What is ABC system in accounting? Explain with example?

Q: What accounting terms and ideas are used?

A: Accounting: It is a art of recording, classifying and summarizing in a significant manner and in…

Q: What is the importance of Accounting Information System in the modern practice of Accounting?

A: Accounting Information System refers to the system where financial and accounting data is collected,…

Q: Describe the conceptual framework of accounting principles.

A: The conceptual framework can be defined as a system of ideas and objectives that lead to the…

Q: ACCOUNTING THEORY DEFINED AND EXPLAINED

A: Introduction: Accounting is maintaining records of financial events and transactions that occur in a…

Q: What are the basic foundation of Accounting?

A: Accounting: Accounting is the practice of documenting financial transactions that occur in the…

Q: How important are accounting information systems in contemporary accounting practice?

A: Introduction: Accounting: A company's financial activities are tracked through accounting, which is…

Q: Where does accounting information technology fit into current accounting practice?

A: Introduction: Accounting Information Technology: Accounting Information Technology is a system that…

Q: What is accounting base on

A: The term that is related to the recording of the business transactions, summarizing the data, and…

Q: what is accounting?explain it.

A: A business needs quantitative record of its over financial performance and financial position in…

Q: What are the golden rules of accounting?

A: Accounting is the process of recording, classifying and summarising financial transactions in order…

Q: why are balance sheets important in accounting?

A: Balance sheet is one of the financial statement in business, which is prepared at the end of…

Q: What are the different types of accounting?

A: The accounting is a process to record the business transactions and prepare the financial…

Q: How do you define an accounting information system and what are its components? Give an example.

A: Introduction: The journal book will have a chronological record of all transactions in the…

Q: nciples of accounting

A: Principles of accounting are the rules and regulations that must be pursued by an organization when…

Q: What is the role of the accounting function in an organization?

A:

Q: What is the main fundamental operation in Accounting? Explain the process

A: Accounting: Accounting is the practice of keeping track of a company's financial activities.…

Q: What is the Accounting Information System in today's accounting practice?

A: The answer for the theory question on role of Accounting information system in today's accounting…

Q: what is the function of accounting cycle?

A: Bookkeeping means recording the transactions which have any monetary value. It is the business…

Q: What is the purpose of accounting in an organization?

A: Income Statement: The income statement helps an organisation understand the amounts of revenues…

Q: What role does accounting information systems play in contemporary accounting practice?

A: An accounting information system (AIS) constitutes of gathering, storage, and processing of…

Q: What is the distinction between accounting and business administration?

A: Here is the Answer

Q: What are the ideas and language used in accounting?

A: Introduction: Accounting is the practice of knowing track of a company's financial activities.…

Q: What are the different branches of accounting?

A: Accounting:Accounting is the process of recording, summarizing and examining the  business events…

Q: accounting definition?

A: Accounting means a process of recording , classifying , summarizing , interpreting and communication…

Q: What is accounting information system and what is its components and explain.

A: All the transactions in the company will be recorded in the journal book in a chronological manner.…

Q: What is the most fundamental accounting model?

A: Solution:- Introduction:- Accounting model play vital role in accounting. Accounting model gives…

Q: DEFINE AND EXPLAIN  ACCOUNTING THEORY

A: Accounting refers to the process of keeping records of financial events and transactions happening…

Q: What is the most important basic accounting operation? Explain the procedure.

A: Introduction : Accounting is the discipline of recording a business's financial transactions. The…

Q: What are the accounting concept?

A: Solution:- Introduction:- Accounting concepts are defined as basic assumptions on the basis of which…

Q: Describe simply what accounting is.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: How IT can affect accounting field?

A: Accounting is the recording, classifying, analyzing and interpreting of financial transactions…

Q: Can you explain the basic accounting equation?

A: The basic accounting equation represents the relationship between assets,liabilities and…

Q: What are the roles of transaction in accounting?

A: The transactions are the business events that can be measured in monetary form.

Q: what is accounting?

A: Bookkeeping refers to the process of identifying, measuring and recording of financial transactions.…

Q: what is the accounting equation?

A: Accounting: It is defined as a process of gathering, recording, summarizing, analyzing, and…

Q: How is the use of accounting information diverse and varied?

A: Definition: Accounting Information: Accounting Information refers to the data which makes a decision…

Q: How do I define each branches of accounting? and what are they for?

A: Branches of Accounting have emerged because of economic, industrial and technological developments.…

Q: what makes up accounting theory

A: An accounting theory is a notion that uses speculations, methodologies and frameworks in the study…

Q: Why does the Financial Accounting Standards Board define accounting as information systems?

A: A seven-member independent board consisting of accounting professionals who establish and…

Q: So, what exactly is the purpose of an accounting system?

A: solution accounting system                 Accounting system in general refers to the system which…

Q: What are accounting and the business environment?

A: Accounting plays an important role in today's business environment as it helps to measure the…

Q: explain.

A: Last-in, first-out (LIFO) is an expression that stands for last-in, first-out. It's an inventory…

Q: Principles in accounting

A: Basic Accounting assumption are broad concepts that underlie generally accepted accounting…