Meaning, Objectives and Terminology of Accounting
ICSE · Class 9 · Commercial Studies
Flashcards for Meaning, Objectives and Terminology of Accounting — ICSE Class 9 Commercial Studies. Quick Q&A cards covering key concepts, definitions, and formulas.
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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…
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