What is accounting and inventory ?

Question

Accepted Answer

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. Inventory refers to the goods and materials that a business holds for the ultimate purpose of resale.

Accounting involves keeping track of financial transactions such as sales, purchases, and expenses
Inventory management involves tracking the quantity and value of goods a business has on hand
Accounting and inventory are closely related as inventory is considered an asset on a company's balance sheet
Effective accounting and inventory management can help a business make informed decisions about pricing, purchasing, and production
Examples of accounting software include QuickBooks and Xero, while inventory management software includes Fishbowl and TradeGecko

What is accounting and inventory ?

Popular interview questions of Executive

Top HR questions asked in Vyapar Executive