post pscwb question and answer for accounting paper I & II
for govt.officers departmental examination.
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Answer / Vishal Jaiswal
For Accounting Paper I:
1. What is the fundamental accounting concept of accrual?
- Accrual accounting is a method that records revenue and expenses when they are earned or incurred, regardless of when cash is received or paid.
2. What is the difference between debit and credit entries in double-entry bookkeeping?
- Debit entries increase assets or decrease liabilities and equity, while credit entries increase liabilities or decrease assets and equity.
For Accounting Paper II:
1. What is the journal entry for a cash sale of merchandise at a discount?
- Debit Cash, Credit Sales, and debit Discount.
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