Bzzii

Describe the role of accounting in the modern world SOLUTION The role of accounting has been changing over a period of t…

Explain the qualitative characteristics of accounting information SOLUTION The following are the qualitative characteri…

Explain the meaning of gain and profit. Distinguish between these two term SOLUTION Gain: It emerges from unpredictabl…

What do you mean by an asset and what are different types of assets? SOLUTION Any important thing which has financial wor…

Describe the informational needs of external users SOLUTION There are different outside clients of accounting who need ac…

Explain the factors which necessitated systematic accounting SOLUTION The factors that necessitated systematic accounting…

What is accounting? Define its objectives. SOLUTION “Accounting is an art of recording, classifying and summarising in …

What is the primary reason for business students and others to familiarise themselves with the accounting discipline? SOL…

Define revenues and expenses? SOLUTION Revenue: Revenues refer to the amount received from the day-to-day activities o…

Giving examples, explain each of the following accounting terms: Fixed assets  Revenue  Expenses Gain  Profit  Capital Short…

The role of accounting has changed over the period of time- Do you agree? Explain. SOLUTION Firstly the change of role of ac…

If the accounting information is not clearly presented, which of the qualitative characteristic of the accounting informatio…

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

Distinguish between debtors and creditors. SOLUTION Differences between debtors and creditors are given below- Basics of Co…

Give any three examples of revenues. SOLUTION Three examples of revenue are given below. Rent Sales Service Revenues Rent …

Enumerate the informational needs of management. SOLUTION Management needs timely information on cast of sales, profitabili…

Who are the external users of information? SOLUTION External users are those related outside the business entity (organizat…

State the nature of accounting information required by long-term lenders. SOLUTION Accounting information required by the lo…

List any five users who have indirect interest in accounting. SOLUTION The five users who have indirect interest in accounti…

Enumerate main objectives of accounting. SOLUTION The main objectives of accounting are describe as below- Maintenance of Re…