Which of the following is not a business transaction?

Deepti wants to buy a building form her business today. Which of the following is the relevant data for his decision?

Which is the last step of accounting as a process of information?

Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented?

Use of common unit of measurement and common format of reporting promotes;

Accounting measures the business transactions in terms of ____________ units.

Which is the last step of accounting as a process of information?

Write any one objective of accounting.

What is the main task of management accounting? 

Mention two types of assets.

Explain, in brief, the advantages of accounting.

State any two advantages of Accountancy.

What accounting information do the management need?

Explain the following:
(i) Bills Receivable,
(ii) Bills Payable,
(ill) Income.

Explain in brief four limitations of financial Accounting.

Explain the qualitative characteristics of accounting information.

Mr. Sunrise started a business for buying and selling of stationery with Rs 5,00,000 as an initial invesbnent. Of which he paid Rs 1,00,000 for furniture. Rs 2,00,000 for buying stationery items. He employed a sales person and clerk. At the end of the month he paid Rs 5,000 as their salaries. Out of the stationery bought he sold some stationery for Rs 1,50,000 for cash and some other stationery for Rs 1,00,000 on credit basis to Mr. Ravi. Subsequently, he bought stationery items of Rs 1,50,000 from Mr. Peace. In the first week of next month there was a fire accident and he lost Rs 30,000 worth of stationery. A part of the machinery. Which cost Rs 40,000, was sold for Rs 45,000.
From the above, answer the following:
(i) What is the amount of capital with which Mr. Sunrise started business.
(ii) What are the fixed assets he bought?
(iii) What is the value of the goods purchased?
(iv) Who is the creditor and state the amount payable to him?
(v) What are the expenses?
(vi) What is the gain he earned?
(vii) What is the loss he incurred?
(vill) Who is the debtor? What is the amount receivable from him?
(ix) What is the total amount of expenses and losses incurred?
(x) Determine if the following are assets, liabilities, revenues, expenses or none of the these : sales, debtors, creditors, salary to manager, discount to debtors, drawing by the owner.

Describe the informational needs of external users

Describe the role of accounting in the modern world.