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Accounts Unit Test

Accounting is the process of recording, classifying, and summarizing financial transactions and analyzing, verifying, and reporting the results. Bookkeeping records financial transactions, while accounting analyzes and interprets the results. Some limitations of accounting include that it cannot determine the future, only record past events; it is based on assumptions and estimates that may not reflect reality; financial statements only show one side of the business; and accounting standards may allow for some flexibility in reporting.

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33 views2 pages

Accounts Unit Test

Accounting is the process of recording, classifying, and summarizing financial transactions and analyzing, verifying, and reporting the results. Bookkeeping records financial transactions, while accounting analyzes and interprets the results. Some limitations of accounting include that it cannot determine the future, only record past events; it is based on assumptions and estimates that may not reflect reality; financial statements only show one side of the business; and accounting standards may allow for some flexibility in reporting.

Uploaded by

ankit kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Accounts

Unit Test

1.Define accounting. Explain its process briefly?
2.Distinguish between bookkeeping and accounting?
3.Briefly discuss any four limitations of accounting?
4.Accounting is a science as well as an art. explain

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