Chapter 11:
Define Accounting:
What is the primary purpose of accounting?
Explain the role of accounting in identifying and recording economic events of an organization.
Distinguish between Accounting and Bookkeeping:
How does bookkeeping differ from accounting?
Provide examples of activities involved in bookkeeping.
Accounting Information System:
Why is an organized procedure for identifying, measuring, recording, and retaining financial information important?
Discuss the significance of accurate accounting information for a business.
Users of Accounting Information:
Identify and explain the different users of accounting information.
How does accounting information benefit each type of user?
Controller and Auditing:
What is the role of a controller in an Accounting Information System?
Differentiate between auditing and taxation services in accounting.
Financial Statements:
Describe the purpose of the income statement.
Explain the information provided by the statement of changes in equity.
Assets and Depreciation:
Differentiate between current assets and non-current assets.
What is depreciation, and why is it important in accounting?
Intangible Assets and Liabilities:
Provide examples of intangible assets.
Differentiate between current and non-current liabilities.
Financial Activities and Ratio Analysis:
Explain financing activities in accounting.
What are liquidity ratios, and how are they calculated?
Objective of Reporting and Qualitative Characteristics:
What is the main objective of financial reporting?
Discuss the qualitative characteristics of accounting information.
Enhancing Qualities of Useful Information:
Explain the concepts of comparability, verifiability, and timeliness.
How do these qualities enhance the usefulness of accounting information?
Cost Constraint and Going Concern Assumption:
What is the cost constraint in accounting?
Discuss the significance of the going concern assumption.
Accounting Cycle:
Outline the steps involved in the accounting cycle.
Why is the analysis of financial statements essential in the accounting cycle?
International Accounting Standards:
What is the goal of international accounting standards?
How do these standards aim to eliminate differences in accounting practices globally?
Ethical Behavior in Accounting:
Why is ethical behavior important for accounting information?
Discuss the role of codes of conduct in guiding ethical behavior in accounting.
No comments:
Post a Comment