৪৯তম বিসিএস ⎯ হিসাববিজ্ঞান [৭০১]

The main objective of Accounting is to provide information to the users by preparing financial statement at the end of the period.
Source: HSC First paper

There are three steps in the recording process. These steps are in sequence like: analyzing the transaction, journalizing, posting.

Source: SSC text book.

No cash is paid; instead, a liability (Bills Payable) is created. The asset (Machinery) increases, so it’s debited; the liability (Bills Payable) increases, so it’s credited.
Source: SSC textbook

» In option A, this is the definition of accounting.
» In option B, it manifests that accounting is related to economic information. 
» In option C, this is the main objective of Accounting. 

Therefore, all the above answers are correct.

Source: SSC NCTB textbook.

"Internal transaction" refers to a transaction in which no external party is involved. The manager of the organization is an internal user of accounting information because he does not use accounting information for his personal needs but for the organization's decision-making. But the salary he receives from the organization is received for his personal needs. Therefore, paying a salary to the manager is an external transaction. The transaction mentioned in Option C of this question has no external party involved. That is, charging depreciation on equipment is an example of an internal transaction.
 
Source: HSC First paper

For sales commission, prepaid insurance and rent it is required to provide cash.
On the other hand, depreciation is a non-cash transaction which indicates expense on fixed assets.

Option A, B and C are not correct, which are easily understood. Option D is correct; because management accounting information is internal users. 
Source: HSC first paper

Correct Answer: Asset= liability+ owner's equity+ Revenue -Expense -drawing.
অপশনে সঠিক উত্তর না থাকায় প্রশ্নটি বাতিল করা হয়েছে।
-------------------
Seeing all of the option is clearly understood, it is asked to identify the expanded equation of sole proprietorship business.
SOURCE: Principles of accounting. (BBA Program First year)

Use of supplies involves the movement of resources within a company, rather than an exchange with an external entity.  Hence it's an internal transaction
Source: SSC textbook

In cash basis accounting, only those events in which cash is received or paid are considered as transactions and recorded in the books of accounts. Therefore, cash basis accounting means recording as transactions only when cash is exchanged.
Source:AccountingCoach.com

For an event to be a transaction, it must be measurable in monetary terms, involve at least two parties, and result in a change in the financial position of the organization. Not every transaction will necessarily result in profit. Events that do not result in profit can also be transactions. That is, it is not a characteristic of a transaction to result in profit alone.
Source: SSC textbook

Accounting is an information system, the primary objective of accounting is Identifying and recording transaction in the book of accounts to prepare financial statement.
Source: SSC textbook

SSC textbook

The two main branches of accounting are: financial accounting and managerial accounting. Financial accounting primarily provides information for external users, and managerial accounting primarily provides information for internal users. "Preparation of financial statements" is the function of financial accounting. Therefore, financial statements are prepared primarily for external users.
Source: SSC textbook

The important thing to consider when determining income and expenses under the accrual method of accounting is 'income earned' and 'expense incurred'. That is, income should be recognized as income when it is earned or the right to income is created (whether it is received in cash or not). On the other hand, expenses should be recognized as expenses when they are incurred or the expenses are incurred (whether they are paid in cash or not). Therefore, it can be said that income is recorded under the accrual method of accounting only when income is earned (services provided or goods sold) and expenses are incurred (services received).
Source: AccountingCoach.com

GAAP-Generally Accepted Accounting Principles
Source:https://www.fasb.org

From the ancient civilization, people used to count their resources on leaves, trees, walls drawing pictures, lines.
Source: SSC textbook

IFRS-International Financial Reporting Standards.
Source:https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/

The important thing to consider when determining income and expenses under the accrual method of accounting is 'income earned' and 'expense incurred'. That is, income should be recognized as income when it is earned or the right to income is created (whether it is received in cash or not). On the other hand, expenses should be recognized as expenses when they are incurred or the expenses are incurred (whether they are paid in cash or not). Therefore, it can be said that income is recorded under the accrual method of accounting only when income is earned (services provided or goods sold) and expenses are incurred (services received).
Source: IFRS Conceptual Framework (Paragraph 6.44)

According to accrual basis income should be recognized as income when it is earned or the right to income is created (whether it is received in cash or not). On the other hand, expenses should be recognized as expenses when they are incurred or the expenses are incurred (whether they are paid in cash or not). 
Source: IFRS Conceptual Framework (Paragraph 6.44)

GAAP stands for “Generally Accepted Accounting Principles” and are the guidelines by which most finance professionals in the United States record and report financial performance in a company.
Source: https://www.fasb.org

Accounting provides quantitative financial data, essential for informed managerial decisions.
Source: Horngren’s Accounting (a leading textbook)

Equation means equality. The accounting equation refers to the relationship between the elements of a financial statement (assets, liabilities, and equity), which is expressed in the form of equality. This equality arises due to the use of the double-entry system of recording. Therefore, the basis of the accounting equation is the use of the double-entry system of accounting.
Source: Weygandt, Kimmel, and Kieso - Financial Accounting

An event or matter that affects the financial position is called a transaction. "Sales this year are 7000 taka less than last year" is not an event or matter that changes the financial position. Here, a comparison is made between two years, which is not a transaction.
Source: SSC textbook

According to the revenue recognition principle, revenue is recognized on the date the goods are sold or services are provided. Since the sale was made on November 30, the revenue is recognized on that date, whether or not the money is received.
Source: IFRS 15 Overview

Every business transaction affects the financial position. The financial position consists of three components; namely: assets, liabilities and equity. The relationship between these three components is called the accounting equation. Therefore, a business transaction always affects the accounting equation.
Source: SSC textbook

IAS 7 prescribes the preparation of the cash flow statement.

Source: https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/

Financial Accounting Standards Board (FASB) sets US GAAP.
source:https://www.fasb.org

Suppliers want to ensure that the company can pay its dues on time.
Source: SSC textbook

IAS 16 covers Property, Plant, and Equipment.
Source: Principles of Accounting ( weygandt Kieso And kimmel)