Question : Method of codification should be -
Option 1: Such that it leads to grouping of accounts
Option 2: An identification mark
Option 3: Easy to understand and leads to grouping of accounts
Option 4: None of the above
Answer (1)
25th Jan, 2024
Correct Answer: Easy to understand and leads to grouping of accounts
Solution : The following factors create the requirement for codification: Speed, clarity, unambiguity, effort-saving, form-space-saving, classification-ease, and mechanisation are just a few of the benefits. The metric system should be used whenever practical, to ensure uniform dimensions, for example. Coding should be easy. Code must be distinct.
Hence the correct answer is option 3.
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