Answer the following questions:
1. Accounting records events and transactions that have a financial character. Is this a limitation of accounting? If yes give reasons.
2. Resignation by a marketing manager is not recorded in the books of accounts. Why?
3. Book Keeping is not a part of accounting. Do you agree with the statement?
4. Recording the transactions and events correctly and preparing the financial statements are the only objective of accounts. Do you agree?
5. Cash flow statement is an important part of accounting information. Why?
6. The accountant of a firm does not want to give the previous years' figures, a practice followed by the firm since long. Is it a good decision?