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Characteristics, Advantages & Disadvantages of Accountancy Video Lecture | Accountancy Class 11 - Commerce
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FAQs on Characteristics, Advantages & Disadvantages of Accountancy Video Lecture - Accountancy Class 11 - Commerce
| 1. What are the main characteristics of accountancy? |  |
Ans. The main characteristics of accountancy include systematic recording of financial transactions, adherence to established accounting principles, preparation of financial statements, analysis and interpretation of financial data, and ensuring compliance with legal and regulatory requirements.
| 2. What are the advantages of accountancy for businesses? | |
Ans. The advantages of accountancy for businesses include providing accurate financial information for decision-making, facilitating budgeting and forecasting, ensuring legal compliance, improving financial control and accountability, and enhancing transparency for stakeholders.
| 3. What are some disadvantages of accountancy? | |
Ans. Some disadvantages of accountancy include the complexity of accounting standards, the cost of maintaining accounting systems, the potential for human error in financial reporting, the time-consuming nature of record-keeping, and the need for professional expertise.
| 4. How does accountancy help in financial decision-making? | |
Ans. Accountancy helps in financial decision-making by providing relevant financial data that aids in analyzing performance, assessing profitability, managing cash flow, and evaluating investment opportunities, allowing stakeholders to make informed and strategic choices.
| 5. Why is compliance important in accountancy? | |
Ans. Compliance is important in accountancy because it ensures that financial reporting adheres to legal standards and regulations, which helps maintain the integrity of financial information, builds trust with investors and stakeholders, and minimizes the risk of legal penalties or audits.
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Feb 16, 2025
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Video Description: Characteristics, Advantages & Disadvantages of Accountancy for Commerce 2025 is part of Accountancy Class 11 preparation.
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