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Accounting definition:
Accounting are often defined because the process of collecting, recording, summarizing andcommunicating the financial information of a businessAccounts are the records during which this financial information is recorded.Keeping the foremost basic records is named Book Keeping.
The Profession liable for collecting, recording, summarizing and communicating thefinancial information is understood as Accountancy profession. for instance an Accountant.
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Book Keeping:
Book keeping is that the art of recording the financial information. for instance keeping the recordsale of goods.
What’s difference between Accounting and Book Keeping?
Book keeping only involve in recording the financial information while accounting collects,records, summarizes and communicates the financial informationBooking is simply one basic phase of accounting the recording phase.
Why should we keep Accounts?
Man has been keeping accounts for thousands of years because they assist to stay track ofmoney, by showing where did money come from and the way we’ve spent it.
Different fields of accounting or branches of accounting:
Financial accounting:It is that the general accounting field engages in recording and communicating financial information.
Cost accounting:It is specialized field of accounting involves in controlling the value of production and distribution.
Management accounting:It concerns in selecting best method of accounting among various alternatives.
Government accounting:It is usually single-entry bookkeeping system utilized in recording government transactions e.g. recordingrevenue, expenditure, taxes and preparing budget.
Auditing:It is that the examination of accounting records to see the fairness and accuracy.
Objectives and functions of accounting First and therefore the foremost objective of accounting is to take care of accounts to tack inflow andoutflow of cash and to stay financial information safe.
By keeping accounts businesses protects their properties because accounts help intracking misappropriation and frauds Legal requirements of a rustic for various reasons. for instance it is a base forincome tax calculation.