Define Accounting.

A.VERIFIED ANSWERfact-checked by tutors

Accounting can be defined as the process of identifying, measuring, recording and communicating the required information relating to the economic events of an organization to the interested users of such information.

Suggested Q&A

ACCOUNTANCY · CLASS 11

AccountancyCLASS 11
What is meant by Assets? Also explain its types.
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Explain the following terms of Accounting: (a) Sales (b) Revenues (c) Profit (d) Gain (e) Loss (f) Discount (g) Drawings.
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Describe the informational needs of external users.
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Explain any five advantages of Accounting.
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Explain any five limitations of Accounting.
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Explain the following terms of Accounting: (a) Expenses (b) Expenditure (c) Debtors (d) Creditors (e) Voucher.