Accounting Solved MCQs & Papers
Accounting basically means recording, analyzing, summarising, and interpreting financial information. Profit or Loss for any business can be determined by Accountants. Accounting is important for any business because every businessman doesn’t have a commerce background but every business needs an accountant. So in order to take the financial decisions of a business, Accounting is a must. On this site You Can download a Lot of Accounting Solved Mcqs To prepare for Your Competitive Exam.
CHARACTERISTICS OF ACCOUNTING
In Short, Accounting has the following characteristics and purpose.
- To keep the day-to-day Income, Expenditure, and maintain the record of stocks and assets, and liabilities, so they cannot be taken away from the owner entity.
- To show the assets and liabilities at every year’s end.
- Showing the trend of business- so futuristic action.
- To show the performance to its stakeholders, bank, and creditors.
- Ratio analysis and inter-firm comparison.
- Compliance with Tax law and filing the Tax returns according to accounts maintained.
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