IMPORTANT THEORETICAL QUESTIONS BANK
Chapter 1: Introduction to Accounting.
- Define Accounting. In what way is accounting information useful for (i)Investors (ii)Managers (iii) Creditors and (iv) employees of a business?
- Distinguish between Cash Basis of Accounting and Accrual basis of Accounting.
- Write a short note on Hybrid basis of accounting.
- Define in one sentence each:(i) Expense (ii) Equity (iii) Liability (iv) Asset (v)Income.
- Write a short note on accounting concept of income and economic concept of income.
- Explain the relationship of accounting with Economics, Statistics, Mathematics and Management.
- Write a short note on ‘Role of Accountant in the Society’.
Chapter 2: Generally Accepted Accounting Principles.
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