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- Question
Why does the Outstanding exp & Prepared Expenses treated as Personal Account?
- Correct Answer
- Because these exps are paid/payable to persons person includes Sole Proprietor, Partnership Firms, HUF, Co; etcPersonal accounts always appear in B/S until it is transfered to expenditure by debiting to P&L A/C
- 1. What is accumulated loss? Discuss
- 2. What do you understand by Open Item Managed Account? Discuss
- 3. What is the types of assets? Discuss
- 4. Which of these investments may pay dividends?
Options- A. Savings account
- B. Stocks
- C. Bonds
- D. Certificates of deposit Discuss
- 5. What are the activities present in payroll task? Discuss
- 6. What is the Debit Balance recovery? How we can recover if we wont have any future transactions from supplier? Discuss
- 7. Which is the most accurate statement about trade?
Options- A. Trade makes some nations better off and others worse off
- B. Trading for a good can make a nation better off only if the nation cannot produce that good itself
- C. Trade helps rich nations and hurts poor nations
- D. Trade can make every nation better off Discuss
- 8. A distinguishing feature of managerial accounting is
Options- A. general-purpose reports
- B. very detailed reports
- C. quarterly and annual reports
- D. external users Discuss
- 9. A Credit may signify a
Options- A. Increase in the liability account
- B. Decrease in an asset account
- C. Increase in the capital stock account
- D. All of the above Discuss
- 10. Accrual accounting is used because
Options- A. it provides a better indication of ability to generate cash flows than the cash basis.
- B. it recognizes revenues when cash is received and expenses when cash is paid.
- C. cash flows are considered less important.
- D. All of the above Discuss
Accounting and Finance problems
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Correct Answer: A loss (or losses) from previous years carried forward in order to offset future earnings This reduces the tax burden for the years with profit as the accumulated losses are deducted from the taxable profit
Correct Answer: Open item management ensures that all items that have not yet been cleared are available in the system Only after every open item in a document is cleared can a document be archived
Correct Answer: There are three types of assets 1 Fixed assets : Those assets which will be used by the company for a long period of time a) Tangible assets: those assets which we can see and touch and exp Land & Buildings, Plant & Machinery,Furniture, fixtures and fittings b) Intangible assets: Those assets which we can't see and touch like Goodwill, Patents, Copyrights, Trade Mark etc 2 Current assets : Those assets which can be easily converted into cash within one year like cash in hand, cash at bank, Bills receivable, stock etc 3 Fictitious assets: its not the actual assets , its the expenditure occurred at the tine of commencement of firm ( capital expenditure )like preliminary expenses, discount on issue on debenture/shares, underwriting commission etc
Correct Answer: Stocks
Explanation:
Stock investment may pay the dividends.
The amount of dividend will be depended on how many stocks you own and how much is that's company net income in that year
For example :
If you own 15 % of the company, and the company announced that they will pay Rs. 1,00,000 as dividend this year, you will get dividend payment of Rs. 15,000.
Correct Answer: 1 Processing Payroll to generate Paycheck and Pay Stubs 2 Generating Tax reports and vouchers using which Taxes are deposited to Govt (Employee Tax) 3 Processing reports that are handed over to Accounting Dept 4 Ensuring that the Deductions, Benefits, Acruals, Taxes and Salaries are accurate ( 5 Posting the Journals to Finance 6 Processing Govt Reports and submitted to Govt 7 Entering interims (may also be done by HR in some Companies) 7 Year End Process to generate W2s
Correct Answer: The Debit balance recovery is usually made by raising a credit memo for the regular vendors However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him
Correct Answer: Trade can make every nation better off
Correct Answer: very detailed reports
Explanation:
Managerial accounting is the process of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of an organization's goals. This branch of accounting is also known as cost accounting.
Hence, the distinguishing feature of managerial accounting is very detailed reports.
Correct Answer: All of the above
Explanation:
A credit may signify a decrease in an asset account or an increase in a liability or capital stock account.
A debit may signify an increase in an asset account.
Correct Answer: it provides a better indication of ability to generate cash flows than the cash basis.
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