Balance sheet interview questions and answers

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Balance sheet interview questions and answers


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What is a Balance Sheet? Why is it prepared?

Balance Sheet is a Statement showing financial position of the business on a particular date. It has two side one source of funds................
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List the type of items which appear under the liability side of a balance sheet.

Items which appear under the liability side of Balance Sheet are: ..............
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What types of items appear under the assets side?

Items which appear under the assets side of Balance Sheet are: ...............
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What are adjustment entries? Why are they passed?

Adjustment entries are the entries which are passed at the end of each accounting period to adjust the nominal ...............
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How would you deal with following while preparing final accounts?
          a.) Closing Stock
          b.) Depreciation
          c.) Outstanding Expenses
          d.) Prepaid Expenses
          e.) Accrued Income
          f.) Income receieved in advance
          g.) Bad debts
          h.) Provision for doubtful debts
          i.) Provision for discount on Debtors
          j.) Interest on Capital
          k.) Drawings
          l.) Deferred revenue expenditure written off
          m.) Abnormal Loss
          n.) Goods distributed as free samples
          o.) Goods sent on approval basis
          p.) Commission payable to the manager 

Closing Stock - Following entry will be passed: Closing stock account – Debit, Trading account - Credit ................
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