CA Foundation Exam > CA Foundation Questions > ______ was the root of financial accounting s...
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______ was the root of financial accounting system:
- a)Social accounting
- b)Stewardship accounting
- c)Management accounting
- d)Responsibility accounting
Correct answer is 'B'. Can you explain this answer?
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Verified Answer
______ was the root of financial accounting system:a)Social accounting...
In its oldest form, accounting aided the stewards to discharge their stewardship function. The wealthy men employed steward to manage their property; the steward in return rendered an account periodically of their stewardship. Thus 'Stewardship Accounting' was the root of financial accounting system.
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Most Upvoted Answer
______ was the root of financial accounting system:a)Social accounting...
Stewardship accounting is the root of financial accounting system.
Explanation:
Stewardship accounting is the oldest form of accounting which focuses on the responsibility of the person who manages the property and assets of others. The main objective of stewardship accounting is to ensure that the property and assets of an individual or organization are managed efficiently and effectively. It emphasizes on the accountability of the management to the owners of the company.
Stewardship accounting is also known as historical accounting because it is concerned with recording and reporting past events of the business. It provides information about the financial performance of the business to the stakeholders such as shareholders, creditors, and investors. The information provided by stewardship accounting is used for decision making by the stakeholders.
Stewardship accounting is considered as the root of financial accounting system because it laid the foundation for the development of other branches of accounting such as management accounting, cost accounting, and financial accounting. The principles of stewardship accounting are still relevant and applied in the current financial accounting system.
Therefore, option B is the correct answer.
Explanation:
Stewardship accounting is the oldest form of accounting which focuses on the responsibility of the person who manages the property and assets of others. The main objective of stewardship accounting is to ensure that the property and assets of an individual or organization are managed efficiently and effectively. It emphasizes on the accountability of the management to the owners of the company.
Stewardship accounting is also known as historical accounting because it is concerned with recording and reporting past events of the business. It provides information about the financial performance of the business to the stakeholders such as shareholders, creditors, and investors. The information provided by stewardship accounting is used for decision making by the stakeholders.
Stewardship accounting is considered as the root of financial accounting system because it laid the foundation for the development of other branches of accounting such as management accounting, cost accounting, and financial accounting. The principles of stewardship accounting are still relevant and applied in the current financial accounting system.
Therefore, option B is the correct answer.
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Community Answer
______ was the root of financial accounting system:a)Social accounting...
Stewardship accounting
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______ was the root of financial accounting system:a)Social accountingb)Stewardship accountingc)Management accountingd)Responsibility accountingCorrect answer is 'B'. Can you explain this answer?
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______ was the root of financial accounting system:a)Social accountingb)Stewardship accountingc)Management accountingd)Responsibility accountingCorrect answer is 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about ______ was the root of financial accounting system:a)Social accountingb)Stewardship accountingc)Management accountingd)Responsibility accountingCorrect answer is 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for ______ was the root of financial accounting system:a)Social accountingb)Stewardship accountingc)Management accountingd)Responsibility accountingCorrect answer is 'B'. Can you explain this answer?.
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