BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Partial True
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None of the above
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Detailed explanation-1: -FALSE ! BOOK KEEPING-PRIMARY STAGE ! ACCOUNTING-SECONDARY STAGE !
Detailed explanation-2: -Bookkeeping is the starting point of the accounting process.
Detailed explanation-3: -Bookkeeping is a part of accounting. Only financial transactions which can be expressed in terms of money are recorded. Thus, accounting enables stakeholders to know the financial position of an entity for the period. It is concerned with summarizing of the recorded financial transactions.
Detailed explanation-4: -No, book-keeping is a part of accounting. The process of accounting i.e., identification, recording and classifying financial transactions and events are the processes of book-keeping also.
Detailed explanation-5: -The first step of accounting process is identifying the financial transactions.