Accounting -an Introduction — Important Questions
Telangana Open School (TOSS) · Class 12 · Accountancy
45 important questions from Accounting -an Introduction for Telangana Open School (TOSS) Class 12 Accountancy, with answers.
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Important Questions from Accounting -an Introduction
Which of the following is recorded in the books of accounts?
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Purchase of machinery
Only transactions measurable in monetary terms are recorded. The purchase of machinery has a monetary value and thus is recorded.
Who defined accounting as 'the process of identifying, measuring, recording and communicating'?
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American Accounting Association
The American Accounting Association defined accounting as the process of identifying, measuring, recording, and communicating economic events.
Which of the following is a limitation of accounting?
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Ignores non-monetary events
Accounting only records transactions that can be expressed in monetary terms, so non-financial aspects like employee morale are not included.
Fixed assets are recorded at:
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Historical cost
According to the cost concept, fixed assets are recorded at their original purchase price including all related expenses like transportation and installation.
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