Interview Questions Answers in Accounting General, Audit, Accounting AllOther

Questions / { vishwas }

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Answers / { vishwas }

What are the difference between P/l a/c and income and
expenditure

Answer

P& L Account is for know the profit of Enterprises.I&E is
for Non trading orgastion for know the income for the year.

But in case of Professional person we will prepare I&E for
know income .

Is This Answer Correct ?

6 Yes

2 No

Question { 14450 }

work in progress for a construction company this year is
Rs.5,00,000/-.In balance sheet Rs.5,00,000/- will be
debited under current asset a/c but the credit would under
which account.and next year what will be the entry.please
answer me in detail.

Answer

Work in Progress for that year will be closing stock in
hand under current assetes.

For next year it will be Opening Stock for that year

Is This Answer Correct ?

4 Yes

2 No

Question { 15965 }

in Tally accounting programme where should I can make
ledger for Work in Progress? under which accounting head?
Eg. Debit will be under Current Asset a/c and what about
credit? whether it is under Purchase a/c? or under Income
a/c?

Answer

In tally accounting programe we can create one lederg
called "Work in Progress" under the group 'stock in hand'

Any way it will effective on closing staock of trading
account.

Is This Answer Correct ?

7 Yes

1 No

Question { Airtel, 16395 }

1)how will you check the expenses?

Answer

All the expenses we can find day book from there we can
make three group

1. Cash Book
2. Bank Book
#. Journal Entry.

Is This Answer Correct ?

3 Yes

2 No

Question { 38405 }

Outstanding Income & Advance income - Will it be shown in
P&L..? In b/s which side, it will be shown..?

Answer

Outstading income & Advance income will not reflectin P&L
A/c.

We will show Advance income on Current Liabilitie side.
We will show outstading income on Current Assets.

Is This Answer Correct ?

31 Yes

9 No

Question { 8579 }

FIXED Asset - What is the most used method/right method in
Depreciation in India and other countries..? (ie., Straight
line method,Written down value method. or etc.,). The
calculation for depreciation how it stand commonly in all
organization..? Is there any difference between companies
and assets..?

Your answer will be highly appreciated.

Thanks in advance.

Answer

W.D.V. Method is best. for all companies

Is This Answer Correct ?

10 Yes

3 No

Question { 17857 }

How to get FIRC from Bank & How many days to take time
inflow statments submation fo Bank?

Answer

FIRC Means "Foreign Inward Remittance certificate". It is
the certificate issue by banker for the inward amount from
foregin cournties> It Contains Date @ what rate is credit
in INR Purpouses.It needs to be submitted RBI at nay time.
It will give full detils of transcation.

Is This Answer Correct ?

10 Yes

1 No