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    Accountancy 2020

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    This document provides an overview of key accounting concepts and terms including: 1. The functions of accountancy such as keeping records of transactions, calculating profits and losses, and ascertaining financial position. 2. The differences between various types of accounts under the double entry system such as personal, real, and nominal accounts. 3. The differences between reserves and provisions, where reserves are created from profits to meet unknown liabilities and provisions are used to meet known liabilities.

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    Accountancy 2020

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    amit.rawat9412955630
    5 views2 pages
    This document provides an overview of key accounting concepts and terms including: 1. The functions of accountancy such as keeping records of transactions, calculating profits and losses, and ascertaining financial position. 2. The differences between various types of accounts under the double entry system such as personal, real, and nominal accounts. 3. The differences between reserves and provisions, where reserves are created from profits to meet unknown liabilities and provisions are used to meet known liabilities.

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    ACCOUNTANCY 2020

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    This document provides an overview of key accounting concepts and terms including: 1. The functions of accountancy such as keeping records of transactions, calculating profits and losses, and ascertaining financial position. 2. The differences between various types of accounts under the double entry system such as personal, real, and nominal accounts. 3. The differences between reserves and provisions, where reserves are created from profits to meet unknown liabilities and provisions are used to meet known liabilities.

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    5 views2 pages

    Accountancy 2020

    Uploaded by

    amit.rawat9412955630
    This document provides an overview of key accounting concepts and terms including: 1. The functions of accountancy such as keeping records of transactions, calculating profits and losses, and ascertaining financial position. 2. The differences between various types of accounts under the double entry system such as personal, real, and nominal accounts. 3. The differences between reserves and provisions, where reserves are created from profits to meet unknown liabilities and provisions are used to meet known liabilities.

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    ACCOUNTANCY

    1. What is Accounting?
    2. What are functions of Accountancy?
    -To keep systematic record of business transactions
    -To calculate profits or loss
    -To ascertain the financial position of the business
    -To provide information to various parties
    -Planning, Decision making, Controlling, For stakeholders

    3. What is Management Accounting?


    4. What is difference between Tangible and In-tangible assets?
    5. Why Vouchers are generated?
    6. What is Double Entry System?
    7. What are Types of Accounts under DES?
    Personal Accounts – Dr the receiver; Cr the giver
    Real Accounts -- Dr what comes in; Cr what goes out
    Nominal Accounts – Dr all expenses, loss; Cr all income and gains
    8. What is difference between Invoice and Bill?
    9. What are difference between Trade Discount and Cash Discunt?
    10. What is Contra Entry?
    11. What is Bank Reconciliation Statement?
    12. What are objectives of Trial Balance?
    13. What is Suspense Account?
    14. Why Reserves are created?
    15. On which side ( Assets or Liabilities) Reserves are indicated.
    16. What is difference between Reserves and Provisions?
    Reserves Provisions
    To meet unknown liabilities -to meet known liabilities
    To create after profits -to create even no profits
    To strengthen financial position -to provide for specific liabilities
    May be invested outside business – never invested outside business
    May be utilized for dividends -never utilize for dividends
    17. What are financial statements?
    18. Who are Users of Financial Statement?
    Management, Creditors, Shareholders, Employees, General Public
    19. What are Characteristics of Balance Sheets?
    It is statement not account, summery of accounts; two sides equal, prepare on any date, and
    inform financial status
    20. What is sequence of preparing Final Accounts?
    21. What is Concurrent Audit?
    22. What is difference between Inspection & Audit?
    Inspections are a Do and audits are a check. Inspection is something that a site required to do by
    a compliance obligation. An audit is the process of checking that compliance obligations have
    been met, including that the required inspections have been done.
    23. What is difference between On-site Inspection and Off-site Inspection?
    24. Does Regional Rural Banks maintain CRR and SLR? No.
    25. What are functions of RRB?

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