chapter 1

Measurement of Profit and Financial Position: I Business Transactions to Recording in Journal

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The process that leads to the measurement of financial performance and position of an enterprise is known as Accounting Cycle. Accounting Cycle forms the very basis of financial accounting. This chapter covers the cycle up to recording in journal.

CHAPTER OBJECTIVES

This chapter seeks to enable you to develop knowledge and understanding of:

  1. The fact that modern accounting owes its origin to India.
  2. The anatomy of business and its relationship with financial accounting.
  3. The steps involved in the process of accounting, up to recording, ...

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