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Accounting Fundamentals
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Accounting Fundamentals

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Questions and Answers

What is the primary difference between accounting and finance?

  • Accounting is the language of business, while finance is the knowledge of how to make accounting.
  • Accounting is a systematic process, while finance is an Accounting Software.
  • Accounting is considered an art and a science, while finance is purely a science.
  • Accounting focuses on managing numbers and accounts, while finance analyzes growth patterns. (correct)

    • Why is accounting considered both an art and a science?

  • Because it summarizes the results of financial transactions.
  • Because it uses Tally ERP 9 software.
  • Because it is based on accounting concepts and conventions. (correct)
  • Because it involves interpreting financial information.

    • What is accountancy?

  • The use of Tally ERP 9 software.
  • The knowledge of how to make accounting. (correct)
  • The process of recording financial transactions.
  • The process of interpreting financial information.

    • What does finance management primarily focus on?

    <p>Analyzing potential growth patterns.</p> Signup and view all the answers

    Which software is mentioned as an Accounting Software in the text?

    <p>Tally ERP 9</p> Signup and view all the answers

    What does accounting report on in a company?

    <p>How money has been used.</p> Signup and view all the answers

    What is the primary function of accounting?

    <p>Calculating profit or loss</p> Signup and view all the answers

    Which objective of accounting involves maintaining a systematic record of transactions like purchase and sales of goods?

    <p>To maintain records of the business</p> Signup and view all the answers

    How does accounting contribute to decision making in a business?

    <p>By analyzing financial statements</p> Signup and view all the answers

    Which function of accounting helps in preventing frauds by recording financial information in a systematic manner?

    <p>Calculating profit or loss</p> Signup and view all the answers

    Why is it essential for a business to meet all legal requirements in terms of accounting?

    <p>To file various statements as required by the law</p> Signup and view all the answers

    What is the phase in the accounting process that involves interpreting financial data?

    <p>Interpreting financial data</p> Signup and view all the answers

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