Explain in brief the meaning of accounting.
Give the meaning of accounting and mention its any two functions.
Accounting is the process or work to keep recording financial transactions.
It is broader than book-keeping.
It starts when book-keeping ends.
Accounting is the language of business.
It is an analysis and interpretation of book keeping records.
It is an art of measuring, recording and communicating of financial information.
It includes maintenance of accounting records as well as preparation of financial and economic information.
Write any four functions of accounting.
State any four functions of accounting.
Mention any three functions of accounting.
State any two functions of accounting.
FUNCTIONS OF ACCOUNTING
To keep complete and systematic records of business transactions in specified rules.
To ascertain the net profit or loss suffered during the particular accounting period.
To show financial position of a business organization at a certain accounting period.
To summaries, analyze and interpret the data for decision making.
To protect business property by legal documents.
Briefly explain any three objectives of accounting.
Briefly explain any two objectives of accounting.
Mention any four objectives of accounting.
Mention any four objectives of accounting.
State any four objectives of accounting.
State any two importance of accounting.
Write in brief the essential (important) of maintaining books of account in a business.
Write any two advantages of accounting.
Keep transactions
The main objectives of accounting are to keep financial transactions in systematic way.
Find out profit or loss
Other objectives of accounting are to find out profit or loss of the organization.
It helps to find out profit or loss of the organization of an accounting year.
Find out financial position
It helps to find out financial position of the organization of an accounting year by preparing balance sheet.
Mention the scope of accounting.
Write in brief about the scope of accounting.
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Accounting helps to trading concern by recording entire transactions and preparing financial statements.
It also helps to non-trading organizations by preparing receipt and payment account, income and expenditure account and balance sheet.
Accounting can also be great helpful to the government of every state or country.
Accounting helps to professional and individuals also.
Mention the process of accounting.
List the sequential steps involved in an accounting cycle.
Write in brief about accounting process.
Accounting process is of cyclic and sequential order. It is given in the following chart:
Cost accounting
The main object of cost accounting is to find-out the cost of goods produced or service rendered by a business.
It also helps to control avoidable losses and wastage.
Financial accounting
The main object of financial accounting is to find-out profit or loss of business organization at certain accounting period.
It also shows the financial position (balance sheet) at the end of accounting period.
Management accounting)
The main object of management accounting is to supply related information to management to take decision and control.
Bases |
Book-keeping |
Accounting |
Involvement |
Book-keeping involves only recording parts of accounting. |
Accounting involves entire accounting process. |
Purpose |
The main purpose of book-keeping is to record financial transactions permanently. |
The main purpose of accounting is to find out profit or loss and financial position of the organization. |
Whole or part |
It is partial accounting. |
It is whole accounting. |
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