Accounting Basics
Cash book Questions & Answers 1. What is a Cash Book? Answer:A Cash Book is a financial journal that records all cash receipts and payments, including bank transactions. It serves as both a journal and a ledger for cash transactions. 2. How many types of cash books are there? Answer:There are three types of cash […]
Depreciation – CA Foundation Accounts Question 1.Meaning of depreciation.Answer:Meaning of depreciation:An expenditure which results into enduring benefit (long-term benefit) are treated as capital expenditure/fixed assets. Fixed assets are those assets which are held for use in the business and not for sale or consumption in the course of production. Fixed assets which have a limited […]
Accounting Policies – CA Foundation Accounts Question 1.What do you mean by Accounting policies? What are the basis of their selection? What are the different areas in which different accounting policies are possible?Answer:Meaning of Accounting Policy:→ The accounting policies refers to the specific accounting principles and the methods of applying those principles → Adopted by […]
Contingent Assets and Contingent Liabilities – CA Foundation Accounts Question 1.Contingent liability.Answer:Contingent liability:(a) A contingent liability is a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise. Possible […]
Capital and Revenue Expenditure – CA Foundation Accounts Question 1.Capital ExpenditureAnswer:Capital Expenditure: Any amount spent by actual payment or for which a liability is incurred is known as an expenditure. Capital Expenditure is that expenditure which results in the acquisition of an asset (tangible or intangible) which can be later sold and converted into cash […]
Accounting Concepts, Principles and Conventions – CA Foundation Accounts Study Material Question 1.What are Accounting Concepts, Principles & Conventions?Answer:Usually, accounting theories are expressed (referred) as Postulates, Concepts, Principles, Doctrines, Axioms, Rules, Standard, Assumptions, Canon etc. These are basic assumptions & norms on which the whole system of accounting is developed. These gives the basic structure […]
Meaning and Scope of Accounting – CA Foundation Accounts Study Material Question 1.What do you mean by Accounting? Give its definition.Answer:According to AICPA, “Accounting” is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and […]
Linear Inequalities mcqs Question 1 If ∣∣3x−44∣∣≤512, the solution set is:(a) {x: 1918 ≤ x ≤ 2918}(b) {x: 79 ≤ x ≤ 179}(c) {x: −2918 ≤ x ≤ −1918}(d) None of these [1 Mark, Feb. 2007]Answer:(b) is correct Question 2 On solving the inequalities 6x + y ≥ 18; x + 4y ≥ 12; 2x + y ≥ 10, we get the following situation: (а) (0, […]
Matrices mcqs Question 1.The value of k for which the points (k, 1)., (5, 5) and (10, 7) may be collinear if: (a) k = -5(b) k = 7(c) k = 9(d) k = 1Answer:FormulaPoints (x1; y1) ; (x2; y2) and (x3; y3) are collinear; if∣∣∣∣x1x2x3y1y2y3111∣∣∣∣ = 0 ⇒ ∣∣∣∣K510157111∣∣∣∣ = 0or; K(5 – 7) – 1(5 – 10) […]
Equations mcq Question 1.A man went to the Reserve Bank of India with ₹ 1,000. He asked the cashier to give him ₹ 5 and ₹ 10 notes only in return. The man got 175 notes in all. Find how many notes of ₹ 5 and ₹ 10 did he receive? (a) (25,150)(b) (40,110)(c) (150,25)(d) NoneAnswer:Tricks […]