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The "First' basic function of an "Accounting System" is to "Interpret & Record' Business Transactions?

1. True

2. False

Accounting Financial Reporting Financial Accounting Accounting and Finance
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Question added by Mehboob Ali Laghari , Social Mobilization Team Incharge , TRDP-European Union
Date Posted: 2015/08/09
Upvote (1) Views (3) Followers (6) Answers (6) Report Question
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Sabir Hussain
by Sabir Hussain , Accounting Manager , Etihad Aviation Tours & Travels

First step in account system is to analyze the transaction and then record.

Interpretation is the last step. 

The above mentioned statement is False

Ans   False 

Sayed Rubab Sayed
by Sayed Rubab Sayed , Finance Officer , The Next

True................. Interpretation includes much information to sort out.

Rohini Yadav
by Rohini Yadav , Account Executive , Manubhai & Shah (Chartered Accountants)

This statement is true as we need to first interpret transaction  from available evidences to decide whether this is a business transaction or not and then to record it in books of accounts.

منصور سالمان
by منصور سالمان , Accounting manager , AL OUDA DEVELOPMENT CO,

The  OPTION   NO  2 IS RIGHT ANSWER

Mohsin Patel
by Mohsin Patel , Accounting Analyst , Water G.

I agree with, Sabir. You analyse, record and then interprete any information. 

Imdad Hussain Rajput
by Imdad Hussain Rajput , Assistant Sales Manager , Forego

Yes True.............................................

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