Part A
Questions from this group have been asked in university exams up to 15 marks.
1. What are the three forms of business organization? Briefly explain them.
2. What is business activity? Explain with examples each types of business activity?
3. Who are the users of accounting information/ financial statement?
4. What is financial statement? Explain its objective and role. What are the ingredients of financial statement? Explain role of each ingredients.
5. What are the qualitative characteristics of accounting information/financial statements? Briefly explain each.
6. Explain GAAP. Briefly explain each principle of GAAP.
7. What is source document? Explain each of them briefly with their roles in accounting process.
8. What is voucher? Explain its kinds and role in accounting process?
9. Explain three systems of accounting.
Part B
5-10 marks
1. Explain the term accounting.
2. Explain fields in accounting.
3. Explain accounting profession.
4. Of the three types of business entity, which types provide maximum financial security to the owners? Substantiate your answer. What are the main documents of such entity?
5. Explain accounting standard and their role in preparation of financial statement.
6. Differentiate between accounting and book keeping?
7. What are the steps in accounting process?
8. Explain double entry book keeping system and its important features.