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Asked/Added Questions From NCERT:


Question 1. Asked on :21 September 2020:10:03:51 AM

 Which Account is responsible for Interest Payable ?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
Current liability account is responsible for interest payable.

-Answered by nisha sheikh On 21 September 2020:10:10:51 AM


Question 2. Asked on :21 September 2020:10:02:52 AM

 What do you mean by company's payable cycle?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
It is the time required by the company to pay all its account payables.

-Answered by nisha sheikh On 21 September 2020:10:11:25 AM


Question 3. Asked on :20 September 2020:07:50:42 PM

 What are Fictitious Assets?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
Fictitious assets are intangible assets and their benefit is derived over a longer period, for example, goodwill, rights, deferred revenue expenditure, miscellaneous expenses, preliminary expenses, and accumulated loss, among others.

-Answered by nisha sheikh On 20 September 2020:07:51:25 PM


Question 4. Asked on :20 September 2020:07:50:04 PM

 What is Tally Accounting?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
It is accounting software used by small business and shops to manage routine accounting transactions

-Answered by nisha sheikh On 20 September 2020:07:51:51 PM


Question 5. Asked on :20 September 2020:07:48:48 PM

 What is a Bank Reconciliation Statement?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
 A bank reconciliation statement or BRS is a form that allows individuals to compare their personal bank account records to that of the bank. BRS is prepared when the passbook balance differs from the cashbook balance.

-Answered by nisha sheikh On 20 September 2020:07:52:22 PM


Question 6. Asked on :20 September 2020:07:48:02 PM

 Write something about GST?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
GST is the acronym for Goods and Service Tax and it is an indirect tax other than the income tax. The seller charges it to the customer on the value of the service or product sold. The seller then deposits the GST to the government.

-Answered by nisha sheikh On 20 September 2020:07:52:45 PM


Question 7. Asked on :20 September 2020:07:46:53 PM

 What are tha Popular Accounting Applications?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
I am familiar with accounting apps like CGram Software, Financial Force, Microsoft Accounting Professional, Microsoft Dynamics AX and Microsoft Small Business Financials.

-Answered by nisha sheikh On 20 September 2020:07:53:31 PM


Question 8. Asked on :20 September 2020:07:33:36 PM

 What is Defered Tax Liability?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
Deferred tax liability signifies that a company may pay more tax in the future due to current transactions.

-Answered by nisha sheikh On 20 September 2020:07:36:25 PM


Question 9. Asked on :20 September 2020:07:32:01 PM

 Why do you think Accounting Standards are Mandatory?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
 Accounting Standards play an important role in preparing a good and accurate financial report. It ensures reliability and relevance in financial reports.

-Answered by nisha sheikh On 20 September 2020:07:37:04 PM


Question 10. Asked on :20 September 2020:07:28:46 PM

 What is a Difference Between Balance Sheet and Trial Balance?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
 A trial balance is the list of all balances in a ledger account and is used to check the arithmetical accuracy in recording and posting. A balance sheet, on the other hand, is a statement which shows the assets, liabilities and equity of a company and is used to ascertain its financial position on a particular date.

-Answered by nisha sheikh On 20 September 2020:07:38:09 PM


Question 11. Asked on :20 September 2020:07:27:07 PM

 What is Diference Between AP (Accounts payable) and AR (Accounts receivable)?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
Accounts PayableAccounts Receivable
The amount a company owes because it purchased goods or services on credit from a vendor or supplier.The amount a company has the right to collect because it sold goods or services on credit to a customer.
Accounts payable are liabilities.Accounts receivable are assets.

-Answered by nisha sheikh On 20 September 2020:07:38:45 PM


Question 12. Asked on :20 September 2020:07:25:55 PM

 Where do you show TDS on a balance sheet?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
 In a balance sheet, it is shown in the assets section, right after the head current asset.

-Answered by nisha sheikh On 20 September 2020:07:42:08 PM


Question 13. Asked on :20 September 2020:07:24:30 PM

 How do you maintain Accounting accuracy?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
Maintaining the accuracy of an organisation’s accounting is an important activity as it can result in a huge loss. There are various tools and resources which can be used to limit the potential for errors to creep in and address quickly if any errors do arise.

-Answered by nisha sheikh On 20 September 2020:07:43:16 PM


Question 14. Asked on :20 September 2020:07:23:14 PM

 What is Working capital?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
Working capital is calculated as current assets minus current liabilities, which is used in day-to-day trading.

-Answered by nisha sheikh On 20 September 2020:07:43:41 PM


Question 15. Asked on :20 September 2020:07:20:49 PM

 What is double-entry bookkeeping?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
Double-entry bookkeeping is an accounting principle where every debit has a corresponding credit.

-Answered by nisha sheikh On 20 September 2020:07:44:08 PM


Question 16. Asked on :20 September 2020:07:19:28 PM

Explain real and nominal accounts with examples.

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh

 A real account is an account of assets and liabilities. E.g. land account, building account, etc.

A nominal account is an account of income and expenses. E.g. salary account, wages account, etc.

-Answered by nisha sheikh On 20 September 2020:07:44:52 PM


Question 17. Asked on :20 September 2020:07:17:47 PM

How many types of business transactions are there in accounting?

-Added by nisha sheikh Accountancy » Accounting Gk

Answer:

nisha sheikh
There are two types of business transactions in accounting – revenue and capital.

-Answered by nisha sheikh On 20 September 2020:07:45:23 PM


 

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