B Com Exam > B Com Questions > Keeping a log of financial information in boo...
Start Learning for Free
Keeping a log of financial information in books of original entries is called:
- a)Recording
- b)Summarizing
- c)Grouping
- d)Processing
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Keeping a log of financial information in books of original entries is...
Recording Financial Information in Books of Original Entries
Keeping a log of financial information in the books of original entries is a crucial step in the accounting process. This process involves systematically recording all financial transactions as they occur.
What is Recording?
Recording refers to the act of entering financial transactions into the appropriate accounting records. This step is essential as it provides a clear and organized record of all financial activities within an organization.
Books of Original Entries
Books of original entries, also known as primary books, are the first place where financial transactions are recorded. These include journals such as cash books, sales journals, and purchase journals.
Importance of Recording
- Helps maintain an accurate record of financial transactions
- Provides a basis for preparing financial statements
- Facilitates tracking and monitoring of financial activities
- Ensures compliance with accounting standards and regulations
Key Points to Remember
- Recording financial information in books of original entries is the foundation of the accounting process.
- It involves entering transactions accurately and in a timely manner.
- The information recorded in these books serves as the basis for further analysis and reporting.
Keeping a log of financial information in the books of original entries is a crucial step in the accounting process. This process involves systematically recording all financial transactions as they occur.
What is Recording?
Recording refers to the act of entering financial transactions into the appropriate accounting records. This step is essential as it provides a clear and organized record of all financial activities within an organization.
Books of Original Entries
Books of original entries, also known as primary books, are the first place where financial transactions are recorded. These include journals such as cash books, sales journals, and purchase journals.
Importance of Recording
- Helps maintain an accurate record of financial transactions
- Provides a basis for preparing financial statements
- Facilitates tracking and monitoring of financial activities
- Ensures compliance with accounting standards and regulations
Key Points to Remember
- Recording financial information in books of original entries is the foundation of the accounting process.
- It involves entering transactions accurately and in a timely manner.
- The information recorded in these books serves as the basis for further analysis and reporting.
Free Test
FREE
| Start Free Test |
Community Answer
Keeping a log of financial information in books of original entries is...
The process of recording financial transactions in the books of original entries, such as journals, is known as recording.
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer?
Question Description
Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer?.
Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer?.
Solutions for Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Keeping a log of financial information in books of original entries is called:a)Recordingb)Summarizingc)Groupingd)ProcessingCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup