Important Questions on Introduction to Accounting Structure

Very Short Answer Questions

1. What is accounting?
2. Define bookkeeping.
3. Who are the users of accounting information?
4. What is meant by business transactions?
5. Name any two branches of accounting.
6. What is financial accounting?
7. What is management accounting?
8. What is cost accounting?
9. What is the role of accounting in business?
10. What do you mean by monetary transactions?

Short Answer Questions

1. Explain the meaning of accounting.
2. State any four objectives of accounting.
3. What are the main functions of accounting?
4. Distinguish between bookkeeping and accounting.
5. Explain the importance of accounting.
6. What are the advantages of accounting?
7. Who are internal users of accounting information?
8. Who are external users of accounting information?
9. Explain the branches of accounting.
10. What are accounting records?

Long Answer Questions

1. Define accounting and explain its objectives in detail.
2. Discuss the importance of accounting in modern business.
3. Explain the functions of accounting.
4. Describe the branches of accounting with examples.
5. Differentiate between financial accounting and management accounting.
6. Explain the limitations of accounting.
7. How does accounting help in decision-making?
8. Discuss the role of accounting in controlling business operations.

Case / Application-Based Questions

1. How does accounting help a business owner to know profit or loss?
2. Why is accounting information important for investors?
3. Explain how accounting assists management in planning and control.

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