Who are the parties interested in accounting information?

What is meant by drawings?

Write a brief note on 'Consistency' assumption.

Name the accounting concept or convention associated with the following.
(i) Assets are recorded at cost, irrespective of the market price.
(ii) Life of a business should be divided into smaller periods.
(iii) Accounting transactions should be free from basis of accountants and others

Mr. Ganesh an accountant of XYZ co. in order to match the trial balance passed a dummy entry without any proof of the transaction and did not even inform the senior about it. Identify the value being violated by the accountant.

Give the specimen of Purchases Returns Book.

What are the parties to the bill of exchange?

What is meant by depreciation?

List out the various methods of depreciation.

On 1.1.2017 a firm purchased a machine at a cost of Rs.1,00,000. Its life was estimated to be 10 years with a scrap value of Rs.10,000. Compute the amount of depreciation to be charged at the end of each year.

Classify the following expenses as capital or revenue.
i) The sum of Rs.3,200 has been spent on a machine as follows:
a) Rs.2,000 for additions to double the output.
b) Rs.1,200 for repairs necessitated by negligence.
ii) Overhauling expenses of Rs.25,000 for the engine of a motor car to get better fuel efficiency.

What is meant by deferred revenue expenditure?

Name any two accounting packages.

Why are the following parties interested in accounting information?
(i) Investors
(ii) Government

'Accounting information should be comparable'. Do you agree with this statement? Give two reasons.

"Only monetary transactions are recorded in accounting". Explain the statement.

What is the need for accounting standards?

What are the objectives of preparing trial balance?

Mention any three limitations of computerised accounting system.