Q2 of 15 Page 157

Answer the following questions:

What is the need for accounting in business?


When a business is set up, a need for accounting is there. It helps to track down all the incomes, expenditures due to the purchase of goods and transportation, and dues remaining. It keeps each and every record and helps to analyse the input and output of the firm and the gross profit or loss of the firm.


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2

Answer the following questions:

Which is the book of original entry in Accounting? Why is it called the book of original entry?


 2

Answer the following questions:

What are the types of Accounts? Give examples.


 2

Answer the following questions:

What is Double-entry system of book keeping?


 2 E

Answer the following questions:

Which are the final accounts? What is the result of Profit and loss account?