When record transactions of same type and nature are grouped under one head, it is known as ___________.
Classifying
Summarizing
Analysing
Interpreting
Find out the primary objectives of Accounting .
To know about the position of goods
To depiction of financial position
To know the position of cash
To satisfy the taxation authorities
Find out the secondary objectives of accounting.
To maintain records of business transaction
To ascertain of profit or loss
To depict of financial position
To know about the errors and frauds of the employees.
The things which are bought for the purpose of resale at a profit is known as _________.
Stock
Inventory
Goods
Debtors
Find out the primary objective of Accounting.
To ascertainment of profit or loss
To satisfy the taxation authorities.
_______________ is the founder of modern double entry system of book keeping
The accounting function is __________ in nature.
Clerical
Routine
Analytical
None of these
Find out the limitations of Accounting.
Not suitable for forecasting
Aids in legal matters
Sale of business
Assistance to management