Important Questions Accounting for Managers

What is accounting. Discuss its importance. Who are the various parties interested in accounting information.
Discuss the following accounting principles in detail:
Going Concern Concept
Money measurement Concept
Dual aspect concept
Periodic Matching Concept
Separate Entity Concept
Accrual Concept
Concept of Materiality
Convention of Conservatism
Define accounting? What is its importance and limitations, discuss in detail.
What are the different types of accounts? Discuss the golden rules of accounting.
Discuss the differences between personal, real and nominal accounts in detail with the help of suitable examples.
What do you mean by accounting cycle? Define all the steps of an accounting cycle.
What is Trial Balance? What are the errors not located by the trial balance? Discuss in detail with the help of suitable examples.
Define Capital and Revenue Expenditures. State differences between capital and revenue expenditure with the help of suitable examples
What do you mean by Trial Balance? What are the objectives of trial balance? Discuss the errors which are not disclosed by trial balance.
What is financial Management? Discuss in Detail the functions of financial management.
What do you mean by assets and liabilities? Discuss the difference between current and fixed assets.
State the differences between long term and short-term liabilities.
What is Journal? What are the benefits of Journal? What are its limitations?
What do you mean by ledger? Discuss in detail the different types of ledger accounts.
What are the various functions of a financial manager? Explain the organization of finance function.
What are the different errors which are disclosed by trial balance? Discuss in detail with the help of suitable examples.
What do you mean by Trading and Profit and loss account? What is the importance of Trading and Profit and Loss account?
What do you mean by Balance sheet? What are the objectives of preparing a balance sheet? How it is different from trial balance.
What is ratio analysis? What are the advantages and limitations of ratio analysis?