Podcast
Questions and Answers
What is the purpose of accounting?
What is the purpose of accounting?
To record financial transactions, classify them, summarize data into reports, and assist in decision making.
What are the steps involved in accounting?
What are the steps involved in accounting?
Recording transactions, classifying them, summarizing data, and interpreting financial information.
What are the financial transactions involved in starting a business?
What are the financial transactions involved in starting a business?
Investing cash, purchasing equipment, buying supplies on credit, receiving payments, and paying expenses.
How does accounting help in decision making?
How does accounting help in decision making?
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Why is it important to classify transactions into different heads and sub-heads?
Why is it important to classify transactions into different heads and sub-heads?
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