ECONOMICS

COST ACCOUNTING

COST ACCOUNTING STANDARDS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Book keeping
A
The chief accounting officer of an organization.
B
A check of an organization’s accounting systems and records.
C
The part of accounting that involves recording economic transactions and events, either electronically or manually; also called record keeping.
Explanation: 

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.

There is 1 question to complete.