MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Qualitative Characteristics of Accounting

is the summar...

Question

______ is the summarizing phase of accounting system.

A

Book keeping

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Ledger posting

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

Balancing

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

Accounting

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is D Accounting
Accounting is the art of recording, classifying and summarizing of financial data in a significant manner. Once the book keeping is complete, the process of accounting starts which includes classification of accounts and summarizing the transactions in a logical manner to make the financial statement.

Suggest Corrections

thumbs-up

0

Similar questions

Q. Accounting is "the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof". This definition is given by ______________________.

Q. Accounting is defined as "the __________ of recording, classifying and summarizing in terms of money transactions and events of a financial character and interpreting the results thereof".

Q. Amit is recording sales transactions in the accounting system so that they can be summarized in a logical manner for the purpose of providing financial information for decision-making. Amit is doing ___________.

Q. Amit is recording sales transactions in the accounting system so that they can be summarized in a logical manner for the purpose of providing financial statement for decision-making. Amit is doing________.

Q. _______ defined Accounting as the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of a financial character, and interpreting the results thereafter.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Introduction

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Qualitative Characteristics of Accounting

Standard XI Accountancy

Join BYJU'S Learning Program

CrossIcon