2 Marks.
1. Define Accounting
2. Sate the functions of accounting
3. What do you mean by Journal?
4. What is Petty Cash Book?
5. Define Bills of Exchange.
6. What is a Balance Sheet?
7. What is a Manufacturing Account?
8. What is Cash Book?
9. Give the rule of journalising the transactions of real account
10. What is the bills receivable?
11. Explain the term Debtor
12. What is Capital?
1. Explain: -
(a) Business entity concept
(b) Going Concern concept
(c) Account period concept
(d) Revenue Realisations Concept
2. Briefly explain the limitations of Business Accounting.
3. Distinguish between a single entry system and a double-entry system.
4. Explain the difference between Profit and Loss Account and Balance Sheet.
1. (a) Distinguish between ‘Accounting Concept’ and ‘Accounting Convention’.
(b) Explain the following concepts: -
(i) Dual Aspect Concept
(ii) Separate Entity Concept
(iii) Accounting Period Concept
2. Define Accounting. State its functions and limitations. How does it differ from bookkeeping?