Principles of Accounting
Q1. What is accounting? Define the advantages and limitation of accounting.
Q2.What is the Accounting Concepts? Define in brief.
Q3. What is accounting convention? Explain in detail all types of accounting conventions.
Q4. What is Journal and Ledger? Maintain journal and ledger for following
- Business started with Rs. 5,00,000
- Building sold rs. 50,000
- Furniture purchased rs. 10,000.
- salary paid rs. 5,000.
- Stationary purchased rs 10,000.
- Electric bill paid rs. 500.
- Goods purchased rs. 25,000.
- Goods purchased from Mohan rs. 10,000.
- Goods sold rs. 2000.
- Goods sold to Sohan rs. 25,000.
Q5. What is Trial Balance? Define the Objectives of Preparing Trial Balance. Explain the type of Errors which can be recovered from Trial Balance.