Answer the following problems.

problem 1) prepare down the objectives of accounting? Mention the usefulness of accounting information.

problem 2) Describe the features of subsidiary books to be maintained by a concern.

problem 3) prepare down the scope of trial balance. What are the errors that could not be revealed by trial balance.

problem 4) What do you mean by compensating errors? How do you prepare suspense account?

problem 5) Sketch a proforma of trading, Profit and Loss Account.

problem 6) describe the limitations of financial statements.

problem 7) describe the valuation of inventory. How do you prepare an inventory statement?

problem 8) Describe the preparation of income and expenditure account by a non-profit organisation.

problem 9) State final accounts. Show the preparation of balance sheet.

problem 10) Describe the following:

(a) Day Book

(b) Proforma Invoice.

(c) Cash Flow Summary.