Question

Explain the factors which necessitated systematic accounting

Answer 1

Answer:

the that there is a good time to get the latest flash player is required

Answer 2

1.only financial transactions are recorded

those events which are financial in nature are only recorded in the books of accounts.

for example:salary of an employee is recorded in the books but his/her educational qualification is not recorded.

2.transactions are recorded in monetary terms

only thode transactions which can be expressed in monetary terms are recorded in the books.

for example:if a business has two buildings and four machines ,then their monetary values is recorded in the books.i.e two buildings costing rs.2,00,000 ,four machines costing rs. 8,00,000 .thus ,the total values of assets is rs.10,00,000.

3.arts of recording

transactions are recorded in the order of their occurrence.

4.summarizing of data

transactions are summarize in the form of trial balance ,trading account,profit and loss account and balance sheet that provides necessary information to various users.

hope it will help

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