Q1. Define Accounting. Discuss various users of accounting with suitable examples.

Q2. Write whether the following items may be Dr. (Debit) or Cr. (Credit):

1. Purchases-
2. Capital-
3. Assets-
4. Goodwill-
5. Discount received-
6. Depreciation-

Q3. What do you mean by Journal? Differentiate between Journal & Ledger.

Q4. Discuss Balance sheet and Income statement along with their components and respective formats.

Q5. Explain various accounting conventions giving suitable example where necessary.

Q6. All financial information is expected to have certain desired qualitative characteristics. Explain with suitable illustrations.