Podcast
Questions and Answers
What is the purpose of the ledger in accounting?
What is the purpose of the ledger in accounting?
- To record financial transactions
- To interpret financial transactions
- To summarize financial transactions
- To classify financial transactions (correct)
What is the definition of accounting?
What is the definition of accounting?
- A summarized record of transactions
- The art of recording, classifying and summarizing in terms of money transactions and events (correct)
- An analysis of the definition of accounting
- The work of classification is done in the book termed 'ledger'
What are the two measurements involved in accounting?
What are the two measurements involved in accounting?
- Balance sheet and ledger
- Trading and profit and loss account (correct)
- Summarizing and interpreting
- Recording and classifying
What types of transactions does accounting record?
What types of transactions does accounting record?
What is the purpose of forest accounts and procedures?
What is the purpose of forest accounts and procedures?
True or false: Accounting involves recording, classifying, and summarizing financial transactions and events of a financial character.
True or false: Accounting involves recording, classifying, and summarizing financial transactions and events of a financial character.
True or false: The work of classification in accounting is done in a book called 'LEDGER'.
True or false: The work of classification in accounting is done in a book called 'LEDGER'.
True or false: An account is a summarized record of transactions relating to a person or thing.
True or false: An account is a summarized record of transactions relating to a person or thing.
True or false: Accounting records transactions and events in terms of money that are of financial character.
True or false: Accounting records transactions and events in terms of money that are of financial character.
True or false: Transactions that are not of financial character are recorded in the book of accounting.
True or false: Transactions that are not of financial character are recorded in the book of accounting.
