Define revenues and expenses?

What is the primiary reason for the business students and others to familiarise themselves with the accounting discipline?

“The role of accounting has changed over the period of time”- Do you agree? Explain.

Giving examples, explain each of the following accounting terms :
• Fixed assets • Revenue • Expenses
• Short-term liability • Capital

State the nature of accounting information required by long-term lenders.

Who are the users of accounting information.

Enumerate information needs of management.

Who are the external users of information?

‘Accounting information should be comparable’. Do you agree with this statement. Give two reasons.

Define accounting.

If the accounting information is not clearly presented, which of the qualitative characteristic of the accounting information is violated?

Enumerate main objectives of accounting.

Give any three examples of revenues.

State the end product of financial accounting.

Distinguish between debtors and creditors; profit and gain