BBA 1st Semester Bookkeeping Very Short Question Answer 2018 2019
BBA 1st Semester Bookkeeping Very Short Question Answer 2018 2019 :- In this article you can find related to bookkeeping and bookkeeping question answer and study materials of latest version and other site link like as fundamental of management , principle of economics, business mathematics and all subject of bba all semester. B.b.a latest news all information link you can find . thanks to coming our site and get latest news related to business and BBA. If we talk about BBA then Bookkeeping and Accounting is one of the most important Topic. Bookkeeping is common to all semesters Here we are presenting BBA Bookkeeping and Accounting Study Material and Notes for all Semesters. BBA Bachelor of Business Administration in Bookkeeping and Accounting notes study material in this website bscnotes.com most important chapter and Question paper bba notes in this page more links to bba notes and study material and question paper mock paper. bba in accounting and finance is an undergraduate commerce course. bba study in bookkeeping and accounting, financial planning, economics, business organisation and other similar areas of operation in any business organisation. full bba course three year degree course consists of Six semesters. the basic eligibility criterion for bba dgree is qualifying 10+2 or equivalent examination in any stream from a recognized board of the country.Bachelor of Business Administration (BBA) in Accounting programs combine the fundamentals of a business program with concentrated coursework in accounting. Find out what these programs entail and what students do after graduation.bba subject bookkeeping and accounting chapter wise notes study material, question paper, mock paper, sample paper, in this website study point to bba notes.BBA 1st Semester Bookkeeping Very Short Question Answer 2018 2019
Q.1. Write down the need for Accounting.
Ans. Every person doing business is interested to know trading results of his business. Further, he would also like to know his financial position (assets and liabilities) at a given date.
In addition to proprietor, other persons who have some stake in the business need accounting information. Accounting is the language of business. If communicates the desired information to various persons. In addition to business undertakings accounting is needed by Government also.
Q.2. Write down any four objective of Accounting.
Ans. Flowing are the four objectives of accounting :
- Maintaining proper record of business.
- Calculation of profit and loss.
- To show the financial position.
- To communicate the information to the users.
Q.3. What are the main Feature of Accountancy?
Ans. The main features of Accountancy are :
- In terms of money.
- Transactions and Events.
- Interpretations of results.
Q.4. Write Down the System of Accounting.
Ans. There are two System of Accounting :
- Cash system accounting.
- Accrual system of accounting.
Q.5. What are the Branch of Accounting?
Ans. Accounting has three main branches :
- Bookkeeping and financial accounting.
- Cost accounting.
- Management accounting.
Q.6. Give any five advantages of accounting.
Ans. Following are the five advantages of accounting :
- Replace money.
- Give assistance to management.
- Act as legal evidence.
- Helps in taxation matters.
- Facilitates sale of business.
Q.7. What is Management ?
Ans. The management uses accounting information to arrive at many decisions such as determination of selling price, investments to be made, cost controls and reduction etc.
Q.8. What is Sales Book ?
Ans. Sales book is used fpr recording credit sales of goods dealt in by the firm. Hence, cash sale of goods and sale of any other assets, e.g. sales of machinery etc. are not recorded in this book.
Q.9. Differentiate between profit & loss account and balance sheet.
Ans. The profit and loss account Shows the profit or loss of a business over a given period of time e.g. 3 Months, 1 Year etc. In contrast the balance sheet is like a photograph taken at an instant in time giving a picture of what the business owns and what the business owes at that moment in time. As we shall see it will always balance because what the business owns is financed by what the business owes.
One of the most important objectives of a business is to make a profit. The profit and loss account shows the extent to which it has been successful in achieving this objective.
Q.10. Mention the four basic principles of accounting ?
Ans. Four basic principles of accounting are :
- Verifiability, objectivity and evidence.
- Revenue Recognition principles.
- Convention to full disclosure.
- Dual aspect.
Q.11. Define Financial accounting.
Ans. Nearly every business enterprise has accounting system. It is a means of collecting. Analyzing and reporting monetary terms information about the business.
Q.12. What is bookkeeping ?
Ans. Bookkeeping is that branch of knowledge that tells us how to keep a record of financial transactions. It is mainly concerned with record keeping or maintenance of accounts in a systematic manner . It is restricted to journal, subsidiary book and ledger account only.
Q.13. Who is Proprietor ?
Ans. Proprietor is the main user of accounting through accounts he ascertains operating result of his business. Further, he knows his financial position (assets and liabilities). He uses accounting information to know amounts due to others and due from others.
Q.14. Define goods and revenue.
Ans. Goods : The articles or things purchased for sale or for sale or for use in the manufacture of certain other goods as raw materials are called as goods.
Revenue : It refers to the amount charged by business entity for the goods sold or service rendered or by permitting others to use its resources.
Q.15. What do you mean by Accounting as a measurement Discipline ?
Ans. Measurement in accounting has traditionally meant the assignment of numerical values to objective or events related to an enterprise and obtained in such a way that they are suitable for aggregation (such as total valuation of assets ) or disaggregation as required for specific situations.
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