GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Means of communication
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Source of business information
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Summarisation of business transactions
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All of the above
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Detailed explanation-1: -Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations.
Detailed explanation-2: -Financial Accounting is often called the language of business; it is the language that managers use to communicate the firm’s financial and economic information to external parties such as shareholders and creditors.
Detailed explanation-3: -Definitions of Accounting According to Bierman and Drebin:” Accounting may be defined as identifying, measuring, recording and communicating of financial information.”
Detailed explanation-4: -Accountancy MCQs for class 11 and 12 Accountancy is referred to as the process of recording financial transactions that take place in a business.