Scribd
Upload
4 views2 pages

Questions 5a 5b - RTR

The document outlines key accounting concepts relevant to freshers, including types of accounts (real, personal, nominal), depreciation, accrued income, contingent liabilities, deferred expenditure, and prepaid expenses. It provides definitions and examples for each concept, along with the golden rules for accounting entries. Additionally, it lists items found on the debit and credit sides of profit and loss accounts and balance sheets.

Uploaded by

manoj.thapa1
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
4 views2 pages

Questions 5a 5b - RTR

The document outlines key accounting concepts relevant to freshers, including types of accounts (real, personal, nominal), depreciation, accrued income, contingent liabilities, deferred expenditure, and prepaid expenses. It provides definitions and examples for each concept, along with the golden rules for accounting entries. Additionally, it lists items found on the debit and credit sides of profit and loss accounts and balance sheets.

Uploaded by

manoj.thapa1
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

RTR (RECORD TO REPORT )

QUESTIONS TO BE ASKED FROM FRESHERS/ PA /PD

Q1. WHAT ARE THE 3 TYPES OF ACCOUNTS IN ACCOUNTING ?


Answer :- REAL, PERSONAL , NOMINAL .
REAL:- real are the ones that are related with assets properties or possessions .
2 types of real account
a. Tangible b. intangible
GOLDEN RULE - DEBIT WHAT COMES IN, CREDIT WHAT GOES OUT .
PERSONAL :- they are the ones that are related with individuals , companies ,
firm , groups of association .
3 type of personal account
[Link] b. artificial c. representative

GOLDEN RULE - DEBIT THE RECIEVER , CREDIT THE GIVER .


NOMINAL :- related to income , expenses , losses , gains . these include wages ,
salary and rent account .
GOLDEN RULE - DEBIL ALL EXPENSE AND LOSSES , CREDIT ALL INCOME AND
GAINS .

Q2. WHAT IS MEANT BY DEPRECIATION ? WHAT IS ITS ENTRY .


Answer :- depreciation can be defined as continuing , permanent and gradual
decrease in the book value of fixed assets .

DEPRECIATION DR.

TO CONCERNED ASSET CR.

Q 3. DIFFERENTIATE BTEWEEN DEPRECIATION AND AMORTISATION ?

Answer :- Depreciation is the technique which is used to calculate the reduction


in value and cost of the tangible assets. Amortization is the technique which is
used to calculate the reduction in value and cost of the intangible assets.

[Link] IS ACCRUED INCOME ?


Answer :- Accrued income is revenue that's been earned, but has yet to be
received. Both individuals and companies can receive accrued income. Although
it is not yet in hand, accrued income is recorded on the books when it is earned,
in accordance with the accrual accounting method.
[Link] IS CONTINGENT LIABILITY?
ANSWER :- A contingent liability is a liability that may or may not happen.
This means there is uncertainty about recording such a liability in the financial
accounts. This is because the happening or not happening of a contingent
liability is not in the hand of us. There are two ways contingent liability can be
defined.

Q6. WHAT IS DEFFERED EXPENDITURE ?


Answer :- A deferred expenditure is placed on the balance sheet as an asset,
since it is something that has been paid a certain amount for, but has not yet
been used in its entirety.

Q7. WHAT ARE PREPAID EXPENSES AND PREPAID INCOME ?


Answer:-Prepaid expenses are future expenses that are paid in advance and
hence recognized initially as an asset.
Prepaid Income Prepaid income also known as unearned income, which is
received in advance before supply of goods or services

[Link] FIVE ITEMS FROM DEBIT AND CREDIT SIDE EACH OF PROFILT
AND LOSST ACCOUNT ?
Answer :- debit side – all expense
Credit side – all incomes

Q9. NAME 5 ITMES EACH FROM BALANCE SHEET .


Answer :- debit side – all assets
Credit side – all liabilities .

You might also like