SSC MCQ Question Ans. Introduction to Accounting

SSC MCQ Question Ans. Introduction to Accounting. Economic events are visible in personal, institutional in fact in every sphere of the society. The number of these events is many and diversified. Without the proper technique and its application, it is impossible to know the overall impact of these events. It is only accounting that deals with the overall result and impact of those economic events. Various stakeholders both internal as well as external are keenly interested to know about the information of accounts. Therefore, accounting takes initiatives to record and analyze those transactions and report those to its stakeholders

SSC MCQ Question Ans. Introduction to Accounting

Accounting is such a subject by studying which the various financial activities of a person or an institution i.e. expenses paid, receive income, purchase, and sale of assets, buying and selling of goods, receive from debtors and payments to creditors, etc. are correctly recorded in different books of accounts and determine their actual result after a certain period. In accounting, the economic transactions of a business are recorded, classified, and summarized. So, the financial position of a business can be ascertained which will lead towards taking proper decisions. The knowledge of accounting can be used to prepare different types of statement and reports to identify the financial condition of a  firm.

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