Important QUESTIONS & ANSWERS for SEM 1 DU SOL EXAM

Question 1 : Define Accounting.

Answer : According to the American Institute of Certified Public Accountants, Accounting is, ‘It is an art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events, which are, in part at least, of a financial character, and interpreting the results thereof.’

Question 2 : Mention 3 functions of Accounting.

Answer : Functions of accounting are:

• Communicating financial information.
• Budget preparation.
• Preventing errors and frauds.

Question 3 : Define Book-keeping.

Answer : According to J.R. Batliboi, ‘Book-keeping is an art of recording business dealing in a set of books.’

Question 8 : What are the 5 roles of accounting?

Answer: Roles of accounting are:

• Acting as the language of business
• Providing financial information to stakeholders
• Role in creation of budget
• Role in decision making
• Role in determining profit and loss

Question 8 : State journal entries that are subdivided into a number of books of original entry

Answer: The journal is subdivided into a number of books of original entry are -:

• Journal Proper
• Cashbook
• Other books:
• Purchases (journal) book
• Sales (journal) book
• Purchase Returns (journal) book
• Sale Returns (journal) book
• Bills Receivable (journal) book
• Bills Payable (journal) book

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