gree with the following statements :
0.5 Do you agree or disagree with the following sta
1) Accounting is useful only to the owner.
-2) Book-keeping is an art, science and profession.
3) Bills Payable is an asset of the business.
In Book-keeping and Accountancy only non monetary transactions are recorded.
5) Totalling of Journal or Ledger is called as casting.
Answers
Explanation:
1) External users (Secondary Users) of accounting information include the following: Creditors: for determining the credit worthiness of the organization. ... Therefore its proved accounting information not only useful to owners of the business ..
2) Accounting can be considered an art because it requires creative judgment and skills. ... Accounting can also be considered a science because it is a body of knowledge, but since the rules and principles are constantly changing and improving, it is not considered an exact science.
3) book keeping is a part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation.
4) Accounts. .... The totaling of Sales and Purchases Books is known as casting.