Theory Questions – Introduction to Booking Keeping and Accounting
Topic Content:
- Theory Questions & Answers – Introduction to Booking Keeping and Accounting
Theory Questions – Introduction to Booking Keeping and Accounting:
1. (a) Mention three disadvantages to a business that does not keep proper accounting records.
(b) Explain the following characteristics of accounting information
i. Relevance
ii. ComparabilityÂ
iii. Consistency
iv. Reliability
(c) State two limitations in the use of accounting information for business decision-making. (WAEC 2018)
View Solution2. (a) Define:
i. Bookkeeping
ii. Accounting
(b) Outline two differences between bookkeeping and accounting.
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