Features of acccounting

Identify the demerit of accounting from the options given below :

• Replaces memory

• Evidence in Court

• Window dressing

• Comparative study

Systematic recording of financial transactions in the books of accounts is called__________

• Accounting

• Book keeping

Identify the characteristics of accounting in the following transaction:

Nice Furniture Stores sold an office table to a customer worth Rs. 9000/-

• Identify the monetary transaction

• Recording

• Measuring the identified transaction

• Analysis and intrepretation

Which of the following is not a monetary transaction?

• Purchase of Computer for office use

• Payment of wages

• Placing an order for goods

• Sales of goods

Identify the advantages of accounting from the following statement.
A systematic and timely recording of transactions obviates the necessity to remember transactions.

• Facilitates comparative study

• Replaces memory

• Assistance to management

• Evidence in the court

• Suppliers of materials

Workers of a company goes on strike. Is this recorded in the books of accounts. Comment.

Which of the following is not an internal user of accounting information?

• Employees

• Manager

• Board of Directors

• None of the above

Book keeping and Accountancy is _______________

• means the same and are used interchangeably

• does not mean same and are not used interchangeably

• means both a and b

• None of the above

Which is the last step of accounting as a process of information?

• Recording of transaction

• Preparation of financial statement

• Communication of information

• Analysis and interpretation of information

Which of the following is no recorded in the books of accounts?

• Discount recieved from the customer

• Quality of Staff

• Salary paid to employees

• Purchased raw materials