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Questions and Answers
This function is performed by maintaining the ______ in which different accounts are opened to which related transactions are posted.
This function is performed by maintaining the ______ in which different accounts are opened to which related transactions are posted.
ledger
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 ______ 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.
preparation
The accountant should explain not only what has happened but also ______ it happened, and what is likely to happen under specified conditions.
The accountant should explain not only what has happened but also ______ it happened, and what is likely to happen under specified conditions.
why
The Convention of ______ is the convention by which, when two values of a transaction are available, the lower-value transaction is recorded.
The Convention of ______ is the convention by which, when two values of a transaction are available, the lower-value transaction is recorded.
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The main objective of this convention is to show ______ profit.
The main objective of this convention is to show ______ profit.
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Accounting is the language of ______
Accounting is the language of ______
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The main purpose of accounting is to ascertain profit or ______ during a specified period
The main purpose of accounting is to ascertain profit or ______ during a specified period
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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
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
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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'
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'
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Recording is concerned with the recording of financial transactions in an ______ manner, soon after their occurrence
Recording is concerned with the recording of financial transactions in an ______ manner, soon after their occurrence
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Accounting helps to translate the workings of a firm into tangible ______ that can be compared
Accounting helps to translate the workings of a firm into tangible ______ that can be compared
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The main purpose of accounting is to ascertain ______ or loss during a specified period
The main purpose of accounting is to ascertain ______ or loss during a specified period
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Accounting is all about the process that helps to ______, summarize, analyse, and report data that concerns financial transactions
Accounting is all about the process that helps to ______, summarize, analyse, and report data that concerns financial transactions
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Accounting conventions refer to common practices which are universally followed in recording and presenting ______ information of the business entity.
Accounting conventions refer to common practices which are universally followed in recording and presenting ______ information of the business entity.
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Classifying is concerned with the systematic ______ of the recorded data so as to accumulate the transactions of similar type at one place
Classifying is concerned with the systematic ______ of the recorded data so as to accumulate the transactions of similar type at one place
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Accounting is the ______ of finance
Accounting is the ______ of finance
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This function involves the preparation and presentation of the classified data in a manner useful to the ______.
This function involves the preparation and presentation of the classified data in a manner useful to the ______.
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The accountant should interpret the statements in a manner useful to ______.
The accountant should interpret the statements in a manner useful to ______.
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Accounting conventions are evolved through the regular and consistent practice over the years to facilitate uniform ______ in the books of accounts.
Accounting conventions are evolved through the regular and consistent practice over the years to facilitate uniform ______ in the books of accounts.
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These procedures and principles are not legally binding but are generally accepted by ______ bodies.
These procedures and principles are not legally binding but are generally accepted by ______ bodies.
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