ACCOUNTS QUESTIONS / IMPORTANT QUESTIONS OF ACCOUNTING

 1. What do you mean by carriage inward?

2. Where do we post return inward in final accounts? What is the other name of return inward?

3. What is prepaid expenses?

4. What is outstanding liabilities?

5. When Discount is recorded in trial balance ? Why?

6. When commission is written in debit column of trial balance, What does it signify?

7.How is interest on loan treated in Profit and loss Account and Balance Sheet?

8.What are the two branches in accounting ?

9.Is accounting is science or arts ?

10. Name four accounting concepts.

11. Name four accounting conventions.

12. What are the three different types of accounts ?

13. Where do we book purchase in Final Account?

14. Name 2 fixed assets.

15. In final accounts where do we post cash in hand?

16. In final accounts where do we record sales account ?

17. In final Account where do we record creditors ?

18. Name two fixed cost and variable cost .

19. What is the formula for calculating contribution ?

20. What is margin of safety?

 21. Is rent of factory a fixed cost or variable cost ?

22. Name two current assets.

23. Name two current liabilities.

24. Is Bank loan considered to be owned capital or borrowed capital ?

25. What is the situation known as when total revenue is equal to total cost ?

26. What is Break-even analysis?

27. What is marginal cost ? Explain with an example .

28. State the difference between Trial Balance and Balance Sheet .

29. Explain the golden rule of accounting ?

30.What is Trial Balance ? What are the objectives of preparing of preparing a trial balance.

31. Write short notes on Journal and Trial Balance .

32. Which items are debited or credited in trial balance ?

33. What are the objectives of accounting ?

34. Name the different types of items that come under nominal account . 

35. Why do we prepare trading accounts ?

36. Why do we prepare Profit and loss account?

37. Explain the following terms: Capital, Drawing , Return inward , carriage , Fixed assets.

38. Write short notes on going concern concepts and separate entity concepts.

39. Write difference between outstanding expenses and prepaid expenses.

40. What is motivation ?

41. What is communication ?

42. What is organizing?

43. What is staffing ?

44. Is management science or art?

45. What is controlling ? Explain the steps involved in controlling.

46. Explain the functions of management?

47. What is planning ? Explain in brief the steps in planning.

48. What is Economic Order Quantity ?

49. What is FIFO and LIFO?

50. What is re-order level?

51. What is maximum stock level?

52. What is double entry system of bookkeeping?

53. What are compound entries ?

54. What are tangible fixed assets ?

55. What is depreciation ?

56. What are the different types of losses?

57.Write the difference between event and transactions?

58. Write the difference between personal account and impersonal account?

59.What are the advantages of journal ?

60. What are the advantages of ledger?

61. Who are the users of accounting ?

62. What is posting?

63. Why closing stock is not recorded in trial balance?

64.Write the difference between discount and rebate.

65. Write the concept of cash transactions and credit transactions.

66. Who are our debtors and creditors?

67. Write few examples of income .

68. Write the difference between gross profit and net profit .

69. Why balance sheet is consider as statement ?

70. Write the difference between accrual basis and cash basis.

71. Write the formula of calculating maximum order level and minimum order level.




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