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Give short answers to the following questions: (16) i. Who is an accountant? ii. Describe various roles...

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Accounting

Give short answers to the following questions: (16)
i. Who is an accountant?
ii. Describe various roles and activities that accountantsperform.
iii. What type of duties does a controller perform?
iv. What is a double entry system? Outline the steps involved inDouble entry system.
v. What is the meaning of ‘Debit’ and ‘Credit’ in accounting?
vi. What is meant by ‘Hybrid basis’ accounting? How the entries arerecorded using this method?
vii. What is the difference between ‘Real Accounts’ and ‘PersonalAccounts’?
viii. How do we record the entries using cash basis accountingmethod

Answer & Explanation Solved by verified expert
3.6 Ratings (605 Votes)
i Accountant Accountant is a person who has the the kwoledge of Accounting He records business transactions on behalf of an organization He reports the company performance to management and prepares financial statementsprofit loss accountbalance sheet notes to accounts etc iiExamples of various functions performed by accountant Issuing an invoice to a customer which involves recording a sale and account receivable Receiving an invoice from a supplier which involves recording an expense or asset and an account payable Issuing a salary or wage payment to an employee which involves recording an expense and the outflow of cash Reconciling a bank statement which likely produces adjustments to the cash account ivDouble entry system Double entry system of bookkeeping has emerged in the process of evolution of various accounting techniques It is the only scientific system of accounting According to it every transaction has twofold aspectsdebit and credit and both the aspects are to be recorded in the books of accounts For example if a business acquires something then either it must have been given by someone or it must have been acquired by giving up something On purchase of furniture either the cash balance will be reduced or a liability to the supplier will arise This has been made clear already the    See Answer
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