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Financial Accounting by P. C. Tulsian

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APPENDIX IV

IMPORTANT THEORETICAL QUESTIONS BANK

Chapter 1: Introduction to Accounting.

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

Chapter 2: Generally Accepted Accounting Principles.

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