ACCOUNTING-THE LANGUAGE OF BUSINESS

                                                                          PART-A
                                                                     Brief Questions
                                                                          2nd part

9.What is Auditing?
Ans:The examination of financial statements by a certified public accountant in order to express an opinion as to the fairness of presentation.

10.What do you mean by  partnership?
Ans:An association of two or more persons to carry on as co-owners of a business for profit.

11.What do you mean by Corporation?
Ans:A business organized as a separate legal entity under state corporation law, having ownership divided into transferable shares of stock.

12.What do you mean by Taxation?
Ans:An area of public accounting involving tax advice,tax planning,and preparation of tax returns.

13.What do you mean by ethics?
Ans:The standards of conduct by which one's actions are judged as right or wrong, honest or dishonest,fair or not fair.

14.Who was the inventor of modern form of accounting i,e."Double entry system of accounting?
Ans:Luca D. Pacioli.

15.When did double entry system of accounting is inventroduced?
Ans:1494.

16."Summa de Arithmetica,Geomertica,Proportione et proportionalita " Book written By_______?
Ans:Luca D. Pacioli.