Interview Questions Answers in Accounting General

deepak mishra

{ City } lucknow
< Country > india
* Profession * student
User No # 42541

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Question { 25947 }

What is contra entry?

Answer

We can see contra entry in three coloumn cash book when
transaction are made between a company or firm and bank.

Ex: cash draw in bank by company or firm

Is This Answer Correct ?

6 Yes

1 No

Question { 11398 }

What is LIFO and FIFO ?

Answer

It method used in stock valuation & stores ledger
lifo: Last-in-first-out
according to this method whats last in he first out.

fifo: first-in-first-out
according to this method whats first in he first out.

Is This Answer Correct ?

22 Yes

1 No