ASSIGNMENT

Course Name: Basics Accounts - 1

Module 1: Introduction to Accounting

1. Explain the term Cost Concept

The concept of cost is a financial valuation of resources, materials, risks,

time and utilities consumed to purchase goods and services. From an
economist's point of view, the cost of manufacturing any goods and
services is often said to be the concept of opportunity cost.

2. What are the main Advantages of Accounting?

Maintenance of Business records, Preparation of Financial

Statements, comparison of result, Decision making, Evidence of
legal matters, Provides information related parties.

3. Write a note on Modern professional accounting

Modern accounting is the transformation of traditional accounting

system and methodologies through the application of technology
and software that automates processes and dramatically reduces
the need for human execution or repetitive tasks
4. Write the Key Differences between Accounting and Accountancy

The term Accountancy refers to the study, principles and theory of

accounting., while the term Accounting is commonly used for all
accounting practices and procedures in application

5. What makes accounting a science?

Science is an organized knowledge based on certain basic principles

therefore, accounting is also a science as it is an organized knowledge
based on certain principles