RANA Commerce

  Accountancy: Class XI RANA COMMERCE run by N.S. Rana, HoD Commerce   - 9411967377     1 Chapter -1 Introduction of Accountancy Define Accounting. What are its features or attributes? Ans. “Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events, which are, in part at least, of a financial character, and interpreting the result thereon.” The following as characteristics or features or attributes of accounting :   1.       Identification : It means determining what transactions to record. It involves observing activities and selecting those events that are of considered financial character and relate to the organization. For example, the value of human resources, changes in managerial policies are important but none of these are recorded i...