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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Accounting General interview questions  Accounting General Interview Questions (2810)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4360)
Question
Why do balance sheet always have same total of Assets and 
liabilities..??? pls ans dis...my id is 
business.ankita@gmail.com
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Due to Accounting Principle and second thing is We are
working with double entry system as per accounting
stadared,Dr & Cr is equal.
 
Is This Answer Correct ?    29 Yes 4 No
Ashish Kumar Tiwari
 
Answer
# 2
According to accounting princple every dr has a
corresponding cr.balance.Balance sheet is a statement to
know the financial position of the business.as we are
following double entry system of accounting.
 
Is This Answer Correct ?    12 Yes 2 No
Bk
 
 
 
Answer
# 3
Hi Dear,
all the above answers may be the reasons why B/s showing
the same ammounts.
but as per my knowledge in another corner b/s contains the
profit/loss entry which is not actual Asset or liability.
but if the company gains the profit we will show it in
liability side as company needs to pay that profit to share
holders. the actual loss or profit carryforward from T/b
and showing it into b/s that is why it is always tallied.
 
Is This Answer Correct ?    8 Yes 2 No
Swamydlj@rediffmail.com
 
Answer
# 4
Dear Ankita, according to the double entry system of
accounting, every debit should have a equal credit,
otherwise it would not be called as 'Balance Sheet'. Hence,
all the incomes generated by the company/business have
expenses to run. Every year every business concern should
give it for audit, to confirm whether every recorded
transaction is true to the best of knowledge, and therein
the role of an auditor arises, where he has to check and
confirm that everything mentioned in the balance sheet has a
true and fair view.
 
Is This Answer Correct ?    6 Yes 1 No
Ameet
 
Answer
# 5
Due to Accounting Principle and second thing is We are
working with double entry system as per accounting
stadared,Dr & Cr is equal..
 
Is This Answer Correct ?    5 Yes 1 No
Mayur Patel
 
Answer
# 6
Hi ankita,
Here we should learn the basic concept of accounting.
In INDIA we are following double entry system because of that every debit have equal credit.

EX: company is artificial person, we are investing Rs.1,00,000 i.e in the assets side cash Rs100000 at the same side liability side Creditors/capital 100000.
 
Is This Answer Correct ?    3 Yes 1 No
Lokesh Babu
 
Answer
# 7
what ashish kumar is written is right suneetha ur wrong
actually that is not a concept that u have mention ok
 
Is This Answer Correct ?    4 Yes 4 No
Ram
 
Answer
# 8
according to the double entry system of
accounting, every debit should have a corresponding credit.
so B/S shows it in that way...
 
Is This Answer Correct ?    1 Yes 1 No
Dinesh
 
Answer
# 9
because of our accounting principles if they do not match
it means there is error in that balance sheet.
 
Is This Answer Correct ?    0 Yes 0 No
Aashish Tahelani
 
Answer
# 10
hi i am ankit answer 9 
Is This Answer Correct ?    0 Yes 0 No
Ankit Bisaria
 

 
 
 
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