HELLO FRIENDS WELCOME BACK TO TECH 4 YOU WEBSITE
TODAY WE ARE DISCUSSING ABOUT PLUS ONE ACCOUNTANCY CHAPTER 1
IMPORTANT QUESTION AND ANSWER
CHAPTER 1 : INTRODUCTION TO ACCOUNTING
QUESTION
1. DEFINE ACCOUNTING
(A).SYSTEMATICALLY RECORDING OF THE BUSINESS TRANSACTION IN SET OF BOOKS
2. EXPLAIN BRIEFLY ANY TWO CHARACTERISTICS OF ACCOUNTING
(A). (i) IDENTIFICATION
it involves the identification of those transaction and event which are of a financial nature
(ii). MEASUREMENT
in accounting only those business transaction and events are considered which are measurable in monetary terms
3. WHAT IS THE FIRST OF ACCOUNTING PROCESS ?
(A) THE FIRST STEP OF ACCOUNTING PROCESS IS IDENTIFYING THE FINANCIAL TRANSACTION ?
4. BOOK KEEPING IS NOT A PART OF ACCOUNTING ' DO YOU AGREE WITH THE STATEMENT ?
(A) NO . BOOK KEEPING IS A PART OF ACCOUNTING .IT IS CORRECT.THE PROCESS ACCOUNTING e..IDENTIFICATION,RECORDING AND CLASSIFYING FINANCIAL TRANSACTION AND EVENTS ARE THE PROCESSES OF BOOK KEEPING ALSO
5. DEFINE ACCOUNTANCY ?
(A) ACCOUNTANCY IS THE BODY OF THEORETICAL KNOWLEDGE .IT IS THE THEORY BASE OF ACCOUNTING
6. WHAT IS MEAN BY 'WINDOW DRESSING' IN ACCOUNTING?
(A). THE TERN 'WINDOW DRESSING' MEANS MANIPULATION OF ACCOUNTS SO AS TO PRESENT TE FINANCIAL STATEMENT IN A WAY TO SHOW BETTER THE POSITION THAN THE ACTUAL. e.g., ASSET MAY BE OVERSTATED .AND LIABILITIES MAY BE UNDERSTOOD.
7. WHAT DO YOU UNDERSTAND BY ACCOUNTING INFORMATION ?
(A). THE ANSWER IS ACCOUNTING INFORMATION REFERS TO THE FINANCIAL STATEMENTS GENERATED THROUGH THE PROCESS OF BOOK-KEEPING AND ACCOUNTING i.e TRADING AND PROFIT AND LOSS ACCOUNT AND,BALANCE SHEET
8. WHAT IS MEAN BY QUALITATIVE INFORMATION ?
(A). THE ANSWER IS QUALITATIVE INFORMATION INS THE INFORMATION RELATED TO THE QUALITATIVE ASPECT OF BUSINESS UNIT SUCH AS QUALITY OF MANAGEMENT ,REPUTATION OF THE BUSINESS ,CORDIAL MANAGEMENT LABOR ,RELATION , SATISFACTION OF FIRM CUSTOMERS .
9. (IMPORTANT). THE FIRM EARNS REVENUE OF RS 21,000 AND THE EXPENSE TO EARN THIS REVENUE ARE RS 15000.CALCULATE ITS INCOME ?
(A)
INCOME =REVENUE-EXPENSE
21000-15000=6000
10 NEXT QUESTION .NAME THE EXTERNAL USER OF ACCOUNTING INFORMATION FORM WHOM THE FIRM PURCHASE GOODS ON CREDIT.
(A). SUPPLIER OF GOODS
11 STATE THE STEPS INVOLVED IN THE PROCESS OF ACCOUNTING .
(A) THE STEPS INVOLVED IN THE PROCESS OF ACCOUNTING ARE
(i) identifying financial transaction
(ii) recording in the books of accounts
(iii) classifying the recorded entries
(iv) summarising
(v) analysis and interpretation of financial statement.
(vi) communicating with the user
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