Q:1 Accounting starts where book keeping ends. Do you agree
with the statement?
Q;2 Can Plant and machinery be current asset for anyone?
Q:3 What do you mean by the term Art? Why is Accounting an
art?
Q:4 What is meant by the term Working Capital?
Q:5 What are the three types of Stock?
Q:6 Differentiate between Expense and Expenditure.
Q:7 Differentiate between Profit and Gain.
Q:8 What is the term that indicates the total of Debtors and
Bill Receivables?
Q:9 How is Proprietor treated in the firm?
Q:10 How is proprietor affected by profit or Loss of the
firm?
Q:11 What are Financial year and Calendar year?
Q:12 Give three examples of Deferred revenue Expenditure.
Q:13 What is meant by the terms-
i)
Turnover
ii)
Book value
iii)
Livestock
Q:14 Which value is the most important for a good
accountant?
Q:15 Give examples for each term:
i)
Fixed Assets
ii)
Profit
iii)
Gain
iv)
Short term Liability
v)
Expense
vi)
Revenue
Q:16 Name two Assets which are current assets but not liquid
assets.
Q:17 How do we show Contingent Liabilities in the books of
accounts?
Q:18 If the accounting information is not clearly presented,
which of the qualitative characteristic of the accounting information is
violated?
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