27) What is project implementation?

Project implementation involves six steps in total, such as:

 Identify need
 Generate and screen ideas
 Conduct a feasible study
 Develop the project
 Implement the project
 Handle the project

28) Why accounting standards are mandatory?

Accounting standards are mandatory because:

 They play a crucial role in preparing good quality and accurate financial
reports.
 It ensures reliability and relevance in financial statements.

29) Name different branches of accounting

There are three branches of accounting:

 Financial accounting
 Management accounting
 Cost accounting

30) What is the basic difference between accounting and auditing?

Accounting is all about recording daily business activities. Auditing is the

checking whether all these events have been noted down correctly or not.

31) Define dual aspect term in accounting

As the name implies, the dual aspect concept states that every transaction
has two sides. For example, when you buy something, you give the cash and
get the thing. Similarly, when you sell something, you lose the thing and get
the money. So this getting and losing are two aspects of every transaction.

32) What do we mean by purchase retu