1. Differentiate between a journal and a ledger in accounting.
2. What is the significance of the matching principle in accounting?
3. Explain the concept of goodwill in accounting terms.
4. What are the types of financial statements typically prepared by a company?
5. Describe the role of auditors in financial reporting and accounting practices.
6. What is the difference between an income statement and a cash flow statement?
7. Define working capital and its importance for a business.
8. Explain the term 'liquidity' in relation to financial statements.
9. What is the purpose of a statement of retained earnings?
10. Discuss the concept of double-entry accounting and its benefits.
11. What is the significance of the materiality principle in accounting standards?
12. Describe the process of inventory valuation methods used in accounting.
13. Explain how financial ratios are used to analyze a company's performance.
14. Discuss the impact of GAAP (Generally Accepted Accounting Principles) on financial reporting standards.
15. What is the role of cost accounting in managerial decision-making processes?

Answer rating: 100% (QA)

Journal vs Ledger Journal A journal is the initial record where all financial transactions of a business are first recorded in chronological order Entries in the journal include the date description o... View the full answer