Accounting - An Introduction — Flashcards
NIOS · Class 12 · Accountancy
22 flashcards for Accounting - An Introduction (NIOS Class 12 Accountancy) to test yourself on key terms and facts.
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What is Book-Keeping and how does it differ from Accounting?
Answer
Book-Keeping is the art of keeping a permanent record of business transactions systematically in the books of account. It focuses only on recording financial data in a structured manner. Accounting, o…
Define the term 'Transaction' in accounting and provide an example.
Answer
A transaction is an event involving the exchange of value between two or more entities that can be measured in monetary terms. It is any business activity that affects the financial position of an ent…
What are the four main steps in the Accounting Process?
Answer
The accounting process consists of four sequential steps: (1) IDENTIFICATION - Determining which economic events and transactions should be recorded (only financial/monetary events); (2) MEASUREMENT -…
Explain the concept of 'Measurement' in accounting with an example.
Answer
Measurement in accounting refers to the process of quantifying business transactions and events into financial terms using a standard monetary unit (Indian Rupees). This means converting all business …
What are the main branches of Accounting and what is the focus of Financial Accounting?
Answer
The main branches of accounting are: (1) FINANCIAL ACCOUNTING - Records transactions, summarizes and interprets them, communicates results to users. It ascertains profit/loss and financial position; (…
Compare Internal Users and External Users of Accounting Information.
Answer
INTERNAL USERS (within the organization): (1) Owners - Interested in profit/loss and safety of their capital; (2) Management - Use information for planning, decision-making, and control; (3) Employees…
What is the formula for calculating Income? Provide an example.
Answer
The formula for calculating Income is: INCOME = REVENUE - EXPENSE. Revenue is the amount earned from selling products or services. Expenses are costs incurred to earn that revenue. Income represents t…
Distinguish between Profit and Loss in accounting.
Answer
PROFIT: Profit is the excess of revenue over expenses. It occurs when income earned from selling goods/services exceeds the costs incurred to produce and sell them. Profit increases the owner's capita…
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