Download App

Introduction to Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountIntroduction to Accounting1 Mark
Question
Discuss briefly the types of Accounting Information.
✓

Answer

Accounting information refers to the financial statements generated through the process of Book Keeping, use of which helps the users to arrive at decisions. The financial statements so generated are the Income Statement, i.e., Profit and Loss Account and the Position Statement, i.e., Balance Sheet. The information made available by these statements can be categorized into the following:
  1. Information Relating to Profit or Surplus.
  2. Information Relating to Financial Position.
  3. Information about Cash Flow.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from Introduction to Accounting→Introduction to Accounting — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Give transaction that:
Increase an asset and increase a liability.
→
Define Book Keeping.
→
Which accounting principle requires that personal expenses of proprietor or partners should be debited to Drawings Account?
→
What are Current Assets?
→
Amit has incurred an expense of ₹ 5,000 towards repairs. However, the amount is yet to be paid. How will it be shown in the accounting equation?
→
What is dividend equalisation reserve?
→
Promissory Note requires the acceptance. Comment.
→
Explain and give example of the following accounting term:
Drawings.
→
Under which concept if advance is received against sale of goods, the advance received is recorded as ‘Advance Against Sale' and not Sales?
→
Miss Priti. an electronic goods dealer, gifted a washing machine valued ₹ 325,000 to her friend Suruchi. Will it be recorded in the books of accounts?
→