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EXERCISE
Give short answer to the following questions.
1. What is meant by financial accounting?
2. What is accounting? Describe any three concepts of accounting.
3. What is money measurement principle of accounting?
4. Explain the following terms.
a. Capital b. Assets c. Goods
d. Audit e. Fictitious assets f. Revenue
g. Expenses h. Bad debt i. Stock
j. Current asset k. Cash discount l. Trade discount
5. Define single entry system of accounting and explain its advantages and
disadvantages.
6. Write about revenue concept and realization concept.
7. What is double entry system of accounting? Explain its features.
8. Write the differences between single and double entry system of accounting.
9. State the objectives of accounting.
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