What are the roles of transaction in accounting?

Q: What accounting terms and ideas are used?

A: Accounting: It is a art of recording, classifying and summarizing in a significant manner and in…

Q: Why is accounting a service activity and also a process or system?

A: Accounting is adopted by every business irrespective of its nature.

Q: What are the basics of Accounting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What is accounting and how does it relate to business?

A: Accounting: In finance, accounting is the process of documenting financial transactions, keeping and…

Q: What is ABC system in accounting? Explain with example?

A:

Q: what is the basic accounting model?

A: Accounting Model is the collection of principles, rules and guidelines that form framework for…

Q: What is accounting? Also define its branches.

A: Every business, when it set up, has to know its plan of how it has to be carried on and what all…

Q: What does the accounting equation show?

A: An accounting equation shows the relationship between Assets, Liabilities and Equity of a entity. It…

Q: what is accounting?explain it.

A: A business needs quantitative record of its over financial performance and financial position in…

Q: What are the basic bodies of accounting and what do they do?

A: Basic Bodies of Accounting Accounting bodies are the national or international bodies which has the…

Q: What types of Accounting are there

A: There are following types of accounting: 1. Financial accounting 2. management accounting 3. tax…

Q: why are balance sheets important in accounting?

A: Balance sheet is one of the financial statement in business, which is prepared at the end of…

Q: What are the outputs of the accounting cycle, why are they important and how are they interrelated?

A: Outputs of the accounting cycle-First of all, we need to understand what is an accounting cycle.  An…

Q: What are the different types of accounting?

A: The accounting is a process to record the business transactions and prepare the financial…

Q: What are the popular accounting applications?

A:

Q: What are the objective of any accounting system?

A: The accounting information system is software in which inputs are added in the form of sales or…

Q: What is the role of the accounting function in an organization?

A:

Q: What do you mean by materiality concept in accounting?

A: Materiality concept:Materiality concept refers to a condition wherein, the financial information of…

Q: What is the main fundamental operation in Accounting? Explain the process

A: Accounting: Accounting is the practice of keeping track of a company's financial activities.…

Q: what is the function of accounting cycle?

A: Bookkeeping means recording the transactions which have any monetary value. It is the business…

Q: What are the basic accounting rules?

A: Introduction: To understand the golden principles of accounting, you must first learn everything…

Q: What is the accounting cycle?

A: Accounting cycle means the process of collecting, processing and reporting of the financial…

Q: What was the most fundamental aspect of accounting?

A: The activity of maintaining track of a supplementary ledger is known as accounting. Accounting…

Q: What are the ideas and language used in accounting?

A: Introduction: Accounting is the practice of knowing track of a company's financial activities.…

Q: What are the different branches of accounting?

A: Accounting:Accounting is the process of recording, summarizing and examining the  business events…

Q: What is accounting information system and what is its components and explain.

A: All the transactions in the company will be recorded in the journal book in a chronological manner.…

Q: What is the most fundamental accounting model?

A: Solution:- Introduction:- Accounting model play vital role in accounting. Accounting model gives…

Q: What mean accounting information?

A: The basic concept of Accounting is to Record the transaction which was pertaining in the…

Q: Define principles of Accounting?

A: Accounting is a way of recording money related transactions in the financial statements of an…

Q: What is the most important basic accounting operation? Explain the procedure.

A: Introduction : Accounting is the discipline of recording a business's financial transactions. The…

Q: What are the accounting concept?

A: Solution:- Introduction:- Accounting concepts are defined as basic assumptions on the basis of which…

Q: How IT can affect accounting field?

A: Accounting is the recording, classifying, analyzing and interpreting of financial transactions…

Q: What is Basis of accounting

A: The system by which revenues and expenses are recognized in a company's financial statements is…

Q: what is accounting?

A: Bookkeeping refers to the process of identifying, measuring and recording of financial transactions.…

Q: What are the steps of the accounting cycle?

A: Accounting cycle is a cycle which defines as the overall accounting process starting from the step…

Q: Why is accounting described as a service activity?

A: The activities that are carried out with a view to assist the organisation in the delivery and…

Q: What do the accounting equation's elements entail? Give an explanation.

A: Accounting equation:  An accounting equation is a tool that creates a link between a company's…

Q: Illustrate the importance of the flow of information in accounting?

A: The importance of flow of information in accounting is of very high significance. The information…

Q: In broad general terms, what is the purpose of accounting?

A: Accounting: It can be defined as the process of summarizing and recording the financial events and…

Q: How important is the accounting?

A: Businesses require a system that can help in measurement and evaluation of different financial…

Q: What concepts and terminology are utilized in accounting?

A: Introduction: A company's financial transactions are tracked through accounting, which is the…

Q: how do you find the answer to componets of accounting equations

A: The accounting equation is as followsTotal Assets= Liabilities+ Owner's Equity.So, whenever any…