Question: 1. What is the basic difference between accounting and auditing? 2.Define dual aspect term in accounting 3.What do we mean by purchase return in accounting?

1. What is the basic difference between accounting and auditing?

2.Define dual aspect term in accounting

3.What do we mean by purchase return in accounting?

4.Define the term material facts in accounting

5.How much mathematics knowledge is necessary or required in accounting?

6. Differentiate between consignor and consignee

7.How much statistics knowledge is necessary or required in accounting?

8.Define Scrap value in accounting

9.What is the key difference between provision and reserve?

10.Define overhead in terms of accounting

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