Introduction to Accounting

                       

  Accounting means the language of business.

Gere are some basic of accounting,

1 Transaction:

  Transaction means exchange of values.

2 Book Keeping:

 A systematic way by which we can record the transaction in a business and can make financial statement.                      

3 Accounting:

Accounting is the art of recording of data,classifying of data and summarizing of data.

Branches Of Accounting

There are many branches of accounting some of them are mentioned below,

1 Financial Accounting 

2 Cost Accounting

3 Managerial Accounting.

Advantages of Accounting

• It provides useful information for making economic decisions.
• It helps investors and creditors.
• It describes the financial position of a business and etc.

Accounting period

A period which is determined for the determined of profit and loss in a business over it whole life.

Accounting equation

Assets=Liabilities+Capital

Book keeping and Accounting

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