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Introduction to Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountIntroduction to Accounting1 Mark
MCQ
Accounting covers only the following octillion __________.
  • A
    Rewriting and Classifying.
  • B
    Recording, Classifying and Analysing.
  • C
    Analysing, Recording and Interpreting.
  • ✓
    Identifying, Classifying, Recording, Summarising and Communicating.
✓

Answer

Correct option: D.
Identifying, Classifying, Recording, Summarising and Communicating.
Accounting starts with the golden rules of accounting after that it identifies which type of accounts are affected in the transaction and accordingly we have to record the transactions by passing journal entry.
Further, it measures the profit and loss and determines the financial position of the company. This is finally communicated to the users by way of financial reports.

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