Financial Accounting is basically Non-Integrated Accounting which accounts for only the monetary aspects of every business transaction. You purchase hundreds of inventory items but to record purchase, you only debit one âPurchaseâ Account with purchase value without any mention of quantities involved. Similarly you sell different trade items and record them by giving credit to only âSalesâ Account.
Under non-integrated accounting systems, FinancialÂ Accounting and Inventory/Cost Accounting books/
ledgers are separately maintained. An Integrated Accounting System would be oneÂ where only a single set of books would contain all the information of Financial Accounting as well asÂ Inventory/ Cost Accounting.Â Integrated system would be difficult to maintain if accounts are maintained manually but most availableÂ Computerized Accounting Systems are IntegratedÂ Systems. In integrated system, the problem ofÂ reconciliation of financial accounts and cost accountsÂ does not arise.
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- Question 1 of 10
1. Question1 points
Which of the following is not related to Gandhara School of Art ?CorrectIncorrect
- Question 2 of 10
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The famous monastary at Vikramasila was founded by theCorrectIncorrect
- Question 3 of 10
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Most of the Ajanta paintings were done during the period ofCorrectIncorrect
- Question 4 of 10
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Which of the following Mughal emperors is credited with the composition of Hindi songs ?CorrectIncorrect
- Question 5 of 10
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The coins of which of the following reveal their love for music ?CorrectIncorrect
- Question 6 of 10
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Purana Qila was constructed during the reign ofCorrectIncorrect
- Question 7 of 10
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The temple of Angkorvat is inCorrectIncorrect
- Question 8 of 10
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Who built the mausoleum of Jahangir and where ?CorrectIncorrect
- Question 9 of 10
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Akbar built the Panch Mahal, noted for its various types of pillars, atCorrectIncorrect
- Question 10 of 10
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Most of the buildings of Fatehpur Sikri are built withCorrectIncorrect