Interview Questions Answers in Accounting General, Accounting AllOther

n sreedhar

{ City } hyderabad
< Country > india
* Profession * dgm - finance & accounts
User No # 40597

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Questions / { n sreedhar }

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As per accounting standards, what is the meaning of "Short Term Liabilities and Long Term Liabilities:? As the Company can change the classification based on their business? Or these meanings are fixed?

4 Accounting General 7454

Answers / { n sreedhar }

Question { 7128 }

Can anybody tell me the placement of the following ledgers
in the Trial Balance
1.Loans and Advances
2.Interest on Capital
3.Customer Deposit
4.Preliminery expenses
5.Insurance claim

Answer

All the ledgers showing debit balance will come in debit
side and showing credit balance will come in credit side.
Nothing else.

Is This Answer Correct ?

1 Yes

0 No

Question { Capital IQ, 10496 }

Generally which method companies follow in stores? Like
(FIFO,LIFO,Simple AVG,Weight AVG...)

Answer

Most of the companies are following FIFO method and very
few companies only are following LIFO. It is nothing but
the interest of company and its policies.

Is This Answer Correct ?

1 Yes

1 No