Commercial Applications
Accounting means ……………
- Keeping an account of money received
- Keeping an account of money spent
- Keeping an account of money spent and loan received.
- Keeping an account of money received and money spent.
GAAP
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Answer
Keeping an account of money received and money spent.
Reason — Accounting simply means keeping an account of money received and money spent. It is the process of recording, classifying, summarising and interpreting financial transactions of a business in terms of money.
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Related Questions
This principle is an exception to the principle of full disclosure.
- Materiality
- Consistency
- Conservatism
- Timeliness
According to Business Entity Concept:
- Distinction should be made between fixed assets and current assets.
- Distinction should be made between business transactions and personal transactions.
- Distinction should be made between Capital expenditure and revenue expenditure.
- Accounting equation is always true.
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- Business Entity Concept
- Dual Aspect
- Going Concern Concept
- Money Measurement Concept
Ledger is also called the ……………
- Journal book
- Principal book
- Account book
- Subsidiary book