Theoretical Framework-Meaning and Scope of Accounting (CA Foundation Principles of Accounting): Questions 1 - 7 of 7

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Question number: 1

» Theoretical Framework » Meaning and Scope of Accounting

Short Answer Question▾

Write in Short

Distinguish between Book keeping and Accounting.

Question number: 2

» Theoretical Framework » Meaning and Scope of Accounting

Short Answer Question▾

Write in Short

What are the objectives of accounting?

Question number: 3

» Theoretical Framework » Meaning and Scope of Accounting

Essay Question▾

Describe in Detail

Describe about the accounting cycle?

Explanation

  • Accounting cycle:

    A complete sequence of accounting process is known as accounting cycle. It usually begins with recording of business transactions and ends with the final accounts preparation. The day to day business activities are entered in business transactions. This transactions are took place in cyclic movement in continuous process.… (183 more words) …

Question number: 4

» Theoretical Framework » Meaning and Scope of Accounting

Essay Question▾

Describe in Detail

What are the bases of Accounting?

Explanation

In common usage, we have three bases of accounting system namely:

  1. Cash basis
  2. Accrual or Mercantile basis

  3. Hybrid or Mixed basis
  • Cash basis:

    Under this system all incomes and expenses are considered when actually received and paid. The difference between total income and total expenses are represented as profit of… (202 more words) …

Question number: 5

» Theoretical Framework » Meaning and Scope of Accounting

Essay Question▾

Describe in Detail

Explain the procedure of accounting while generating financial information.

Explanation

  • The steps of Accounting are:

Shows the Steps of Accounting

Shows the Steps of Accounting

Attributes and different steps are involved in the Accounting procedures.

  • Recording:

    The first step in the accounting process is to record the business transactions in systematic manner. In chronological order each and every transaction is recording during it occurs in… (169 more words) …

Question number: 6

» Theoretical Framework » Meaning and Scope of Accounting

Essay Question▾

Describe in Detail

State whether accounting is a science or an art.

Explanation

  • Accounting is a science as well as an art. The desired objectives are achieved through the technique of art. Thus accounting is an art which involves following activities in the financial transactions:

    1. Recording
    2. Classifying
    3. Summarizing
  • The financial position of the business is analyzed through the process of accounting. The American… (202 more words) …

Question number: 7

» Theoretical Framework » Meaning and Scope of Accounting

Essay Question▾

Describe in Detail

Describe about the various branches of accounting.

Explanation

  • One of the primary objectives of accounting is to provide information according to the needs of internal and external users. The following are the most important of the branches of accounting system:

Branches of accounting system

Branches of Accounting System

The important branches of accounting system

  • Financial Accounting:

    Financial accounting involves recording of financial… (175 more words) …

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