Answer / hemant

MAKE THE PROPER BOOKS OF ACCOUNTS AND GUIDE TO OWNER OF
BUSINEE TIME TO TIME ABOUT THE FINANCIAL POSITION OF
BUSINESS AND MAINTAIN THE DATA FOR FUTURE QUERY WITH
ACCURACY ALSO FOR LEGAL PROCEDURE THAT IS IMPORTANT

Answer / vikas

the correct answer is

recording
classifying and
analysing

Answer / lavi

the first objective of accounting is identification of
financial transactions & then
recording
classifying
c summarising
interpretation

Answer / guest

ACCURACY
CONSISTENCY

Answer / sudhansu

1.to keep systematic record
2.to protect business proporties
3.to ascertain profit and loss
4.to ascertain financial position of business
5.to facilitate rational decision making

Answer / mohammed enayath ali

A. accounting is a process of recording, classifying,
summarizing, analyzing and interpretation the financial
transactions.

a)Recording: done in journal.

b)Classifying: The work of classifying done in ledger books.

c)Summarizing: This involves presenting the classified data
in a manner which is understandable and useful for internal
end users. This process leads to preparation of the
fallowing statements TB/P&L/B/S

d)Analyzing: Method of classification of the given in the
financial statements (differentiate assets and liabilities)

Answer / manohar reddy

Objects of accounting:
1. Ascertain the results of operations during a period
2. Ascertain the financial position.
3. Maintaining a control over assets
4. Planning in respect of cash
5. Providing information to tax authorities and other
government agencies.
6. To properly match income with expenses.
7. To provide a reliable set of data with which to prepare
financial reports for analysis purposes (for owners,
lenders, investors, etc).

8. To provide a reliable set of data with which to report
income for tax purposes.

Answer / kishor kunal

1.Maintaining Proper record of business.
2.Calculation of profit or loss.
3.Depiction of the Financial Position.
4.Providing effective control over the business.
5.Making information available to various groups.

Answer / sumitra.raghavan

to know the effect of transactions
to communicate information to related parties
to protect asset and control claims
legal requirement

Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts

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