Mudasar Qureshi Vu360

ACC501
Midterm important questions 2024
VU360

Lecture 1-5:

1. What is the definition of financial accounting and its importance?

2. What are the main financial statements (Balance Sheet, Income Statement, etc.)?
3. What is the accounting equation and its components?
4. How do you classify and record business transactions?
5. What is the concept of assets and their classification?

Lecture 6-10:

6. How do you calculate and record depreciation and amortization?

7. What is the concept of liabilities and their classification?

8. How do you calculate and record interest and taxes?

9. What is the concept of equity and its classification?

10. How do you prepare and analyze financial ratios?

Lecture 11-15:

11. What is the concept of cash and its management?

12. How do you prepare and analyze cash flow statements?

13. What is the concept of budgeting and its importance?

14. How do you prepare and analyze financial budgets?

15. What is the concept of financial analysis and its tools?

Lecture 16-20:

16. How do you use financial ratios to analyze a company's performance?

17. What is the concept of cost accounting and its importance?

18. How do you calculate and record cost of goods sold?

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 Mudasar Qureshi Vu360

19. What is the concept of marginal costing and its importance?

20. How do you use financial information for decision-making?

Lecture 21-22:

21. How do you use financial accounting software (QuickBooks, etc.)?

22. What is the concept of financial reporting and its importance?

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