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Understanding: Aspects of Definition of Accounting Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
FAQs on Understanding: Aspects of Definition of Accounting Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What is the definition of accounting? |  |
Ans. Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions to provide information that is useful in making business decisions.
| 2. What are the aspects of the definition of accounting? | |
Ans. The aspects of the definition of accounting are recording, summarizing, analyzing, and reporting financial transactions.
| 3. Why is accounting important in business? | |
Ans. Accounting is important in business because it provides information that is useful in making business decisions, such as determining profitability, managing cash flow, and complying with tax laws.
| 4. What are some examples of financial transactions in accounting? | |
Ans. Some examples of financial transactions in accounting include sales, purchases, payments, receipts, loans, and investments.
| 5. What are the benefits of using accounting software? | |
Ans. The benefits of using accounting software include increased accuracy and efficiency, automated record-keeping, real-time financial reporting, and improved decision-making.
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