Financial Accounting Basics

This function is performed by maintaining the ______ in which different accounts are opened to which related transactions are posted.

The ______ function involves the preparation of financial statements such as Income Statement, Balance Sheet, Statement of Changes in Financial Position, Statement of Cash Flow, Statement of Value Added.

The accountant should explain not only what has happened but also ______ it happened, and what is likely to happen under specified conditions.

The Convention of ______ is the convention by which, when two values of a transaction are available, the lower-value transaction is recorded.

The main objective of this convention is to show ______ profit.

Accounting is the language of ______

The main purpose of accounting is to ascertain profit or ______ during a specified period

Such accounting records are required to be maintained to measure the income of the business and communicate the information so that it may be used by ______, owners and other interested parties

Financial Accounting is defined as 'the art of recording, classifying and summarising in a significant manner and in terms of money transactions and events which are of a ______ character'

Recording is concerned with the recording of financial transactions in an ______ manner, soon after their occurrence

Accounting helps to translate the workings of a firm into tangible ______ that can be compared

The main purpose of accounting is to ascertain ______ or loss during a specified period

Accounting is all about the process that helps to ______, summarize, analyse, and report data that concerns financial transactions

Accounting conventions refer to common practices which are universally followed in recording and presenting ______ information of the business entity.

Classifying is concerned with the systematic ______ of the recorded data so as to accumulate the transactions of similar type at one place

Accounting is the ______ of finance

This function involves the preparation and presentation of the classified data in a manner useful to the ______.

The accountant should interpret the statements in a manner useful to ______.

Accounting conventions are evolved through the regular and consistent practice over the years to facilitate uniform ______ in the books of accounts.

These procedures and principles are not legally binding but are generally accepted by ______ bodies.