Meaning, Objectives and Terminology of Accounting — Chapter Summary
ICSE · Class 9 · Commercial Studies
Summary of Meaning, Objectives and Terminology of Accounting for ICSE Class 9 Commercial Studies. Key concepts: Accounting means keeping, Book and Book.
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Overview
Accounting is the systematic record of money received and money spent. It deals only with financial transactions and helps in recording, classifying, summarising, analysing, and interpreting business information. Book-keeping forms the base of accounting, while accounting goes further by preparing t
Key Concepts
Accounting means keeping an account
Accounting means keeping an account of money received and money spent. It records only financial transactions and includes recording, classifying, sum
Book
Book-keeping is the art of recording business dealings in a set of books. It includes journalising, posting to ledger, totalling of accounts, and bala
Book
Book-keeping is clerical and mainly records transactions, while accounting is analytical and imaginative and prepares final statements. Book-keeping i
The main objectives are to maintain
The main objectives are to maintain records, calculate profit or loss, ascertain financial position, and provide information to owners, investors, cre
Accounting is not fully exact
Accounting is not fully exact, does not reflect true market worth, ignores many non-monetary factors, may be affected by errors or fraud, and assumes
Learning Objectives
- Define accounting and book-keeping
- Distinguish between book-keeping and accounting
- State the objectives and need of accounting
- Explain the limitations of accounting
- Classify accounts into personal, real, and nominal accounts
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