Describing accounting rule of nominal account

Question

Question 1) What do you mean by Business entity concept?

Question 2) Write down two advantages of Accounting.

Question 3) Describe the term capital and drawing.

Question 4) Distinguish between Book-keeping and Accounting.

Question 5) What do you understand by contra entry?

Question 6) What do you mean by an Account?

Question 7) Describe Accounting rule of Nominal account.

Question 8) Why sales book is prepared?

Question 9) Describe Tangible and Intangible Assets.

Question 10) State two limitations of management Accounting.

Question 11) What is meant by issue of shares at discount?

Question 12) Why capital Reserve is created?

Question 13) Why shares are forefeited?

Question 14) Distinguish between manual accounting and computerized accounting.

Question 15) Why income statement is prepared?