Accounting Principles and Practices

In a bank's balance sheet, assets include items that the bank owns or is owed - cash, loans, investments. 'Money at call and short notice' refers to funds the bank has lent to other banks for very short periods (overnight or up to 14 days), which are assets for the lending bank. Options A (subscribed capital), B (acceptances and endorsements), and D (bills for collection) are all liability-side items - they represent obligations or amounts owed by the bank.

We have to press Ctrl + V to create Sales invoice when Sales Entry Screen is opened.

We must press Alt + 2. To create the voucher of the same type means creation of a duplicate voucher. For duplicating a voucher that is creating the voucher of the same type, we must press Alt + 2.

We have to press Alt + D to delete the company when the company alteration screen is opened. Press F3 for the company information. We have to select alter, then the name of the company then press Alt + D, if we want to delete. A confirmation for deletion is asked, Yes or No is asked. Press Y, if we want to delete.

This is the correct procedure to get to the reversing journal voucher screen. First, go to Gateway of Tally and select Accounting Voucher. Then, click F10 whereupon the reversing journal screen will appear.

F11 is the button that never appears for two times at Gateway of Tally. It always appears one time only. F11 is the button for selecting company features that is Inventory, Accounting and Statutory and Taxation features.

All the above entries are entered in journal proper.

Under Business Entity concept shareholders are treated as creditors of the business. It is also known as seperate entity concept.

Interim financial statements refer to profit and loss account and balance sheet,  which are made and presented  for an accounting period of less than one year, such as quarterly or monthly. Interim financial statements are normally  prepared after every three months. For accurate interim financial statements, accountant should evaluate inventory correctly and also reconcile the bank balance with company's record.

Yes it is correct choice.

Yes EBITDA stands forEarning before Interest , Tax and Depreciation and amortization . 

CRJ means cash receipt journal. In CRJ, we record only cash receipts. There are lots of sources of receiving cash, so we can make different columns in this journal. CPJ means cash payment journal. In CPJ, we record only cash payments. These payments are done for creditors, repayment of loans and other expenses. For knowing how much payment has been done, we show the different columns.

Interim financial statements refer to profit and loss account and balance sheet, which are made and presented for an accounting period of less than one year, such as quarterly or monthly. Interim financial statements are normally prepared after every three months. For accurate interim financial statements, accountant should evaluate inventory correctly and also reconcile the bank balance with company's record.

It is  a General ledger account whose balance reflects the total of balances of related subsidiary ledger accounts. Accounts receivable and accounts payable are the most commonly used control accounts, and their balances serve as a crosscheck (control) of the accuracy of the associated subsidiary records.

Surplus is for income and expenditure account.

AGING OF ACCOUNTS is the classification of accounts by the time elapsed after the date of billing or the due date. The longer a customers account remains uncollected or the longer inventory is held, the greater is its realization risk. Aging of accounts is the technique to classify accounts according to billing or due date. In this classification, we get the idea to whom, we have to get first and to whom, we have to pay first.