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rote ssi, , tho, l, al Nature, n., OMic ;, Mic info _, , oy, , Vv., , ing., , of business cay, , ng and theft of, , , , Introduction, , 1.25, , 8. The nature of book-keeping is ?, Ans : Clerical, 9. Na a brane f ace i i, A MMe is concerned with the process of decision making., 10. — eae characteristics of accounting., 11. Nz re qualitati racteristi, plies canes characteristics which enables the users to depend on accounting information., 2 W ie : hy, I ee strength of an enterprise ?, 13: Lele are of historical in character ?, 14 Oe combinant of accounting which enables the users to compare., aay Tale ah, 15° Pe oe who is interested in the long-term solvency position., , Answer the following questions in one sentence, , 1, Define an economic event., , Ans : Economic event consti, , / 3 constitute a type of financial t i i i, , i ; ransaction V, , Faia sotement n which has an impact on the, Give an example of internal economic event., , Aus : Supply of row material from the store to production department is the best example of, internal economic event., , Define book-keeping., « Rook- 21] ic reoarde + 9 awity oF P s 2, Ans : Book-keeping 1s regarded as an activity designed for recording financial data of an, , i), , we, , enterprise., 4. Name the recording phase of accounting system. :, Ans : The recording phase of accounting system is book-keeping. a, Is accounting historical in nature 2, Ans : Yes, Accounting is of historical it, , n, , 1 nature because it emphasises on recording of past, , happenings., , 6. Name three users of, Ans : Three users of, , 7. Name three non-monetary transa, Ans : The examples of non-monetary, of management, morale of employees and labour unrest., , 8. What constitute the summarising phase of accouting system ?, Ans : Accounting is considered as the summarising phase of accounting system., , 9. Does accounting statements reflect the impact of inflation ?, Ans : No Accounting Statements do not show the impact of inflation., , 10. Name a branch of accounting associated with internal reporting to managers. :, Ans : Management accounting as a branch of accounting 1S associated with internal reporting, , accounting information., accounting information are lenders, creditors and the owner., ctions which are not accounted for in accounting., , transactions not accounted for in accounting are reputation, , , , to managers.
