Why subsidiary books necessary? Describe the objective of preparing it. What do you mean by cash book? What are the different kinds of cash book? Discuss briefly each of them.
Discuss various methods of preparation of trial balance and their merits and demerits? 5. What is a trial balance? What are its objectives? 4. Ledger is the principal book of accounts in a business. What do you mean by journal? Give a specimen of its format. What do you mean by Accounting? Explain its need. What do you mean by Accounting Concepts? Explain the following Concepts: (a) Business entity concept. What are the accounting conventions? Discuss the various accounting conventions with example. Discuss the merit of double entry system also. According to the principles of Double entry system every debit has corresponding credit, Explain clearly. Discuss the classification of accounts on the basis of Double entry system along with the rules? 6.
Do you find any of these concepts conflicting with each other? Answer giving suitable examples 5. What do you understand by Fundamental Accounting Concepts? Enumerate these concepts. What are the different types of accounts? Explain with example their rules of debit and Credit? 4. What do you mean by Generally Accepted Accounting Principals (GAAP)? 3. Explain the accounting concept which states that Anticipate no profit, provide all possible losses. 1 QUESTION BANK BBA I: FINACIAL ACCOUNTING Unit I 1.