Introduction to Accounting

Introduction to Accounting

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  1. Give short answers for the following questions: (15)
    i. Define ‘Accounting’.
    ii. Explain the primary objectives of accounting.
    iii. Discuss the limitations of accounting.
    iv. What types of activities are included in data evaluation?
    v. Outline the main functions of accounting considering the following groups;
     Lenders
     Employees
     Customers
    Please suggest information that each one is likely to need from accounting
    statements and reports.
  2. Discuss the role of accountants in modern business organisations. (5)
  3. What is accounting cycle? Outline the basic steps included in accounting cycle. (5)
    Activity (5)
    List the various accounting activities that an organisation under takes and give reasons for each
    as to why that particular activity is performed in the organisations.
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