COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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recording of business expenses and revenues
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recording of the cost of products and services
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recording of day-to-day business transactions
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none of the above
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Detailed explanation-1: -Financial accounting is the process of recording, summarizing and reporting a company’s business transactions through financial statements. These statements are: the income statement, the balance sheet, the cash flow statement and the statement of retained earnings.
Detailed explanation-2: -Answer and Explanation: It’s a true statement.
Detailed explanation-3: -The process of recording business transactions is called journalising.
Detailed explanation-4: -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.