BUISENESS MANAGEMENT
FINANCIAL MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
A process of identifying, classifying and recording the business transaction
|
|
|
Prepraration of the basic accounting
|
|
|
Responsible for writing the daybooks
|
|
|
None of the above
|
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.
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: -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.