Question

1. What is meant by cash transaction? 2. What is meant by credit transaction? 3. Briefly explain expenditure. 4. What are assets? 5. What are fixed assets? 6. What is meant by tangible assets? 7. Briefly explain Intangible assets. 8. Briefly explain the term ‘goods’. 9. Define the term ‘purchase’. 10. What are the main classes of Liabilities? 11. Give any two examples of current assets. 12. Name any three current liabilities. 13. Name two long term liabilities. 14. Explain capital briefly. 15. Who is a debtor? 16. Who is a creditor? 17. What is meant by Revenue from operations? 18. What is an income? 19. Define drawings with example. 20. Define voucher. 21. Define Merchandise. 22. A firm earns a revenue of 21000 and the expenses to earn this revenue are 15000. Calculate its income. 23. A firm has received an order supply goods. Will it be recorded in the books of accounts? 24. Distinguish between loss and expense. 25. What is meant by accounting? 26. Give any two objectives of accounting. 27. How is profit and loss of a particular period is ascertained? 28. How do we ascertain the financial position of the business? 29. What is end product of financial accounting? 30. Name any two users of accounting information. 31. Who are the internal users of accounting information? 32. Name any two external users of accounting information. 33. State the nature of information required by the following a) Investors b) Long Term Lenders c) Management d) Researchers 34. Which qualitative characteristic of accounting information requires the common units and common format of reporting? 35. Accounting information should be verifiable and free from bias. Which qualitative characteristic of accounting information denoted by this statement. 38. What is meant by cost accounting? 39. What is meant by management accounting? 40. Meena is owner of a restaurant. She paid her son’s fees from her personal bank account Rs.20,000. Whether this constitute her business transaction ? Give reason.

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