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Asked/Added Questions From NCERT:


Question 1. Asked on :22 October 2020:07:10:41 PM

Which accounting principle states that the same amount of time must be used for each accounting period?


-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

Anjali Kumari
Matching principle is the accounting principle that requires that the expenses incurred during a period be recorded in the same period in which the related revenues are earned. This principle recognizes that businesses must incur expenses to earn revenues.

-Answered by Anjali Kumari On 23 October 2020:06:31:13 PM


Question 2. Asked on :22 October 2020:07:09:07 PM

What is it called when your expenses are greater than your revenues on an income statement?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

Anjali Kumari
A net loss occurs when total expenses are higher than total revenue. This is the opposite of net profit and is usually recorded at the bottom line of the income statementA loss can also refer to a cost that doesn't relate to normal business operations.

-Answered by Anjali Kumari On 23 October 2020:06:40:32 PM


Question 3. Asked on :22 October 2020:07:05:29 PM

 What is the amount collected from the sale of goods and services called?


-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

Anjali Kumari
 Value of Supply of Goods or ServicesValue of supply means the money that a seller would want to collect the goods and services supplied. The amount collected by the seller from the buyer is the value of supply.

-Answered by Anjali Kumari On 23 October 2020:06:38:03 PM


Question 4. Asked on :22 October 2020:07:02:48 PM

What does the abbreviation GAAP stand for?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

Anjali Kumari
Generally accepted accounting principles (GAAP) refer to a common set of accounting principles, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the United States must follow GAAP when their accountants compile their financial statements.

-Answered by Anjali Kumari On 23 October 2020:06:41:56 PM


Question 5. Asked on :22 October 2020:06:59:51 PM

What do you mean by Tangible Real Accounts and Intangible Real Accounts?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Tangible Real Account – Those assets which can be touched and have a physical existence are defined as tangible real accounts.

Example  Machinery A/c, Vehicle A/c, Building A/c

Journal Entry –

  • Debit what comes in
  • Credit what goes out

Intangible real account – Those assets which have some monetary values but can’t be touched are referred to as intangible real accounts.

Example – Goodwill, Patents, Copyrights

Journal Entry –

  • Debit what comes in
  • Credit what goes ou

-Answered by nisha sheikh On 22 October 2020:07:01:47 PM


Question 6. Asked on :22 October 2020:06:58:16 PM

 What is section 209 (4A) in the Companies Act, 1956?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Section 209(4A) in The Companies Act, 1956 states that:

Every company must preserve the books of accounts, together with the vouchers relevant to any entry in such books of account, in good order, relating to a period of not less than 8 years immediately preceding the current year.

So of the Current Year Ending is – March 2020 then, the company needs to store the accounts and vouchers for the following years:

March 2019, 2018, 2017,……, to 2012

-Answered by nisha sheikh On 22 October 2020:06:59:30 PM


Question 7. Asked on :06 October 2020:03:49:53 PM

What do you mean by Tangible Real Accounts and Intangible Accounts?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Tangible Real Account – Those assets which can be touched and have a physical existence are defined as tangible real accounts.

Example  Machinery A/c, Vehicle A/c, Building A/c

Intangible real account – Those assets which have some monetary values but can’t be touched are referred to as intangible real accounts.

Example – Goodwill, Patents, Copyrights

-Answered by nisha sheikh On 06 October 2020:03:51:23 PM


Question 8. Asked on :06 October 2020:03:47:04 PM

What is the Accounting Information System (AIS)?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
AIS is a computer-based method used for tracking accounting activity and involves – collecting, storing, processing, organizing, and summarizing accounting data and transactions. It also helps in cumulating financial transactions and essential financial reports, which helps stakeholders in decision making. 

-Answered by nisha sheikh On 06 October 2020:03:48:52 PM


Question 9. Asked on :06 October 2020:03:30:16 PM

What are the different types of liquidity ratios in Accounting?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

  1. Current ratios 
  2. Net-Working Capital Ratio
  3. Quick Ratio
  4. Super Quick Ratio
  5. The Operating cash flow Ratio

-Answered by nisha sheikh On 06 October 2020:03:32:24 PM


Question 10. Asked on :06 October 2020:03:25:34 PM

What do you mean by DPO (Days Payable Outstanding)?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
DPO or Days Payable Outstanding refers to the average number of days which ideally a company takes to clear its credit purchase in regards to the outstanding suppliers. Most of the time, DPO is a monthly task for a business, however, each month the day of clearing the outstanding payment might differ, hence the average is taken out to estimate the payment period.

-Answered by nisha sheikh On 06 October 2020:03:29:37 PM


Question 11. Asked on :03 October 2020:11:52:09 AM

 What do you mean by Amortization?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Amortization is an accounting concept that is used to gradually write off the cost. Through amortization, over a period of time, one can allocate the cost of any intangible asset. Also, it can be done to repay any loan principal. However, those assets which have an indefinite life like Goodwill can not be amortized.

-Answered by nisha sheikh On 03 October 2020:11:54:21 AM


Question 12. Asked on :03 October 2020:11:49:10 AM

Are you in favour of having Accounting Standards?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

 I believe that accounting standards contribute to high quality and accurate reporting and ensure reliable financial statements.

-Answered by nisha sheikh On 03 October 2020:11:56:15 AM


Question 13. Asked on :03 October 2020:11:47:35 AM

 What are the various stages of project implementation?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

There are six steps involved in project implementation, which are –

1. Identifying need

2. Generating and screening ideas

3. Conducting a feasibility study

-Answered by nisha sheikh On 03 October 2020:11:57:22 AM


Question 14. Asked on :03 October 2020:11:45:37 AM

 What is Project Implementation?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Project implementation is a phase when the plans and visions come into reality. This includes carrying out the tasks to deliver the outputs and monitor the related progress.

-Answered by nisha sheikh On 03 October 2020:11:58:55 AM


Question 15. Asked on :03 October 2020:11:43:20 AM

 Write the name of some common errors in accounting?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Some common accounting errors are –

1. Error of omission

2. Error of commission

3. Error of original entry

4. Error of accounting principle

5. Compensating error

6. Error of entry reversal


-Answered by nisha sheikh On 03 October 2020:12:01:01 PM


Question 16. Asked on :03 October 2020:11:42:06 AM

 What is GST ?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
GST or Goods and Service Tax is an indirect tax charged on the value of the service or product sold to a customer. Here the consumers pay the tax to the seller, who thereby deposits the GST to the government.

-Answered by nisha sheikh On 03 October 2020:12:03:17 PM


Question 17. Asked on :03 October 2020:11:40:32 AM

 Explain Contingent Liabilities?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Contingent Liabilities are potential obligations that may or may not become an actual liability. They may or may not be incurred by an entity, based on the outcome of an uncertain future event, e.g. – If an ex-employee of an ABC company sues it for gender discrimination for any particular sum, the company has a contingent liability. In case the company is found guilty, it will have a liability, and if it is not found guilty, the company will not have an actual liability.

-Answered by nisha sheikh On 03 October 2020:12:04:25 PM


Question 18. Asked on :03 October 2020:11:39:40 AM

 What is a Credit Note?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
 A credit note is a receipt given to a buyer who has returned a product, by the seller/shop. This intimation suggests that the buyer’s account is being credited for the purpose indicated.

-Answered by nisha sheikh On 03 October 2020:12:05:00 PM


Question 19. Asked on :03 October 2020:11:36:50 AM

 What is Debit Note?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Debit note or debit memorandum is a commercial document sent to a seller, by a buyer, formally requesting a credit note. The original document is sent to the party to whom the goods are being returned and the duplicate copy is kept for office record.

-Answered by nisha sheikh On 03 October 2020:12:05:31 PM


Question 20. Asked on :03 October 2020:11:35:17 AM

 What is owner's equity?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
The owner’s equity is a business owner’s claim against the assets of the business. It is also called the capital of the business and is calculated by subtracting equity of creditors from the total equity.

-Answered by nisha sheikh On 03 October 2020:12:05:53 PM


Question 21. Asked on :03 October 2020:11:34:00 AM

Write the name of different accounting concepts?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

The most popular accounting concepts are –

1. Accounting Period Concept

2. Business Entity Concept

3. Cost Concept

4. Dual Aspect Concept

5. Going Concern Concept

6. Matching Concept

7. Money Measurement Concept

-Answered by nisha sheikh On 03 October 2020:12:08:18 PM


Question 22. Asked on :03 October 2020:11:31:29 AM

 What are Revenue Recognition and Matching Principle?s

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Revenue Recognition Principle – This principle suggests that the revenue should be recognized and recorded when it is realized and earned, no matter when the amount has been paid.

Matching Principle – This principle dictates the companies to report an expense on its income statement the time the related revenues are earned. It is associated with the accrual basis of accounting.

-Answered by nisha sheikh On 03 October 2020:12:07:56 PM


Question 23. Asked on :03 October 2020:11:30:44 AM

 When does Goodwill Increase?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Goodwill can be increased through the acquisition of another company as a subsidiary, by paying more than the fair value of its tangible and intangible assets.

-Answered by nisha sheikh On 03 October 2020:12:07:34 PM


Question 24. Asked on :03 October 2020:11:12:49 AM

When do you Capitalize rather than expense a purchase?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
An item’s cost is capitalized is it is expected to be consumed by the company over a long period. This way their economic value does not depreciate.

-Answered by nisha sheikh On 03 October 2020:12:07:15 PM


Question 25. Asked on :03 October 2020:11:11:44 AM

What is bad debt expense?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Bad debts expense is asset accounts receivable of a company and is considered to be uncollectible accounts expense or doubtful accounts expense.

-Answered by nisha sheikh On 03 October 2020:12:06:54 PM


Question 26. Asked on :01 October 2020:12:30:05 PM

 Write the name of some intangible assets?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Intangible assets include –

1. Patents

2. Copyrights

3. Trademarks

4. Brand names

5. Domain names

-Answered by nisha sheikh On 01 October 2020:12:30:56 PM


Question 27. Asked on :01 October 2020:12:28:42 PM

 What is reversing journal entries?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Reversing entries refer to the journal entries that are made when an accounting period starts. These entries reverse or cancel the adjusting journal entries that were made at the end of the previous accounting period.

-Answered by nisha sheikh On 01 October 2020:12:29:44 PM


Question 28. Asked on :01 October 2020:12:27:20 PM

What is an over accrual?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
It is a situation where the estimate for accrual journal entry is very high, and this may apply to the accrual of revenue or expense.

-Answered by nisha sheikh On 01 October 2020:12:28:26 PM


Question 29. Asked on :01 October 2020:12:22:51 PM

 Differentiate between Provision and Reserve?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Provisions – This refers to keeping the money for a given liability. In short, EXPENSES.

Reserves – Refers to retaining some amount from the profit for future use. In short, PROFITS.

-Answered by nisha sheikh On 01 October 2020:12:26:38 PM


Question 30. Asked on :01 October 2020:12:19:12 PM

 Define Partitioning?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Partitioning refers to the division/subdivision/grouping/regrouping of financial transactions in a given financial year.

-Answered by nisha sheikh On 01 October 2020:12:20:43 PM


Question 31. Asked on :01 October 2020:12:17:41 PM

 What is the difference between consignor and consignee?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Consignor – S/he is the shipper of the goods

Consignee – S/he is the recipient of the goods.

-Answered by nisha sheikh On 01 October 2020:12:21:15 PM


Question 32. Asked on :01 October 2020:12:16:36 PM

What are the different types of Depreciation?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Depreciation is of two types –

1. Straight Line Method

2. Written Down Value Method

-Answered by nisha sheikh On 01 October 2020:12:21:55 PM


Question 33. Asked on :01 October 2020:12:15:58 PM

 Define Depreciation?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Depreciation refers to the decreasing value of any asset that is in use.

-Answered by nisha sheikh On 01 October 2020:12:22:33 PM


Question 34. Asked on :01 October 2020:12:05:08 PM

 What is the dual aspect term?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
The dual aspect suggests that every business transaction requires double-entry bookkeeping. This can be understood with the example- If you purchase anything, you give the cash and receive the stuff, and when you sell anything, you lose the stuff and earn the money. This defines the aspects of every transaction.

-Answered by nisha sheikh On 01 October 2020:12:09:34 PM


Question 35. Asked on :01 October 2020:12:02:37 PM

 What is Compound Journal Entry?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
 A compound journal entry is just like other accounting entries; the only difference is that it affects more than two account heads. The compound journal entry has one debit, more than one credits, or more than one of both debits and credits.

-Answered by nisha sheikh On 01 October 2020:12:10:50 PM


Question 36. Asked on :01 October 2020:11:59:52 AM

 Where should you record a cash discount in journal entry?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
A cash discount should be recorded as a reduction of expenses in a cash account.

-Answered by nisha sheikh On 01 October 2020:12:13:42 PM


Question 37. Asked on :01 October 2020:11:51:58 AM

What is the Difference Between Accounts Receivable and Deffered Revenue?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Accounts receivable is yet-to-be received cash from products or services that are already sold/delivered to customers, whereas, deferred revenue is the cash received from customers for services or goods not yet delivered.

-Answered by nisha sheikh On 01 October 2020:11:59:34 AM


Question 38. Asked on :01 October 2020:11:49:12 AM

 Write the some examples of Liability Account?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Some popular examples of liability accounts are 

1. Accounts Payable

2. Accrued Expenses

3. Bonds Payable

4. Customer Deposits

5. Income Taxes Payable

-Answered by nisha sheikh On 01 October 2020:11:57:49 AM


Question 39. Asked on :01 October 2020:11:48:21 AM

 What is GAAP?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
GAAP is the abbreviation for Generally Accepted Accounting Principles (GAAP) issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956. 

-Answered by nisha sheikh On 01 October 2020:11:57:26 AM


Question 40. Asked on :01 October 2020:11:46:16 AM

 What is Assets minus Liabilities?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
 It stands for an owner’s or a stockholder’s equity.

-Answered by nisha sheikh On 01 October 2020:11:57:00 AM


Question 41. Asked on :01 October 2020:11:28:33 AM

 What are the disadvantages of Double Entry System?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
  • Difficult to find the errors, especially when transactions are recorded in the books
  • In case of any error, extensive clerical labour is required
  • You can’t disclose all the information of a transaction, which is not properly recorded in the journal

-Answered by nisha sheikh On 01 October 2020:11:55:07 AM


Question 42. Asked on :01 October 2020:11:26:58 AM

 What are the different stages of Double Entry System?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

There are three different stages of the double-entry system, which are –

  • Recording transactions in the accounting systems
  • Preparing a trial balance in respective ledger accounts
  • Preparing final documents and closing the books of accounts

-Answered by nisha sheikh On 01 October 2020:11:54:26 AM


Question 43. Asked on :01 October 2020:11:22:24 AM

 Define the term Material facts?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
These are the documents such as vouchers, bills, debit and credit notes, or receipts, etc. They serve as the base of every account book.

-Answered by nisha sheikh On 01 October 2020:11:26:11 AM


Question 44. Asked on :01 October 2020:11:20:04 AM

 What are Trade Bills?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
 Every transaction is documented and the trade bills are those documents, generated against each transaction.

-Answered by nisha sheikh On 01 October 2020:11:22:05 AM


Question 45. Asked on :30 September 2020:06:39:21 PM

 What is Marginal Cost?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
If there is an increase in the number of units produced, the total cost of output is changed. Marginal cost is that change in the cost of an additional unit of output.

-Answered by nisha sheikh On 01 October 2020:11:19:42 AM


Question 46. Asked on :30 September 2020:06:37:10 PM

 Define Balancing?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Balancing means equating or balancing both debit and credit sides of a T-account.

-Answered by nisha sheikh On 30 September 2020:06:38:51 PM


Question 47. Asked on :30 September 2020:11:37:26 AM

 What are the Bills Receivable?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

Bills receivable are the proceeds or payments, which a merchant or a company will be receiving from its customers.

When replying to accounting interview questions, be very specific and don’t speak up generic stuff.

-Answered by nisha sheikh On 30 September 2020:06:36:44 PM


Question 48. Asked on :30 September 2020:11:33:52 AM

 What is Executive Accounting?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Executive Accounting is specifically designed for service-based businesses. This term is popular in finance, advertising and public relations businesses.

-Answered by nisha sheikh On 30 September 2020:11:35:16 AM


Question 49. Asked on :30 September 2020:11:32:16 AM

 What do you mean by premises?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
 Premises refer to fixed assets presented on a balance sheet.

-Answered by nisha sheikh On 30 September 2020:11:33:24 AM


Question 50. Asked on :30 September 2020:11:28:59 AM

 What is ICAI?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
It is the abbreviation of the Institute of Chartered Accountants in India.

-Answered by nisha sheikh On 30 September 2020:11:31:11 AM


Question 51. Asked on :30 September 2020:11:21:36 AM

 What are some of the ways to estimate bad debts?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Some of the popular ways of estimating bad debts are – the percentage of outstanding accounts, aging analysis, and percentage of credit sales.

-Answered by nisha sheikh On 30 September 2020:11:28:21 AM


Question 52. Asked on :21 September 2020:10:07:39 AM

 What is the Perpetual Inventory system?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Perpetual inventory is a methodology that involves recording the sale or purchase of inventory immediately using enterprise asset management software and computerized point-of-sale systems.

-Answered by nisha sheikh On 21 September 2020:10:09:23 AM


Question 53. Asked on :21 September 2020:10:06:05 AM

 What is Departmental Accounting System?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
 It is a type of accounting information system that records all the financial information and activities of the department. This financial information can be used to check the profitability and efficiency of every department.

-Answered by nisha sheikh On 21 September 2020:10:09:49 AM


Question 54. Asked on :21 September 2020:09:56:56 AM

 What is Scrap value in Accounting?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Scrap Value is the residual value of an asset that any asset holds after its estimated lifetime.

-Answered by nisha sheikh On 21 September 2020:09:58:40 AM


Question 55. Asked on :21 September 2020:09:56:08 AM

 What is Fair value Accounting?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
As per fair value accounting, a company has to show the value of all of its assets in terms of price on balance sheet on which that asset can be sold.

-Answered by nisha sheikh On 21 September 2020:10:00:02 AM


Question 56. Asked on :21 September 2020:09:55:30 AM

 What are the Trade Bills?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
These are the bills generated against each transaction. It is a part of documentation procedure for all types of transactions.

-Answered by nisha sheikh On 21 September 2020:10:00:37 AM


Question 57. Asked on :21 September 2020:09:54:25 AM

 What is Off Set Acounting?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Offset accounting is a process of cancelling an accounting entry with an equal but opposite entry. It decreases the net amount of another account to create a net balance.

-Answered by nisha sheikh On 21 September 2020:10:01:03 AM


Question 58. Asked on :21 September 2020:09:53:29 AM

 What is Retail Banking?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Retail banking or consumer banking involves a retail client, where individual customers use local branches of larger commercial banks.

-Answered by nisha sheikh On 21 September 2020:10:01:35 AM


Question 59. Asked on :21 September 2020:09:52:24 AM

 What is the meaning of Purchase Return in Accounting?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
As the name suggests, purchase return is a transaction where the buyer of merchandise, inventory or fixed assets returns these defective or unsatisfactory products back to the seller.

-Answered by nisha sheikh On 21 September 2020:10:01:59 AM


Question 60. Asked on :21 September 2020:09:44:57 AM

 What are the Different Branches of Accounting?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh

 There are three branches of accounting –

  • Financial Accounting
  • Management Accounting
  • Cost Accounting

-Answered by nisha sheikh On 21 September 2020:10:02:31 AM


Question 61. Asked on :20 September 2020:07:31:02 PM

 What are the common errors in accounting?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
The common errors in accounting are – errors of omission, errors of commission, errors of principle and compensating error.

-Answered by nisha sheikh On 20 September 2020:07:37:39 PM


Question 62. Asked on :20 September 2020:07:25:15 PM

 What is TDS?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
 TDS (Tax Deducted at Source) is a concept aimed at collecting tax at every source of income.

-Answered by nisha sheikh On 20 September 2020:07:42:47 PM


 

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