SSC MCQ Question Ans. Accounts

SSC MCQ Question Ans. Accounts. Financial transactions change the financial position of the business. By transaction sometimes cash received sometimes paid, sometimes income earned sometimes expense incurred, sometimes asset increase sometimes decrease, and again sometimes liability increase sometimes decrease. Income, Expense, Asset, and Liability are not a particular type, there are different types of many such items in the business organization. In a particular table/chart the income, the expense, the asset or the liability that is affected by the transaction are recorded as per double entry system and it calculates the gross & net amount of that particular item. Accounts are prepared to know the continuous change and the net amount of each item.

SSC MCQ Question Ans. Accounts

The main objective of business organizations is to calculate the financial result and financial position. It’s required to record the transactions in the disciplined & proper way to achieve this objective.  Because of transactions continuous increase  – decrease happen to assets, liabilities, incomes, expenses and to equity. It’s needed to record this serially and to know the net amount of each item at an interval of the specific time.

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