Introduction to Accounting — Flashcards
ICSE · Class 11 · Accountancy
40 flashcards for Introduction to Accounting (ICSE Class 11 Accountancy) to test yourself on key terms and facts. Sample: "What is accountancy?"
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What is accountancy?
Answer
Accountancy refers to the entire body of the theory and practice of accounting. It covers the principles, rules, and techniques used in accounting. In simple words, it is the wider subject that includ…
How is accountancy divided into parts?
Answer
Accountancy is divided into two parts: book-keeping and accounting. Book-keeping is the recording stage, while accounting goes further by summarising, analysing, interpreting, and communicating financ…
What is book-keeping?
Answer
Book-keeping is the art of recording financial transactions in the books of original entry, such as the journal, and in the ledger. The person who does this work is called a book-keeper.
Who is called the founder of book-keeping?
Answer
Lucas Pacioli of Italy is stated to be the founder of book-keeping. He is also linked with the early development of the double-entry system of book-keeping.
What activities are included in book-keeping?
Answer
Book-keeping includes identifying financial transactions, measuring them in terms of money, recording them in the books of original entry, and classifying them in the ledger.
Why is book-keeping called a routine and clerical function?
Answer
Book-keeping is called routine and clerical because it mainly involves regular recording and classification work. It is usually done by junior staff and can be performed with limited knowledge of acco…
What is accounting?
Answer
Accounting is concerned with recording, classifying, and summarising business transactions, and then analysing, interpreting, and communicating the results. It helps show profit or loss and the financ…
Why is accounting wider than book-keeping?
Answer
Accounting is wider because it includes book-keeping plus summarising, analysing, interpreting, and communicating financial information. Book-keeping ends with recording and classification, while acco…
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