Financial Accounting- I - NCERT Solutions - GeniusJnr

Name the step which is considered the last in the accounting process.

 

Explain any three functions of accounting in brief.

Which of the following statements is true with respect to Capital?

(a) It is the amount invested by the entrepreneur in business
(b) It can be in the form of money or assets
(c) It is a liability of the business
(d) All of the above

What do you mean by Book Keeping? Is Book Keeping a part of Accounting? Give reasons.

What will be a single accounting term for each of the following sentences:

1. Expenditure incurred for purchase of fixed assets.

2. Amount due to the person usually on account of credit purchases.

 

Name any four external users of accounting information and briefly explain their interest.

Name the branch of accounting the objective of which is to ascertain gross profit and net profit.

 

Explain in brief any two of the following:

(a) Assets

(b) Capital

(c) Book Keeping

Mention any four advantages and two limitations of accounting.

What is the name given to such reactions? Give a general equation for it.

Identify the missing items.

Which qualitative aspect of accounting information signifies that statutorily required items must be disclosed in the financial reports?