types of assets? . Explain the meaning of gain and profit. Distinguish between these two terms.
. Explain the qualitative characteristics of accounting information. . Describe the role of accounting in the modern world.
Checklist to Test Your Understanding Test Your Understanding – I (a) Economic (b) Management/Employees (c) Creditor (d) Time-gap (e) External (f) Free from bias (g) Identifying the transactions and communicating information (h) Monetary (i) Chronological Test Your Understanding - II . Reliability, i.e. Verifiability, Faithfulness, Nutrality Relevance, i.e. Timeliness .
Understandability and Comparibility Test Your Understanding - III (a) Government and other regulators (b) Management (c) Social responsibility groups (d) Lenders (e) Suppliers and Creditors (f) Customers Test Your Understanding - IV . (c) . (a) . (c) .
(a) . (a) Test Your Understanding - V . Rs. , , Rs.
, . Assets : debtors; Liabilities : creditors; drawings; Revenues : sales expenses, discount, salary. Hints to ‘Let’s Do It’ Accountants today can work in exciting new growth areas such as forensic accounting, budget accounting, cost accounting, environmental accounting, e-commerce and the various agencies within the public sector.The advent of information technology have resulted in the development of necessary skills for today’s accountant include the ability to: Develop competence in systems analysis and computer technology; Develop facilitation skills, such as persuasion and communication skills; Acquire a broad business knowledge in strategy, operations, human resources, marketing, finance and economics; Develop analytical skills; Develop a willingness to embrace change and assume risk; Complete an internship in business and/or public accounting; Develop proficiency in accounting and tax issues.