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Basics of Accounting

Basics of Accounting

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Published by shahbaz0786
This document is for those who r doing MBA
This document is for those who r doing MBA

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Published by: shahbaz0786 on Aug 24, 2009
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01/25/2013

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MANAGERIAL ACCOUNTINGMANAGERIAL ACCOUNTING
 By By K.G. MURALIDHARA K.G. MURALIDHARA
Basics of Business AccountingBasics of Business Accounting
 
 
Meaning: Accounting has rightly beenMeaning: Accounting has rightly beentermed as the language of the business.termed as the language of the business.
The basic function of a language is to serveThe basic function of a language is to serveas means of communication accounting also servesas means of communication accounting also servesthis function.this function.
It communicates the result of businessIt communicates the result of businessoperations to various parties who have some stakeoperations to various parties who have some stakein the business namely the proprietor, creditors,in the business namely the proprietor, creditors,investors, Government and other agenciesinvestors, Government and other agencies
..
 
 
Though accounting is generally associated with businessThough accounting is generally associated with businessbut it is not only business which makes use of accounting.but it is not only business which makes use of accounting.
Persons like housewives, Government and otherPersons like housewives, Government and otherindividuals also make use of accounting.individuals also make use of accounting.
For example, a housewife has to keep a record of theFor example, a housewife has to keep a record of themoney received and spent by her during a particular period.money received and spent by her during a particular period.
She can record here receipts of money on one page of She can record here receipts of money on one page of her household diary, while payments for different items suchher household diary, while payments for different items suchas milk, food, clothing, house, education etc, on some otheras milk, food, clothing, house, education etc, on some otherpage or pages of her diary in a chronological order.page or pages of her diary in a chronological order.

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