Answer all questions
1.What is trial balance? Explain its objectives?
- What is depreciation? Explain its need for providing depreciation?
- Define the term Non- Current Liabilities?
- What is trade discount?
- Which accounting principle states that all anticipated losses should be recorded but all anticipated profits should be ignored?
- What is accounting standard?
- Give two examples of capital expenditure?
- What is matching concept? Why should a business concern follow this concept?
- What are the qualitative characteristics of accounting information?
- What are source documents? State the elements of accounting voucher?
- Explain the principle states that the financial statements should disclose all significant information?
- State any five users of accounting information. Why do they need accounting information?
- What is meant by IFRS? Explain its objectives?
- Define Accounting? Explain the objectives of accounting?
- Briefly explain the following concepts of accounting:
- Dual aspect concept
- Revenue recognition concept
- Money measurement concept
- Show the Accounting Equation on the basis of the following transactions and prepare a Balance Sheet on the basis of the last transaction:
- Suman started business with cash Rs. 2,80,000.
- Purchased goods for cash Rs. 85,000 and credit Rs. 55,000.
- Bought furniture for cash Rs. 40,000.
- Paid salaries Rs. 3,000.
- Provide interest on capital Rs.5,000.
- Withdrew cash for private use Rs. 4,800.
- Sold goods (costing Rs. 52,000) for Rs. 50,000.
- Received interest on investment Rs. 3,500.
- Purchased machinery from Sunil & co. for Rs. 56,000.
- What are financial statements?
18 . Distinguish between capital expenditure and revenue expenditure?
- Define bill of exchange?
20.Define promissory note?
- Define the term Current Liabilities?
- How will you calculate due date of the bill.
- What is an error? Explain types of errors?
- What is rectification of errors?
- Difference between income statement and position statement?