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  • Financial Accounting: Answer Three From The Following Question. (10 X 3 30 Marks)

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    Accounting is the process of recording, classifying, selecting, verifying, communicating, and interpreting financial information about an economic entity to allow informed judgments and decisions by users of the information. The key functions of accounting are to record financial transactions, classify and summarize data into reports, and prepare financial statements. The main objectives are to provide information to owners, managers, regulatory agencies, and others about aspects of the business such as profits earned, debts owed, and cash flows.

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    Financial Accounting

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    Accounting is the process of recording, classifying, selecting, verifying, communicating, and interpreting financial information about an economic entity to allow informed judgments and decisions by users of the information. The key functions of accounting are to record financial transactions, classify and summarize data into reports, and prepare financial statements. The main objectives are to provide information to owners, managers, regulatory agencies, and others about aspects of the business such as profits earned, debts owed, and cash flows.

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    24 views1 page

    Financial Accounting: Answer Three From The Following Question. (10 X 3 30 Marks)

    Uploaded by

    aanillll
    Accounting is the process of recording, classifying, selecting, verifying, communicating, and interpreting financial information about an economic entity to allow informed judgments and decisions by users of the information. The key functions of accounting are to record financial transactions, classify and summarize data into reports, and prepare financial statements. The main objectives are to provide information to owners, managers, regulatory agencies, and others about aspects of the business such as profits earned, debts owed, and cash flows.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    Financial Accounting

    Answer three from the following question. 1. 2. 3. views. 4. 5. i) ii) iii) iv) v) vi) vii) viii) What is accounting concept? What are the types of accounting concepts? From the information given below, you are required to show the transactions effects of Mr. 1st April Started business with Rs.1,25,000/2nd April Purchase furniture worth of Rs.20,000/- and paid cash of Rs.17,400/-. 3rd April Sales made for Rs.1,19,200/- out of which Rs.50,000/- in cash. 4th April - Discount allowed to the debtor Rs.1000/- is outstanding. 5th April - Rent outstanding for the month of March is Rs.2000/-. 6th April - Advance received from a purchaser of Rs.5,000/-. 7th April Drawings of Rs.7,300/8th April Creditors paid by issuing a bills of Rs.2,000/Define Accounting? What are its functions and objectives? What are the merits and demerits of Accounting? What do you mean by Accounting Equation? Give suitable example to stand by your (10 X 3 = 30 Marks)

    XYZ Ltd., for the month of April.

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