IntroductionAccounting is a business language. We can use this language to communicate
financial transactions and their results. Accounting is a comprehensive system to
collect, analyze, and communicate financial information.
The origin of accounting is as old as money. In early days, the number of
transactions were very small, so every concerned person could keep the record of
transactions during a specific period of time. Twenty-three centuries ago, an
Indian scholar named Kautilya alias Chanakya introduced the accounting
concepts in his book Arthashastra. In his book, he described the art of proper
account keeping and methods of checking accounts. Gradually, the field of
accounting has undergone remarkable changes in compliance with the changes
happening in the business scenario of the world.
A bookkeeper may record financial transactions according to certain accounting
principles and standards and as prescribed by an accountant depending upon the
size, nature, volume, and other constraints of a particular organization.
With the help of accounting process, we can determine the profit or loss of the
business on a specific date. It also helps us analyze the past performance and plan
the future courses of action.
IntroductionAccounting is a business language. We can use this language to communicate
financial transactions and their results. Accounting is a comprehensive system to
collect, analyze, and communicate financial information.
The origin of accounting is as old as money. In early days, the number of
transactions were very small, so every concerned person could keep the record of
transactions during a specific period of time. Twenty-three centuries ago, an
Indian scholar named Kautilya alias Chanakya introduced the accounting
concepts in his book Arthashastra. In his book, he described the art of proper
account keeping and methods of checking accounts. Gradually, the field of
accounting has undergone remarkable changes in compliance with the changes
happening in the business scenario of the world.
Definition:
A bookkeeper may record financial transactions according to certain accounting
principles and standards and as prescribed by an accountant depending upon the
size, nature, volume, and other constraints of a particular organization.
With the help of accounting process, we can determine the profit or loss of the
business on a specific date. It also helps us analyze the past performance and plan
the future courses of action.
No comments:
Post a Comment