accounting+notes+answer questions

free accounting notes accounting best notes in pakistan.

accounting accounting best ofxford notes
introduction:
best accounting notes realease in 2008 All Questions taken by
MA GHANI andSohail afzal and Imran bhatti book.
These question Mostly came in final examination
These question and answer sheet prepared by Pakistan Bord of Education Best award teachers and
examination checkers
Note: Lahore Bord Register Accounting Notes
these accounting question answer make for all Candidates of I com B com M com BBA and all students
who are reader of accounting
Q:1 what is book-keeping ?
Ans: book-keeping is the art of recording monetary transactions in the book of account in a
proper manner.
Q:2Define term transactions:
ans: any dealing between two persons or things is a transations.
Q:3define the term business?
ans:any activity undertaken for the purpose of earning profit is called business.
Q:4what is the proprietors:
ans: propritor is the owner of business he invests his capitals, gives his time and attention
to his business.
Q:5 explain the term drawings?
ans: the -cash or goods taken from business for his personal use are called his drawings.
Q:6 what is purchases?
ans: in accounting language the word "purchases" hs a speical meaning when saleable good
are bought in a business,it is said that "purchases" have been made.
Q:7 what is sale?
ans: when the goods are sold to customer at a specific price.
Q:8 what is trade discount?
ans: it is a rebate or a allowance from granted by the seller to the buyer.
Q:9 what is meant by "commision.?
ans: it is a form of remuneration for services rendered by one person to another.
Q:10 what is meant by "expenditure"
ans:an expenditure takes place when assets or services is a acquired.
Q:11 define the term "expense"?
ans: it mean on expenditure whose benefit is finished or enjoyed immediately such salaries
rent etc...
Q:12 explain the term accounts?
ans : a summarized record of transaction relating to a person or things is called account.
Q:13 define the term "debtor"?
ans: a person who owns money to another is a debtor?
Q:14 define the term creaditor?
ans: a person who payout something or to whom money is owning is called creditors.
Q:15 what is acccounting?
ans: the act of collecting processing ,reporting analyzng, interpreting and projecting
financial information is called accounting.
Q:16 define the term assets?
ans: the properties and possessions of a business both tangible and intangible are called
assets.
Q:17 what is liabilities?
ans: liabilities are the debts due by a business to its propritor and others.
Q:18 define the term merchandise:?
ans: it includes all merchandise commodities which are purchased by the business for
selling.
Q:19 define the term "inventor"?
ans: goods or merchandise on hands that is good remaining unsold , is called stock stock -
in-trades or inventory.
Q:20 what is Equity?
ans: a claim which can be enforced against the assets of the firm is called equity.
Q:21 name three branches of accounting?
ans: accounting has three main forms of branches , viz financial accounting ,cost
accounting and management accounting.
Q:22 which systems accounting based ?name them.
ans: 1 cash system of accounting 2 accrual system of ccounting.
Q:23 Difference between the book-keeping and accounting ?
ans: book-keeping is art of recording of business data in the prescribed manner while
the accountingis primarily concerned with the design of the system of record ,the
preparation of reports and interpretation of reports.
Q:24 what is meant by term" concept of accounting?
ans: the term concept includes those basic assumptions upone which accounting is based.
Q:25 what is dual aspect concepts?
ans: dual aspect concept mayy be started as "for every debit, there is a credit.
Q:26 what is money measurement concept?
ans: according to this concept , accounting records only those transactions which can
be expresssed in terms of money.
Q: 27 what is going concern concept?
ans: according to this concept, it is assumed that the business will exist for a long time to
come.
Q:28 state the fomula of accounting equation?
ans: The formula ,known as the accounting equcation is as follows:
Assets = liabilities+proprietorship
Q:29 define the term assits?
ans: the properties owned by a business are called equities
Q:30 define the term income?
ans: income is simple the amount by which "revenue"for a particular period of time exceed
the expense"incurred to generate them.