Short Answer Question of Accounting

Write short answers of the following questions:
Define the term "Accounting"
What is the difference between "Book Keeping " & "Accounting"?.
What is meant by the term "Business"
How many forms of business organization are?
What is the difference between "Accounting" & "Accountancy"?
Define "Goods or Merchandises
Explain the following concepts by giving example
Debtors / Accounts receivable.
Creditors / Accounts payable.
Define the term 'Cash Discount
What is the difference between "Assets" & "Liabilities"?
What is Capital or owner's equity? .
Define the term "Drawings"
Define "Separate entity concept"
Define 'K3omg concern concept*'
Define "Money measurement concept"
Define cost concept in accounting
Define "Dual aspect concept"
Define "Accounting period concept".
What do you meant by matching concept of accounting? ,
Define "Realization concept"....
What do you mean by trade discount? .,
Name the three main branches of accounting
Explain the terms "Sales" & "Purchases"
Explain the terms "Credit Sales" & "Credit Purchases"....
What do you understand by the terms "Returns outwards" & "Returns Inwards"?
What is the difference between "Cost accounting" & "Financial accounting"?
What do you understand by the terms "Expenses" and "Revenue"?
Define "Conservatism Convention"
Define "Full Disclosure Convention"
Define "Consistency Convention"
Define "Materiality Convention
10 _._..' •
THEORETICAL QUESTIONS
What is the need and importance of accounting?
What is accounting? How does it differ from Accountancy?
What do you mean by Book-Keeping? How does it differ from Accounting?
"Accounting begins where Book-keeping ends." Discuss the statement
Explain the terms;
(a). Business entity
(b). Goods
(c). Purchases
(d). Purchases returns and allowances
(e). Cash Purchases. & Credit Purchases
„ - (f). . Sales
(g). • Cash sates &* credit sales
(h). Sales returns & allowances
(k). Trade discount
6. Explain the following concepts by giving examples',.
(i) Debtors or Accounts Receivable,.
in; Creditors or Accounts payable.
(iii) Cash Discount
(iv) Capital or owner's equity.
(v) Assets.
(vi) Liabilities. -
(vii) Accounting period.
(viii) Revenue.
(ix) Expenses.
(x) Net profit or net Income.
7. Explain the following concepts by giving examples;
(i) Separate Entity Concept
CM) Cost Concept
(iii) Dual Aspect Concept
(iv) Matching Concept