Define accounting and state its objectives. 80,000
To understand accounting efficiently, it is important to understand the aspects of accounting. (iv) Only credit transactions. 10,000+ Fundamental concepts. Reliability: Reliability is described as one, of the two primary qualities (relevance and reliability) that … Every businessman is keen to know the net results of business operations periodically. Which one factor can make it difficult to compare the monetary values of one year with the monetary values of another year? Accounting process is the process of collecting, recording, classifying, summarising and communicating financial information to the users for judgement and decision-making. 2. cash memos, bills, etc. (adsbygoogle = window.adsbygoogle || []).push({}); 3. Are debits or credits listed first in journal entries? Since both the aspects of transactions are considered there is a complete recording of each and every transaction. The following are the main branches of accounting: Financial Accounting is that branch of accounting which involves identifying, measuring, recording, classifying, summarising the business transactions, i.e. (a) Rs. For this, all the transactions are recorded in chronological order in Journal and then posted to principle book i.e. Differentiate between source documents and vouchers. To check whether the business has earned profits or incurred losses, we prepare a “Profit & Loss Account”. All accounting information is verifiable and can be verified from the source document (voucher), viz. (6) Communicating information to the users : It includes sharing the financial reports and interprets results to the users of financial statements. Accounting provides factual information about financial performance during a given period of time. 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