BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A process of identifying, classifying and recording the business transaction
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Prepraration of the basic accounting
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Responsible for writing the daybooks
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Detailed explanation-1: -Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and event which are, in part at least, of a financial character and interpreting the results thereof. This definition is given by. JEE Main 2022 Question Paper Live Discussion.
Detailed explanation-2: -The steps in the accounting cycle are identifying transactions, recording transactions in a journal, posting the transactions, preparing the unadjusted trial balance, analyzing the worksheet, adjusting journal entry discrepancies, preparing a financial statement, and closing the books.
Detailed explanation-3: -Definition of Accounting Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business.
Detailed explanation-4: -Accounting is a process of recording, classifying, summarising, analysing and interpreting the financial transactions and communicating the result thereof to the users of such information.
Detailed explanation-5: -Accountancy is the process of recording, classifying and reporting business transactions to prepare statements and assess the financial health of an organisation. Bookkeeping is a part of the accountancy process that deals solely with recording and classification of financial transactions of a business.