41⟩ Under what type of account does the unearned revenues fall?
The unearned revenues falls under “Liability” account.
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73 Accounting Manager Questions And Answers
42⟩ Deferred taxation is a part of which equity?
Deferred taxation is a part of owner’s equity.
43⟩ Please explain overhead in terms of accounting?
It is the indirect expenditure of a company such as salaries, rent dues etc.
44⟩ Do you know where a cash discount should be recorded in journal entry?
A cash discount should be recorded in journal entry as a reduction of expense in “cash account”.
45⟩ Where do generally accruals appear on the balance sheet?
Accrued expenses usually tend to be extremely short-term. So you would record them within the “current liabilities section” of the balance sheet.
46⟩ Explain me retail banking?
It is a type of banking that involves a retail client. These clients are the normal people and not any organizational customers.
47⟩ Mention in which account does the unpresented cheque will get recorded?
The unpresented cheque will get recorded as a credit to the cash account in the company’s General ledger.
48⟩ What does the standard journal entry includes?
A standard journal entry includes, date of business transaction, name of the accounts affected, amounts to be debited or credited and a brief description of the event.
49⟩ What is trial balance in accounting?
In accounting, trial balance is an accounting report that lists the balances in each of an organization’s general ledger accounts. This is done at the end of posting journal entry to ensure that there are no posting errors.
50⟩ Tell me what is depreciation and its types?
By depreciation we mean that a value of an asset is decreasing as it is in use. It has two types such as “Straight Line Method” and “Written Down Value Method”.
51⟩ Explain me trade bills?
We know that all types of transactions need to be documented. The trade bills are the documents, generated against each transaction.
52⟩ What is account receivable?
A short term amounts due from buyers to a seller, who have purchased goods or services from the seller on credit is referred as account receivable.
53⟩ What is balancing in accounting?
Balancing means to equate both sides of the T-account i.e. the debit and credit sides of a T-account must be equal/balanced.
54⟩ What is an over accrual?
An over accrual is a condition where the estimate for an accrual journal entry is too high. This estimate may apply to an accrual of expense or revenue.
55⟩ Do you know what are bills receivable?
All types of exchange bills, bonds and other securities owned by a merchant that is payable to him are said as bills receivable.
56⟩ Can you list out the Stages of Double Entry System?
☛ Recording of transactions in the journal
☛ Posting of journal entry in to the respective ledger accounts and then preparing a trial balance
☛ Preparing final accounts and closing of books of accounts
57⟩ Tell me what is the term material facts in accounting?
Material facts are the bills or any document that becomes the base of every account book. It means that all those documents, on which account book is prepared, are called material facts.
58⟩ Tell me what is scrap value in accounting?
It is the residual value of an asset. The residual value is the value that any asset holds after its estimated life time.
59⟩ What is reversing journal entries?
Reversing journal entries are entries made at the beginning of an accounting period to cancel out the adjusting journal entries made at the end of the previous accounting period.
60⟩ What is compound journal entry?
A compound journal entry is just like other accounting entry where there is more than one debit, more than one credit, or more than one of both debits and credits. It is essentially a combination of several simple journal entries.
