Assignment # 01

Course Code: FIN 1103

Course Title: Principles and Practices of Accounting

Prepare a descriptive assignment on the following topics:

1. Economic entity assumption vs. 15.Temporary (nominal) accounts

Monetary unit assumption vs. Permanent (real) accounts
2. Managerial accounting Vs. 16.Cost of goods sold
Financial accounting
17.FOB destination vs. FOB
3. Generally accepted accounting
principles (GAAP) shipping point
4. Double-entry system 18.Periodic inventory system vs.
5. Journal vs. Ledger Perpetual inventory system
6. Accrual-basis accounting 19.General journal vs. Special
7. Cash-basis accounting journal
8. Contra asset account 20.General ledger vs. Subsidiary
9. Depreciation
ledger
10.Expense recognition principle
(matching principle)
11.Revenue recognition principle
12.Time period assumption
13.Unearned revenues vs. Accrued
revenues
14.Current assets vs. Current
liabilities

Md. Shakhaowat Hossin

Assistant Professor
Department of Finance and Banking
Begum Rokeya University, Rangpur