Chapter 1

Meaning & objectives of Accounting

Worksheet
Answer the following questions
Q1. Define accounting
Q2. What are the features of accounting?
Q3. What is accounting cycle?
Q4. “Only financial transactions are recorded in accountancy”. Explain
Q5. Explain any four objectives of accounting.
Q6. Explain any four advantages of accounting
Q7. “Accounting information should be comparable “. Do you agree with this statement?
Give reasons
Q8. State any six users of accounting information. Why do they need accounting
information?
Q9. Explain any four limitations of accounting
Q10. Explain any two qualitative characteristics of accounting.