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Give the purpose, nature and functions of accounting

Assignment Help Accounting Basics
Reference no: EM133138894

Questions -

Q1. What is Accounting?

Q2. Give the purpose, nature and functions of Accounting.

Q3. Differentiate the following:

-Accounting and Bookkeeping

-Financial Accounting and Management accounting

-The forms of business organizations

-The types of business activities

-Accrual basis and cash basis of accounting

-Perpetual and periodic inventory system

Q4. Explain the different areas of Accounting.

Q5. Define generally accepted accounting principles (GAAP)? Give and explain examples of GAAP.

Q6. What is double - entry accounting system?

Q7. What are the rules of debit and credit?

Q8. What is the accounting cycle?

Q9. What are steps in the accounting cycle? Describe each step.

Q10. What is transposition? Slide?

Q11. What are adjusting entries?

Q12. Give the importance of adjusting entries.

Q13. After the trial balance is completed, why are financial statements not prepared yet?

Q14. Why is it important to prepare the financial statements at the end of an accounting period?

Q15. What are the basic types of adjusting entries? Explain each.

Q16. What are the two methods of accounting for prepayments?

Q17. What adjusting entries are made assuming the business records prepayment under the asset method? Under the expense method?

Q18. What are the two methods of accounting for unearned revenue?

Q19. What adjusting entries are made assuming the business records unearned revenue under the liability method? Under the income method?

Q20. What is the pro-forma adjustment for accrued expense? Accrued revenue?

Q21. What is the pro-forma adjustment for depreciation?

Q22. What is the difference between an adjusting entry and a correcting entry?

Q23. What are the financial statements prepared at the end of the accounting period? Describe each.

Q24. What is value added tax and how does it affect revenue?

Q25. What are special journals? Give the types of special journals and its purpose?

Reference no: EM133138894

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