24. |
What is revaluation and reassement account ❓❓❓ |
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Answer» It is RETAKING PROCESS of getting money. ... hope it's HELPS |
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| 25. |
Cash in hand 16000 openef a bank ac with 7000 |
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Answer» to CAPITAL a/c 16000 bank a/c. dr. 7000 to cash a/c 7000 |
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| 26. |
Management is the development of men and not the direction of thing comment |
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Answer» Where is the QUESTION????? |
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| 27. |
Purchase good from y on credit Rs 40000 (T shape) |
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Answer» to y a/c. 40000 |
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| 28. |
Bought goods from mohan on credit @10% trade discount worth 2500 |
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Answer» Answer: PURCHASES a/c dr 2250 discount a/c. dr 250 to Mohan a/c 2500. |
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| 29. |
How pretty cash book done with gst |
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Answer» Answer: 2 PARTY ........................ |
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| 30. |
Paid into Bank 7000 |
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Answer» debited to CASH a/c 7000 |
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| 31. |
A and B are partners in a firm sharing profit in the ratio of 2:1 C joins the firm A surrenders 1/4th of his share and B 1/5 of his share in favor of his share in favour of C.find the new profit sharing ratio |
Answer» A SACRIFICES = (2/3*1/4)=2/12B sacrifices =(1/3*1/5)=1/15A's NEW SHARE=2/3-2/12=6/12*5/5=30/60B's New Share =1/3-1/15=4/15*4/4=16/60C's share =2/12+1/15=14/60new share =30:16:14after 15:8:7 |
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| 32. |
Vinod became insolvent and could pay only 50 paise in a rupee |
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Answer» what is QUESTION????? |
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| 33. |
LiabilitiesCapitsAssetsTransactionActivin |
Answer» Answer:LIABILITY - THE AMOUNT WE OWE FROM SOMEONE IS CALLED LIABILITYCAPITAL - THE MONEY INTRODUCED BY OWNER OF THE COMPANY.ASSETS- THE PROPERTY OF THE BUSINESS WHICH IS USED TO EARN MONEY.TRANSACTION - THE ACTIVITY OF DEBIT AND CREDIT OF MONEY . |
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| 34. |
Definition of single entry system |
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Answer» Answer: Single ENTRY SYSTEM is an incomplete form of recording FINANCIAL transactions. It is the system, which does not record TWO aspects or accounts of all the financial transactions. It is the system, which has no FIXED set of rules to record the financial transactions of the business. |
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| 35. |
Purchased goods of 250 from sohanlal which was recorded as 205 in his account |
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| 36. |
Purchased goods for rupees 60000 and 2000 for carriage |
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Answer» PURCHASED goods:60000 Carriage goods:2000 Total goods:60000+2000 = 62000 |
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| 37. |
Activity : 04Show the accounting equation for the following transactions and fill the table.1) Mr. Manohar started business with 75,000.2) Purchase Stationery * 1,0003) Bought goods 6,000 from Mohan.4) Sold goods to Radha 10,000.5) Purchase Mobile For business * 2,000.6). Sold goods costing * 20,000 at a profit of * 5,000.7) Paid salary *2,500. |
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Answer» Answer: 1.cash a/c. dr 75000 to capital a/c 75000 2.purchasesa/c. dr 1000 to cash a/c. 1000 (by stationary PURCHASED) 3.purchases a/c dr 6000 to Mohan a/c. 6000 4.Radha a/c. dr. 10000 to sales a/c. 10000 5.purchases a/c dr 2000 to cash a/c (or capital a/c) 2000 (by mobile purchased for BUSINESS) 6.cash a/c. dr. 20000 to sales a/c. 15000 to profit a/c. 5000 7.salary a/c. dr. 2500 to cash a/c. 2500 |
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| 38. |
Sold goods to Vinod on credit rupee 12000 |
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Answer» Vinod A/C DR 12000 To Sales A/C 12000 |
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| 39. |
all my class 12 commerce mate please follow me... now we will study topics together ... and solve question |
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| 40. |
1) Surplus o income aver expenses inb) Delicit |
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Answer» Answer:1 LOSS 3 bad debts 4 DISCLOSURE concept 5 expenditure (not sure) 6 assets ( not sure ) 7 AS 3 8 conservatism 9 narration 10 transaction Ex |
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| 41. |
What I should Study which is more helpful in night..,. Account... business studies.... economics |
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| 42. |
Q.4 State whether the following statements are true or false with reasons :1) Book-keeping and accounting are one and the same thing.2) Conservatism means to follow safe side.3) The double entry system is based on “Dual Aspect" concept.4) Bank overdraft is an asset of the business.5) Solvent person is a person whose assets are more than his liabilities.6) Cash discount does not appear in the books of accounts.7) A transaction is concerned with money or money's worth8) Accounting is the language of business.9) In civilization, accounting was done by owners.10) Book-keeping is useful to find out all tax liabilities.17 |
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Answer» Answer:1 false 2 true 3 true 4 false 5 true 6 false 7 true 8 true 9 false 10 true Explanation:4 liabilities 6 trade discount not appear in books of account |
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| 43. |
Pushased goods worth 10000less 20%trade discount and 5%cash discount |
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Answer» purchases.a/c. DR. 7500 discount a/c dr. 2500 (2000+500) |
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| 44. |
Received cash from Prabu |
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Answer» what I don't UNDERSTAND your QUESTION |
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| 45. |
What will be jounral entry of sold goods to mohan with cash |
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Answer» to SALES account |
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| 46. |
Goods wroth 50000 and cash 200000 were stolen by an employee |
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Answer» Answer: to cash. 2000000 |
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| 47. |
Define journal entries and ledger accounts |
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Answer» above photo is the definition of journal entries LEDGER ACCOUNT ledger account is a summary statement of all the TRANSACTION relating to a person,assets, liability,expense or income which has taken place during a given period of time and it shows their net effect. ledger is KNOWN as PRINCIPAL book of accounts |
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| 48. |
Tell me why when business started we use cash account debit and capital account credit? |
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| 49. |
Paid by cheque to ravi 490 in full settlement of his account |
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Answer» Ravi account debit 490 to BANK account 490 |
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| 50. |
Define is income, with example? |
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Answer» Answer: Hey..❤❤✏Here is your answer:----_________________________✔✔✏Income is the revenue a business earns from selling its GOODS and services or the MONEY an individual RECEIVES in compensation for his or her LABOR,services, or investments._________________________✔✔✏✏Hope this helps u..☺☺✏✏Mark me as a brainlist..✔✔Yeah..☺☺ |
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