CA Foundation Exam > CA Foundation Videos > Basic Concept of Accounting by Santosh kumar (CA/CMA)(Download PDF from Description)
Basic Concept of Accounting by Santosh kumar (CA/CMA)(Download PDF from Description) Video Lecture - CA Foundation
FAQs on Basic Concept of Accounting by Santosh kumar (CA/CMA)(Download PDF from Description) Video Lecture - CA Foundation
| 1. What is the basic concept of accounting? |  |
Ans. The basic concept of accounting refers to the fundamental principles and guidelines that guide the process of recording, analyzing, and interpreting financial transactions and information. It involves identifying, measuring, and communicating economic information to various stakeholders for decision-making purposes.
| 2. What are the key objectives of accounting? | |
Ans. The key objectives of accounting are to provide relevant and reliable financial information about the entity's financial position, performance, and cash flows. This information helps in making informed economic decisions, assessing the entity's profitability and solvency, and ensuring accountability and transparency.
| 3. What are the main branches of accounting? | |
Ans. The main branches of accounting include financial accounting, management accounting, and cost accounting. Financial accounting focuses on preparing financial statements for external stakeholders, management accounting deals with providing financial information for internal management decision-making, and cost accounting focuses on determining and controlling costs within an organization.
| 4. What are the fundamental accounting principles? | |
Ans. The fundamental accounting principles are the basic guidelines and rules that guide the accounting process. They include the principles of relevance, reliability, comparability, consistency, materiality, and prudence. These principles ensure that financial information is accurate, consistent, and useful for decision-making.
| 5. What is the importance of accounting in business? | |
Ans. Accounting plays a crucial role in business as it helps in monitoring and evaluating the financial performance of the organization. It provides insights into the profitability, liquidity, and solvency of the business, which aids in making informed financial decisions. Additionally, accounting helps in complying with legal and regulatory requirements, attracting investors, and maintaining transparency and accountability.
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