Question

1. Give the meaning and definition of Accounting.
2. Describe two objectives of Accounting.
3. Distinguish between accounting and book-keeping (any four).
4 Describe the four advantages of Accounting.
5. What are the advantages of Book-keeping ?
6. What are the advantages of accounting to businessmen ?
7. Describe two limitations of accounting.
8. Describe follows:
(i) Bad debts, (ii) Insolvent.
​

Answer 1

Answer:

1. Meaning and Definition of Accounting :

Accounting is the systematic process of identifying , measuring , recording , classifying , summarizing , interpreting and communicating financial information .According to American Accounting Association " the process of identifying , measuring , and communicating economic information to permit informed judgments and decisions by users of the information "

Answer 2

Accounting: Accounting is the process of recording financial transactions pertaining to a business.

Book Keeping: It is the process of financial transactions, and is the part of the process of accounting in business.