Chapter No. 1 - Introduction of Accounting -Unimax Publications Class 11 - 2021

In this post, we have provided the Question wise solution of all Questions of Chapter No. 1 – Introduction of Accounting -Unimax Publications Class 11 – 2021. So first we will discuss the meaning of financial accounting and solved all problems:

What is Financial Accounting:

Financial Accounting is measurement, processing, and communication of financial information about a business or organization.it is basic accounting or initial level accounting in which we are recording, summarising and analyzing day to day transactions of the particular business. and at the end, we will get to know about the financial position of a business or an organization by preparing Profit/loss and balance sheet of business in the particular financial year.

Definition : –

-(AAA) The American Accounting Association.
“The process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information.”

-AICPA The American Institute of Certified Public Accountants.
“Accounting is the art of recording, classifying and summarising, 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 results thereof.”