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Recording of Transactions II - 1 Video Lecture | Accountancy Class 11 - Commerce

82 videos|105 docs|42 tests

FAQs on Recording of Transactions II - 1 Video Lecture - Accountancy Class 11 - Commerce

1. What is the importance of recording transactions in commerce?
Ans. Recording transactions in commerce is crucial as it helps businesses keep track of their financial activities, monitor their cash flow, and ensure accurate financial reporting.
2. What are the different methods used for recording transactions in commerce?
Ans. The different methods used for recording transactions in commerce include manual entry in ledgers, using accounting software, and utilizing online banking platforms.
3. How often should transactions be recorded in commerce?
Ans. Transactions should be recorded in commerce as soon as they occur to ensure timely and accurate financial information. Ideally, transactions should be recorded daily or at least weekly.
4. What are the consequences of not recording transactions in commerce?
Ans. Not recording transactions in commerce can lead to inaccurate financial reporting, difficulties in tracking cash flow, and potential legal and compliance issues. It can also result in poor decision-making and financial mismanagement.
5. How can businesses ensure the accuracy of their recorded transactions in commerce?
Ans. Businesses can ensure the accuracy of their recorded transactions in commerce by maintaining proper documentation, reconciling accounts regularly, conducting internal audits, and implementing strong internal controls.
82 videos|105 docs|42 tests

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