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Question-30: How’s the history of accounting?Īnswer: The history of accounting is as old as the history of human civilization. Question-29: Which way has the accounting improved considerably?Īnswer: Accounting has improved considerably by improving trade and commerce and by advancing science and technology. Question-28: How did people of primitive age keep an account of themselves?Īnswer: Cut the stains on the walls of the cave, and knots on the rope. Question-27: What is the name of the most recent addition to accounting improvement?Īnswer: Computed or Mechanical Accounting. Question-26: When does the transaction start in cash and on credit? Question-25: What is the basis for different types of decision-making in the management of the organization? Question-24: What’s needed to make a business successful?Īnswer: Keeping track of business transactions properly. Question-23: What are the requirements of accounting for internal users? Question-22: What are the main advantages of accounting?Īnswer: The main advantages of accounting are as follows: Question-21: On what basis is the transaction validated and the existence of the property verified?Īnswer: With the help of secured accounting books, financial statements, and credentials. Question-20: What makes an organization trustworthy to a third party and plays the most important role in creating accountability?
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Question-19: At what time is the noticeable change in the accounting system? Question-18: When does the journey of modern accounting begin?Īnswer: The journey of modern accounting begin in the fifteenth century. Question-17: Where is the origin of modern accounting? Question-16: Which part of the book by Luca de Pacioli discusses the double-entry accounting process?Īnswer: Luca de Pacio discusses the double-entry accounting process in the third part of the book. Question-15: What is the name of the famous book written by Luca de Pacioli?Īnswer: Summa de Arithmetica, Geometria, Proportioniet Proportionalite. Question-13: Who is the father of accounting?Īnswer: Luca de Pacioli is called the father of accounting.Īnswer: Luca de Pacioli was an Italian priest, philosopher, and mathematician. Question-12: When does the journey of accounting begin?Īnswer: The journey of accounting began when people lived in caves. Question-11: Is Accounting art or science?Īnswer: Accounting is both art and science. Question-10: What kind of science is accounting? Question-09: What subjects are related to accounting? Question-08: What does Accounting create?Īnswer: Accounting creates values and accountability. Question-07: What are the branches or types of accounting?Īnswer: The major branches or types of accounting are as follows: Question-06: What was the scope of accounting in the past?Īnswer: In the past, the scope of accounting is limited only to business. Question-05: What does accounting encourage people to do?Īnswer: Accounting encourages people to exercise regularity, honesty, and accountability. Question-04: What are the three functions of accounting?Īnswer: The three functions of accounting are as follows: Question-03: What is the main objective of accounting?Īnswer: The main objective of accounting is to keep accounting records and determine the financial results of the organization. So let’s get started Short Questions and Answers-Introduction to AccountingĪnswer: Accounting is an information system that identifies, records, and reports to interested users the economic activities of an organization.Īnswer: Accounting is called the language of business. If you want to do well in a competitive exam, such as a school or college exam or viva, job written exam or viva, etc., then practice these 40 questions and their answers regularly.įor theory please read the article “Accounting-Definition, Process, Objective, Origin, And Evolution” Today we will learn “40 short questions and answers-Introduction to accounting.”It will definitely help you to do well in any kind of exam.