Question

1) Discuss the importance of legislator as per Rousseau.

2) What is the difference between accounting and bookkeeping?

3) What is the difference between financial accounting and managerial accounting?

4) What has caused accounting to emerge?

5) How many sets of standards are there?

6) How would you define integrity, objectivity, and independence?

7) What is a business transaction?

8) What is a ratio number?

9) Why are rates of return often more informative than net profit?

10) What is risk?

11) Why do we average total assets when calculating ROA?

12) Should we use the adjusted or the common ROI?

13) What is DuPont analysis?

14) What are the key problems with calculation of ROE?

15) What are the rules of thumb when it comes to the values of ROA and ROE?

16) What is liquidity?

Answer 1

2)Book keeping is the process of  recording,storing,retriving ,of financial transaction.however Accounting is the process of recording ,analyzing,summarizing and reporting of data of financial transaction.

3)financial accounting refers to aggregation of all financial information in to financial statement.however managerial accounting refers to internal processes used to account for bsiness transactions.

6)these are all term used in auditing.integrity refers to auditor should be straightforward and honest in his approach. objectivity means auditor should be unbiased independence means auditor should not act as per wishes of their client.

7)A business transaction is an event involving an interchange of good,money,of service between two or more parties ..

8)In mathmatics a ratio indicates how many time one number contains another..

9)Since it provide clear information how much earned on amount invested..

10)when two year assets are given then we average assets while calculating roa..

13)dou point analysis used by investor to compare operational efficiency of two similar firms..

16)liquidity means how quickly you can get your hands on your cash..