b) Cash and bankc) Bank and chequed) Cash and creditQuestions (11 to 1

1.	b) Cash and bankc) Bank and chequed) Cash and creditQuestions (11 to 14) carrying 3 marks each."Accounting an art as well as science" explain this statementGodrej Itd. Imported from Germany one machinery for sale in infor production purpose. Will you treat them goods or fixed assets? EXCapital is a liability for the business. Explain these statements with thWhat is trial balance? Give two objectives of preparing trial balance,
Answer» Accountingis both ascienceand anArt:Sciencemay bedefinedas a systematic body of knowledge based on certain principles which have universal application. It establishes relationship of cause and effect about any occurrence or happening. ... It is influenced by bias and personal judgement of the accountant. Accounting is both a science and art: Science may be defined as a systemetic body of knowledge based on terrain principales which have universal application. It establishes relationship of cause and effect about any occurrence or happening...It is influenced by bura and personal judgement of the accountant. Capital is a liability for the business. ... Thus, in this manner, thecapitalinvested is aliabilityfor abusiness. Hence, in accounting sense, it means one separate entity (owner) is assumed to be giving money to another distinct entity (businessunit a statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.ObjectivesofPreparingtheTrial Balance: Thetrial balanceispreparedto achieve the followingobjectives: (i) To ascertain arithmetical accuracy: (ii) To facilitate detection of errors: (iii) To facilitatepreparationof financial statements: (iv) To facilitate auditors: The defects ofTrial Balanceare as under:

b) Cash and bankc) Bank and chequed) Cash and creditQuestions (11 to 14) carrying 3 marks each."Accounting an art as well as science" explain this statementGodrej Itd. Imported from Germany one machinery for sale in infor production purpose. Will you treat them goods or fixed assets? EXCapital is a liability for the business. Explain these statements with thWhat is trial balance? Give two objectives of preparing trial balance,

Answer»

Accountingis both ascienceand anArt:Sciencemay bedefinedas a systematic body of knowledge based on certain principles which have universal application. It establishes relationship of cause and effect about any occurrence or happening. ... It is influenced by bias and personal judgement of the accountant.

Accounting is both a science and art: Science may be defined as a systemetic body of knowledge based on terrain principales which have universal application. It establishes relationship of cause and effect about any occurrence or happening...It is influenced by bura and personal judgement of the accountant.

Capital is a liability for the business. ... Thus, in this manner, thecapitalinvested is aliabilityfor abusiness. Hence, in accounting sense, it means one separate entity (owner) is assumed to be giving money to another distinct entity (businessunit a statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.ObjectivesofPreparingtheTrial Balance:

Thetrial balanceispreparedto achieve the followingobjectives:

(i) To ascertain arithmetical accuracy:

(ii) To facilitate detection of errors:

(iii) To facilitatepreparationof financial statements:

(iv) To facilitate auditors:

The defects ofTrial Balanceare as under:

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