Typical exam questions (90% probabilty of questions coming in exam)

AC101 QUIZ TO GUIDE THE READING OF THE FIRST SET OF NOTES/POWER POINT AND WORD

1. Define accounting and Bookkeeping.
2. State the attributes of good accountant/Bookkeeper.
3. What do you know about Father Luca Pacioli, the Great Monk, from accounting point of view.
4. List the ingredients for a good formal accounting system.
5. List and explain the users of general purpose financial statements [ profit statement, financial
position, cash flows, movement in equity and notes]
6. State the purpose of the Institute of Chartered Accountants Zimbabwe[ ICAZ]. When was it
formed ?]
7. List and explain the objectives of Accounting.
8. Explain the following terms : Recording data, classifying and summarizing, Communicating
information
9. Compare and contrast Financial accounting and Management accounting
10. Explain and state what constitutes the general purpose financial statements.
11. Define the following, giving examples: asset, expense, profit and liability as the International
Accounting Standards Board [IASB] conceptual framework, Presentation of Financial Statements.
12. State attributes of quality financial statements
13. Define an accounting equation
14. State an accounting equation.
15. Define a transaction
16. Construct an accounting equation given a set of transactions.
17. Prepare a statement of financial position from a given accounting equation.
18.