An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
Correct answer: A. Accounting
- A. Accounting
- B. Accountancy
- C. Auditing
- D. Book Keeping
Explanation
Accounting involves recording, classifying, summarizing, and interpreting financial transactions in a systematic manner. Bookkeeping mainly covers the recording and maintenance stage, so it is narrower than accounting.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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Accounting is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
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