CBSE Class 11-commerce Accountancy Part I Nature, Need And Process Of Accouting
- Define accounting.
- “Accounting is an art as well as science.” Do you agree with this statement?
- What is an accounting cycle?
- What are the procedures involved in accounting process?
- Who are the interested users of accounting?
- What are the objectives of accounting?
- Mr. Sharma, the owner of Mahakali Trading Company, withdrew Rs.15000 from his company to pay the rent of his house. Is this an economic event? Will it be recorded in the books of account? Explain.
- Explain any 4 advantages of accounting.
- Mention any three limitations of accounting.
- Why are customers, investors and competitors interested in knowing the accounting information?
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