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Introduction to Accounting Basics

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Questions and Answers

What is the main objective of accounting?

To facilitate rational decision making (correct)
To ascertain the financial position of the business
To protect business properties
To keep systematic records

Who are the users of accounting information according to the text?

Investors, creditors, and government (correct)
Creditors, external consumers, and users
Banks & financial institutions, management, and employees
Investors, researchers, and owners

Which branch of accounting aids in external reporting?

Preparation of financial statements
Management accounting
Cost accounting
Financial accounting (correct)

What is the role of management accounting?

Aiding in directing and controlling activities of the firm (B) Signup and view all the answers

What does cost accounting primarily focus on?

Ascertaining operational profit or loss (A) Signup and view all the answers

What are the main objectives of accounting according to Assistant Professor Prathmesh U Tawade?

The main objectives of accounting according to Assistant Professor Prathmesh U Tawade are to keep systematic records, protect business properties, ascertain the operational profit or loss, ascertain the financial position of the business, and facilitate rational decision making. Signup and view all the answers

Who are the users of accounting information as mentioned by Assistant Professor Prathmesh U Tawade?

The users of accounting information mentioned by Assistant Professor Prathmesh U Tawade are investors, creditors, government, external consumers, users, researchers, banks & financial institutions, owners, internal management, and employees. Signup and view all the answers

What are the branches of accounting according to Assistant Professor Prathmesh U Tawade?

The branches of accounting according to Assistant Professor Prathmesh U Tawade are financial accounting, cost accounting, and management accounting. Signup and view all the answers

What are the roles of financial accounting and management accounting according to Assistant Professor Prathmesh U Tawade?

Financial accounting involves the preparation of financial statements and external reporting, while management accounting aids management in directing and controlling activities of the firm. Signup and view all the answers

What is the significance of accounting as described by Assistant Professor Prathmesh U Tawade?

Accounting is described as the 'Language of Business' and plays a crucial role in providing systematic records, protecting business properties, ascertaining financial position and operational profit or loss, facilitating rational decision making, and serving various users of accounting information. Signup and view all the answers