Meaning, Objectives and Terminology of Accounting — Flashcards
ICSE · Class 9 · Commercial Studies
36 flashcards for Meaning, Objectives and Terminology of Accounting (ICSE Class 9 Commercial Studies) to test yourself on key terms and facts.
Interactive on Super Tutor
Studying Meaning, Objectives and Terminology of Accounting? Get the full interactive chapter.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for flashcards and more.
Free trial, no card needed.
What is accounting?
Answer
Accounting means keeping an account of money received and money spent. It is the art and science of recording, classifying, summarising, analysing, and communicating financial transactions and events.
What is the difference between accounting and accountancy?
Answer
Accounting is the broader term used for recording, classifying, summarising, analysing, and reporting financial information. Accountancy is the art of recording, classifying, and analysing financial t…
What is book-keeping?
Answer
Book-keeping is the art of recording business dealings in a set of books. It deals with journalising, posting to ledger, totalling of accounts, and balancing of accounts. It is clerical in nature and …
How is book-keeping different from accounting?
Answer
Book-keeping is clerical, while accounting is analytical and imaginative. Book-keeping mainly records transactions, while accounting classifies, summarises, analyses, and interprets them. Book-keeping…
Why are only financial transactions recorded in accounting?
Answer
Accounting records only transactions that can be expressed in money. Non-monetary matters, such as a conflict between departments, are not recorded because they cannot be measured in money terms. This…
What are the main features of accounting?
Answer
Accounting is both an art and a science. It records only financial transactions, classifies them through the Ledger, and presents them in a useful form. It helps in finding profit or loss and in judgi…
What is the main objective of accounting?
Answer
The main objective of accounting is to maintain a systematic and up-to-date record of all financial transactions. It also helps in calculating profit or loss, showing the financial position, and provi…
How does accounting help in finding profit or loss?
Answer
Accounting prepares the Profit and Loss Account to compare revenue with expenses. If revenue is more than expenses, there is net profit. If expenses are more than revenue, there is net loss. This show…
+28 more flashcards
Practise AllFrequently Asked Questions
What are the important topics in Meaning, Objectives and Terminology of Accounting for ICSE Class 9 Commercial Studies?
How many flashcards are available for Meaning, Objectives and Terminology of Accounting?
How should I revise Meaning, Objectives and Terminology of Accounting for Class 9 exams?
Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
More resources for Meaning, Objectives and Terminology of Accounting
Practice Quiz
Test yourself with a quick quiz
Important Questions
Exam-style questions with answers
Revision Notes
Key points for last-minute revision
Chapter Summary
Understand the chapter at a glance
Concept Maps
See how topics connect
Study Plan
Step-by-step plan for this chapter
Syllabus
What topics to cover
For serious students
Get the full Meaning, Objectives and Terminology of Accounting chapter — start free.
Quizzes, flashcards, an AI doubt solver and a study plan for ICSE Class 9 Commercial Studies. Free to start, no card needed.