17 7.8 6 0 8 10 10 11 10 832 INTRODUCTION SHORT QUESTIONS Write short answers of the following questions: Define the term "Accounting".. What is the difference between "Book Keeping" & "Accounting"?. What is meant by the term "Business". How many forms of business organization are?... What is the difference between "Accounting" & "Accountancy"? Define "Goods or Merchandises". ....... Explain the following concepts by giving example. (a) Debtors / Accounts receivable. (b) Creditors / Accounts payable. Define the term "Cash Discount". What is the difference between "Assets" & "Liabilities"?. What is Capital or owner's equity? Define the term "Drawings". Define "Separate entity concept". Define "Going concern concept". Define "Money measurement concept". Define cost concept in accounting. Define "Dual aspect concept". Define "Accounting period concept". What do you meant by matching concept of accounting?.. Define "Realization concept". What do you mean by trade discount? Name the three main branches of accounting. Explain the terms "Sales" & "Purchases". Explain the terms "Credit Sales" & "Credit Purchases". What do you understand by the terms "Returns outwards" & "Returns Inwards"? What is the difference between "Cost accounting" & "Financial accounting"? What do you understand by the terms "Expenses" and "Revenue"? Define Conservatism Convention". Define "Full Disclosure Convention". Define "Consistency Convention".. Define "Materiality Convention". www355 13 13 13 14 14 14 in in a 15 9 6 8,9 8,9 .8,9 11,12 15 % % % 15 16 16