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Basic Accounting Terms - Business Transactions & Accounts : Class 11 Video Lecture - Commerce
FAQs on Basic Accounting Terms - Business Transactions & Accounts : Class 11 Video Lecture - Commerce
| 1. What is a business transaction in accounting? |  |
Ans. A business transaction in accounting refers to any financial activity or event that affects a company's financial position and can be measured reliably. It involves the exchange of goods, services, or money between the company and external parties, such as customers, suppliers, or lenders.
| 2. What are accounts in accounting? | |
Ans. In accounting, accounts refer to the records that are used to classify and track the financial transactions of a business. Each account represents a specific type of asset, liability, equity, revenue, or expense. Examples of accounts include cash, accounts receivable, accounts payable, inventory, and retained earnings.
| 3. How are business transactions recorded in accounting? | |
Ans. Business transactions are recorded in accounting through a process called bookkeeping. The transaction details are first analyzed to determine which accounts are affected and how they are impacted. Then, the double-entry bookkeeping system is used to record the transaction by debiting one or more accounts and crediting another account(s) in equal amounts.
| 4. What is the purpose of classifying business transactions in accounting? | |
Ans. The purpose of classifying business transactions in accounting is to organize and summarize the financial information of a business. By classifying transactions into different accounts, it becomes easier to track and analyze the company's financial performance, identify areas of improvement or concern, and generate accurate financial statements for decision-making purposes.
| 5. Can you give examples of business transactions and the corresponding accounts in accounting? | |
Ans. Yes, here are some examples of business transactions and their corresponding accounts in accounting:
- Sale of goods to a customer: Accounts receivable (debit) and sales revenue (credit)
- Purchase of inventory from a supplier: Inventory (debit) and accounts payable (credit)
- Payment of utility bills: Utilities expense (debit) and cash (credit)
- Taking out a loan from a bank: Cash (debit) and long-term loan (credit)
- Owner investment in the business: Cash (debit) and owner's equity (credit)
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Nov 07, 2024 Last updated |
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