ACCOUNTING AND ITS CONCEPTS
DEFINITION AND MEANING OF ACCOUNTING
Accounting may be defined as the process of recording, classifying, summarising, analysing and interpreting the financial transactions and communicating the results thereof, to the persons interested in such information.
Accounting is a broader concept than book keeping. Accounting needs greater ability to understand the records that are obtained by book keeping, it also calls for their analysis and interpretation. Book-keeping is the recording phase while accounting is concerned with the summarized phase of an accounting system.
OBJECTIVES OF ACCOUNTING
Systematic Recording of Business ...
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