Question

Define Accounting.. Objectives of double entry system...Source information of accounts..
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Answer 1

Answer:

The following are the objectives of double entry system: To maintain the systematic record of financial transactions. To solve the problems arises on financial matters. To provide financial information to the management for making financial plans and decisions.

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Answer 2

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• Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.
• The following are the objectives of double entry system: To maintain the systematic record of financial transactions. To solve the problems arises on financial matters. To provide financial information to the management for making financial plans and decisions.
• Source documents are typically retained for use as evidence when auditors later review a company's financial statements, and need to verify that transactions have, in fact, occurred. They usually contain the following information: ... The date of the transaction. A specific amount of money.