Accountancy

Class-XI     Assignment

Define Accounting and explain its objective.

Briefly explain any three advantages and three limitations of accounting.

Describe the informational needs of external users.

Explain the qualitative characteristics of accounting information

Explain the meaning of gain and profit .Distinguish between these two terms.

Name two assets, which are current assets but not liquid assets

What is the accounting year of the company

Explain the following terms briefly: 

(a) Business Transactions       (b) Assets      (c) Capital   (d) Debtors   (e) Creditors

      9. What are the different types of accounts? Explain with examples their rules of debit and credit.