UNIT‐I
Classification of accounts- Accounts in accounting are classified into several categories based on their nature and purpose. These classifications help organize financial information and make it easier to prepare financial…
Concepts- "Concepts" refer to abstract ideas or mental constructs that help humans understand and categorize the world around them. These are fundamental building blocks of human cognition and are used…
Advantages- Advantages refer to the positive aspects, benefits, or favorable qualities of a particular situation, action, product, or concept. Advantages can vary widely depending on the context, but here are…
Meaning- "Meaning" is a term that refers to the significance, purpose, or interpretation of something. It is a concept that relates to the understanding or value that we attribute to…
Objectives of book keeping- The primary objectives of bookkeeping are to accurately and systematically record financial transactions of a business or organization. Bookkeeping serves several important purposes, including: Record Keeping:…
Book keeping- Bookkeeping is the process of recording, organizing, and maintaining financial transactions and records for a business or individual. It is a fundamental aspect of accounting and plays a…
Need for accounting- Accounting plays a crucial role in the world of business and finance for several reasons: Financial Reporting: Accounting helps in the preparation of financial statements, such as…
Definition of accounting- Accounting is a systematic process of recording, summarizing, analyzing, and reporting financial transactions and information of an individual, business, or organization. The primary purpose of accounting is…