Note: We encourage you to attempt this with complete conscience within a 30 minutes time frame. Please feel free to refer to the ICAI Material and TowardsCA study notes before attempting the same.You can e-mail your answers to towardsca@gmail.com for verification.
- What is the primary objective of accounting? Provide a brief explanation of how accounting helps in achieving this objective.
- Differentiate between bookkeeping and accounting in terms of their respective functions and roles in financial management.
- State two limitations of accounting when it comes to assessing the worth of an enterprise. Explain why these factors are often excluded or difficult to measure in monetary terms.
- Name two sub-fields of accounting other than financial accounting and briefly describe their areas of focus.
- Identify two users of accounting information other than investors and explain how they benefit from the financial information provided.