1. Write the components of the Financial Statements.

Answer- Statement of financial position (Balance sheet), Statement of profit or loss and other comprehensive income, Statement of changes in equity, Statement of cash flows. 

2. What is the difference between depreciation and amortization? 

Answer- Depreciation is calculated in tangible asset and Amortization is calculated in intangible asset. 

3. Why do a company separate from its owners? 

Answer- কোম্পানি একটি আলাদা সত্তা। কোম্পানি নিজের নামে অ্যাকাউন্ট খুলতে পারবে। কোম্পানি নিজে যে কারো সাথে লেনদেন করতে পারবে এবং মামলা করতে পারবে।

4. What is share money deposit? 

Answer- মালিক অর্থ আনলে অর্থ মূলধন হওয়ার আগে যে অবস্থায় থাকে তাকে বলে 

5. What is the Cost of Goods Sold? 

Answer- তৈরিকৃত পণ্যের যতটুকু বিক্রয় হয়েছে তাকেই Cost of Goods Sold বলে।

6. Write different stages of inventory. 

Answer- Raw materials, Work in progress, Semi finished goods, Finished goods. 

7. What do you mean by asset? 

Answer- Asset is a item which gives future economic benefits. 

8. Why do we charge depreciation every year? Answer- Because we are getting benefit from asset each year. 

9. What are the differences between cash basis and accrual basis of accounting? 

Answer- Cash basis accounting only include operation performed in cash. But accrual basis count all the transaction i.e. advances or arrears. 

10. Why do operating cash flows differ from the net profit or loss? 

Answer- Because of accrual basis items. 

11. Write some examples of financing activities. Answer- capital, loan etc. 

12. Why receivable and payable management is important for business? 

Answer- Because it's help us to identify the quantity of buy and sell in a specific accounting period. It's also manages all the advance and due amounts of money perfectly. 

13. Why do debit items increases? 

Answer- When assets and expenses increased. 

14. Why do credit items decreases?

Answer-