COST ACCOUNTING
COST ACCOUNTING STANDARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The chief accounting officer of an organization.
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A check of an organization’s accounting systems and records.
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The part of accounting that involves recording economic transactions and events, either electronically or manually; also called record keeping.
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Detailed explanation-1: -Recordkeeping/Bookkeeping-is recording of transactions and events, either manually or electronically of an organization’s day-to-day activities. Recordkeeping is only ONE part of accounting. Accounting-is the process of analyzing and drawing conclusions from this information.
Detailed explanation-2: -Bookkeeping is the process of recording your company’s financial transactions into organized accounts on a daily basis. It can also refer to the different recording techniques businesses can use. Bookkeeping is an essential part of your accounting process for a few reasons.
Detailed explanation-3: -On the other hand, the ledger, also known as the principal book, is a set of accounts in which the financial information in the journals is summarized and posted. The journal is the primary and basic book for recording daily transactions.
Detailed explanation-4: -The accounting cycle is a collective process of identifying, analyzing, and recording the accounting events of a company. It is a standard 8-step process that begins when a transaction occurs and ends with its inclusion in the financial statements.