10Ltransactions. Itct or each and every transaction.maintaining all the accounts, only personal accounts and cash book are maintained under thissystem. In fact this is not a system but a lack of system as no uniformity is maintained in therecording of transactions. For some transactions, only one aspect is recorded, for others both theaspects are recorded. The accounts maintained under this system are incomplete andunsystematic and therefore, not reliable. The system is however, followed by small businessfirms as it is very simple and flexible.THEORETICAL QUESTIONSLong Answer Type Questions1. What is Accounting'? Explain its functions.(Garhwal, 2018)2. Discuss the nature and significance of Accounting.3. Explain in brief different types of accounting. What are the limitations of accounting?4. What is Accounting ? Describe its advantages and limitations,5. "Accounting is the language of business." Explain this statement and discuss the significanceof accounting6. "Accounting is a mirror of business operations." Explain this statement. Also examine itslimitations.7. What do you understand by Accounting? Discuss its scope.8. "Accounting is the language of business, as well as a mirror of business operations." Comment.9. What is Accounting ? Explain its objectives and limitations.10. Explain the nature and concept of accounting.11. Explain the nature and objectives of accounting.12. Describe the various persons or groups and their information of needs in accountinginformation.13. What are the qualitative characteristics of accounting information ? Explain then.Short Answer Type Questions1. What do you understand by 'Accounting'? lubf Accounting​