| 1. |
Name the five
key accounting principles. |
| |
|
| |
|
| 2. |
Describe in
brief the concept that explains profits are
Liabilities. |
| |
|
| |
|
| 3. |
Explain in brief the
significance of Accrual concept in income
determination of a firm. Use an appropriate
example to illustrate your answer. |
| |
|
| |
|
| 4. |
"Profit figure determined
as per Income statement is not one hundred per
cent accurate" Elucidate the statement. |
| |
|
| |
|
| 5. |
Explain the
Duality concept (with the help of few accounting
transactions). |
| |
|
| |
|
| 6. |
How do you explain that
two accountants may report different "profits" for
the same business firm in a given year? |
| |
|
| |
|
| 7. |
"Profit is normally
calculated by matching costs against revenues". In
the light of this statement, describe the matching
process. |
