Explain the development and role of accounting.

4

(a)

Explain in brief four limitations of financial Accounting.

4

(a)

Explain the qualitative characteristics of accounting information.

4

(a)

State the following:
(i) Decrepitation
(ii) Revenue
(ill) Trade Discount
(iv) Current Assets.

4

(a)

Differentiate between Book keeping and Accounting.

4

(a)

Define the term Accounting. Explain in brief any four objectives of Accounting.

6

(a)

Explain the factors, which necessitated systematic accounting.

6

(a)

What do you mean by an asset and what are different types of assets ?

6

(a)

Explain the qualitative characteristics of accounting information.

6

(a)