Question for CA, ICAB, ICAI, ACCA: Accounting Professional Level: Knowledge Level Introduction to accounting (Chapter-1)

Accounting
Professional Level: Knowledge Level
Introduction to accounting (Chapter-1)

Q1.   What is accounting?
Q2.   What is the objective of financial statements?
Q3.   How many types of business entity
Q4.   Who needs financial information?
Q5.   What are the elements of financial statements?

Q6.   Definition: Balance sheet, Income statement, GAAP, Capital income, Revenue income, Capital expenditure, Revenue expenditure, True & fair view Q7.   Identify the principles that relate to each qualitative cha racteristic? Q8.   Identify the different interests of stakeholders? Q9.   What factors to be considered to develop of accounting?

Q10.   As per IFRS framework, what are the qualitative characteristics of accounting information?
Q11.  Where an entity recorded it’s first transactions?
Q12.  Which factors have not influenced financial reporting?
Q13.  Identify the following items whether should be classified as “capital” or “revenue” or “income”
a) The purchase of a property
b) Property depreciation
c) Legal fees in connection with the purchase of property
d) The costs of adding extra memory to a computer
e) Computer repair & maintenance costs
f) Profit on the sale of an office building
g) Revenue from sale by credit card
h) The cost of new machinery
i) Customs duty charged on machinery
j) The cost of installing the new machinery
k) The wages of the machine operators