FAQs on Accounting for Managers

	Accounting for managers
		Simple Questions
1	What do you mean by accounting ?
2	What are current assets ?
3	What are current Liabilities ?
4	Who are the users of financial statements ?
5	Who issues accounting standards in India ?
6	What is a capital expenditure ?
7	What is a revenue expenditure ?
8	What are different types of acounts ?
9	What is a ledger ?
10	What is a trial balance ?
		Average Questions
1	Explain what is a 3 columnar cash book ?
2	Explain what are contingencies and events occuring after a balance sheet date ?
3	What is the difference between financial accounting and cost accounting ?
4	What is management accounting ?
5	What are fixed assets ?
6	what is the difference between conventions and concepts ?
7	Explain the difference fixed price contracts and cost plus contracts ?
8	Explain the concept of conservatism ?
9	What is the difference between owners equity and outside liability ?
10	What is a petty cash book ?
		Difficult questions
1	What are cum interest and ex interest bonds ?
2	What are compensatory errors ?
3	How is advance tax treated in the books of accounts ?
4	What is the difference between anexures and attachments ?
5	What is the vertical form of balance sheet ?
6	What do you mean by cheques issued but not presented for paymeny ?
7	What is imprest system of accounting ?
8	Which system of stock valuation is considered in an inflationery economy
	LIFO or FIFO .
9	What is deferred revenue expenditure ?
10	Name 3 intangible assets ?