18 Questions
What is accounting?
Accounting is an information system that collects financial information, processes it, and presents the findings to users.
What was the main objective of writing down financial transactions in the initial days?
The main objective was to find out the end result of the transactions after a certain period.
What does accountancy consist of?
Accountancy consists of accounting and the logical framework for the same.
Why did businessmen start writing down their financial transactions?
The need for writing down transactions arose with the increase in the number of business transactions.
How can accounting and accountancy be distinguished?
Accounting is the practical aspect of keeping records, while accountancy includes both practical recording and the theoretical framework for those practices.
What is the function of accounting?
The function of accounting is to keep transactions in black and white to identify the end result of the same after a certain period.
What is the main function of accounting according to the passage?
Collecting financial information and processing it systematically
Why did businessmen begin to write down their financial transactions?
To find out the end result of the transactions after a certain period
What is the distinction between accounting and accountancy?
Accounting is the practical aspect, while accountancy includes theoretical framework
What was the initial method used for keeping business transactions before writing them down?
Keeping them in memory
What does accountancy consist of?
Practical recording and theoretical framework
What does accounting involve?
Collecting financial information and processing it systematically
What is the main function of accounting according to the passage?
Processing and storing ground of financial information
What is the distinction between accounting and accountancy?
Accounting is the practical aspect of keeping records, while accountancy combines practical recording and theoretical framework.
What was the initial method used for keeping business transactions before writing them down?
Keeping transactions in memory
What is the main objective of writing down financial transactions in the initial days?
To find out the end result of the transactions after a certain period
What does accountancy consist of?
Accounting and logical framework
What does accounting involve?
Collecting financial information, processing using systematic techniques, and presenting the findings to users
Explore the fundamental concepts and principles of accounting and accountancy, which form the basis of financial information systems. Learn about the collection, processing, and presentation of financial data for users' decision-making.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
