Give short answers to the following questions: (15)

i. What is a 'dual aspect concept'?

ii. What do you understand by the term 'convention of materiality'?

iii. What is accounting equation?

iv. What does GAAP stand for?

v. What you understand by the following terms?

Liabilities

Assets

Revenue

Explain the various types of accounting concepts. (7)

Why do we need accounting standards'? Discuss (8)