Answer the following questions.
Question 1) Write down the objectives of accounting? Mention the usefulness of accounting information.
Question 2) Describe the features of subsidiary books to be maintained by a concern.
Question 3) Write down the scope of trial balance. What are the errors that could not be revealed by trial balance.
Question 4) What do you mean by compensating errors? How do you prepare suspense account?
Question 5) Sketch a proforma of trading, Profit and Loss Account.
Question 6) Explain the limitations of financial statements.
Question 7) Explain the valuation of inventory. How do you prepare an inventory statement?
Question 8) Describe the preparation of income and expenditure account by a non-profit organisation.
Question 9) State final accounts. Show the preparation of balance sheet.
Question 10) Describe the following:
(a) Day Book
(b) Proforma Invoice.
(c) Cash Flow Summary.