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Mind Map: Theory Base of Accounting - Commerce PDF Download
FAQs on Mind Map: Theory Base of Accounting - Commerce
| 1. What is the fundamental purpose of accounting in commerce? |  |
Ans. The fundamental purpose of accounting in commerce is to systematically record, analyze, and report financial transactions of a business. This helps stakeholders, including managers, investors, and regulators, to make informed decisions based on accurate financial information.
| 2. What are the key principles of accounting that govern financial reporting? | |
Ans. The key principles of accounting that govern financial reporting include the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). These principles ensure consistency, transparency, and comparability in financial statements across different organizations.
| 3. How does the double-entry bookkeeping system work in accounting? | |
Ans. The double-entry bookkeeping system is based on the principle that every financial transaction affects at least two accounts, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced. For example, when a business makes a sale, it increases both its cash (or accounts receivable) and revenue accounts.
| 4. What role does auditing play in the accounting process? | |
Ans. Auditing plays a critical role in the accounting process by providing an independent evaluation of financial statements to ensure accuracy and compliance with accounting standards. Auditors assess the effectiveness of internal controls and the reliability of financial reporting, enhancing stakeholder trust.
| 5. What are the main financial statements used in accounting, and what do they represent? | |
Ans. The main financial statements used in accounting are the Balance Sheet, Income Statement, and Cash Flow Statement. The Balance Sheet represents a company's financial position at a specific point in time, the Income Statement shows profitability over a period, and the Cash Flow Statement details cash inflows and outflows.
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