Give the meaning of Accounting.

Open in App

Solution

Accounting is a process of identifying financial transactions, measuring them in monetary terms, and recording, classifying, summarizing, analyzing, interpreting them and communicating the results to the users.

Suggest Corrections

129

Similar questions

Q. Give the meanings of Balance of Trade and Balance on Current Account of Balance of Payments Accounts.

Q. Give the meanings of 'autonomous' transactions and 'accommodating' transactions in the Balance of Payments Accounts.

Answer in One sentence only

1. What is real account?
2. State the meaning of accounting equation.
3. What is rule of debit and credit for nominal account?
4. What do you mean by debit?
5. Give two examples of personal account.
6. What is an account?
7. What is nominal account?
8. Give two examples of real account
9. State whether drawings increases or decreases owner’s equity.
10. State the rule for personal account.

Q. Answer in one sentence only.
State the meaning of accounting equation?

Q. The Accounting Convention of Matching means __________.

Join BYJU'S Learning Program