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Basic Accounting

Basic Accounting

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Published by Mahmoodul Haque

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Published by: Mahmoodul Haque on Nov 19, 2009
Copyright:Attribution Non-commercial


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What is Book-keeping ?What is Book-keep
ing ?Book-keeping simply meansBook-keeping simply meansrecording of transactions. Inrecording of transactions. Inabsence of transaction, theabsence of transaction, thequestion of book-keeping does notquestion of book-keeping does notarise at all. So, transactions arearise at all. So, transactions arethe basic raw materials of book-the basic raw materials of book-keeping .keeping .
Some definitions of book-keeping:Some definitions of book-keeping:
"Book-keeping is the art of recording business"Book-keeping is the art of recording businessdealings in a set of books."dealings in a set of books."- J.R.BATLIBOI- J.R.BATLIBOI
"Book-keeping is the science of recording"Book-keeping is the science of recordingtransactions in money or money's worth in such atransactions in money or money's worth in such amanner that at any subsequent date, the naturemanner that at any subsequent date, the natureand effect of each transaction and the combinedand effect of each transaction and the combinedeffect of all the transactions may be clearlyeffect of all the transactions may be clearlyunderstood, and so that the accounts thus keptunderstood, and so that the accounts thus keptmay show the owner of the books the true finalmay show the owner of the books the true finalposition."position."- L.C.Cropper- L.C.Cropper
Thus ,book-keeping teaches us the correctThus ,book-keeping teaches us the correctprocess of keeping records of businessprocess of keeping records of businesstransactionstransactions
What is Accounting ?What is Accounting ?
Accounting is defined by theAccounting is defined by theAmerican Accounting AssociationAmerican Accounting Association(AAA) as :(AAA) as :"the process of identifying,"the process of identifying,measuring and communicatingmeasuring and communicatingeconomic information to permiteconomic information to permitinformed judgments and decisions byinformed judgments and decisions bythe users of the information".the users of the information".

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