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Understanding: Aspects of Definition of Accounting Video Lecture | Accountancy Class 11 - Commerce

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FAQs on Understanding: Aspects of Definition of Accounting Video Lecture - Accountancy Class 11 - Commerce

1. What is the definition of accounting?
Ans. Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions to provide information that is useful in making business decisions.
2. What are the aspects of the definition of accounting?
Ans. The aspects of the definition of accounting are recording, summarizing, analyzing, and reporting financial transactions.
3. Why is accounting important in business?
Ans. Accounting is important in business because it provides information that is useful in making business decisions, such as determining profitability, managing cash flow, and complying with tax laws.
4. What are some examples of financial transactions in accounting?
Ans. Some examples of financial transactions in accounting include sales, purchases, payments, receipts, loans, and investments.
5. What are the benefits of using accounting software?
Ans. The benefits of using accounting software include increased accuracy and efficiency, automated record-keeping, real-time financial reporting, and improved decision-making.
82 videos|105 docs|42 tests

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