PART-A
Brief Questions
1st part
1.What is Accounting?
Ans: Accounting is an information system that identifies,records,and communicates the economic events of an organization to interested users.
Or
Accounting is an information system that identifies, records and communicates the economic events of an organization to interested user."-this definition are given by-
Weygandt,Kieso& Kimmel.
2.Accounting is the art of recording ,classifying and summarising in significant manner and in terms of money,transactions and events which are,in part at least , of a financial character and interpreting the result thereof.- this definition was given by____
Ans:American Institute of Certified Public Accountants (AICPA)
3.What is Book-Keeping?
Ans:A part of accounting that involves only the recording of economic events.
4.What is Financial accounting?
Ans:The field of accounting that provides economic and financial information for investors,creditors,and other external users.
5.What is Managerial accounting?
Ans:The field of accounting that provides economic and financial information for managers and other internal users.
6.What is Management consulting ?
Ans: An area of public accounting involving financial planning and control and the development of accounting and computer systems.
7.What is Private(or managerial) accounting?
Ans:An Area of accounting within a company that involves such activities as cost accounting budgeting,and accounting information systems.
8.What is Public Accounting?
Ans:An area of accounting in which the accountant offers expert service to the general public.
Brief Questions
1st part
1.What is Accounting?
Ans: Accounting is an information system that identifies,records,and communicates the economic events of an organization to interested users.
Or
Accounting is an information system that identifies, records and communicates the economic events of an organization to interested user."-this definition are given by-
Weygandt,Kieso& Kimmel.
2.Accounting is the art of recording ,classifying and summarising in significant manner and in terms of money,transactions and events which are,in part at least , of a financial character and interpreting the result thereof.- this definition was given by____
Ans:American Institute of Certified Public Accountants (AICPA)
3.What is Book-Keeping?
Ans:A part of accounting that involves only the recording of economic events.
4.What is Financial accounting?
Ans:The field of accounting that provides economic and financial information for investors,creditors,and other external users.
5.What is Managerial accounting?
Ans:The field of accounting that provides economic and financial information for managers and other internal users.
6.What is Management consulting ?
Ans: An area of public accounting involving financial planning and control and the development of accounting and computer systems.
7.What is Private(or managerial) accounting?
Ans:An Area of accounting within a company that involves such activities as cost accounting budgeting,and accounting information systems.
8.What is Public Accounting?
Ans:An area of accounting in which the accountant offers expert service to the general public.
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