What is accounting - Accounting courses in chandigarh | CBitss Technologies

What is accounting?

Articles and notations are combined with two words in the accounting accounting by writing the
 meaning of the article and by marking means the meanings. Accounting is an event sequence
 that is written in the digits.

In order to achieve a particular goal, the process of writing incidents in the digits is called accounting.
 Here, the meaning of the events involves all the actions in which exchange of money is done.

Examples

Many times the item is bought in a business, it is often sold. The expenses also continue to occur, 
the amount of money spent on it, the total amount spent, how many people have earned and how 
much profit or loss it is, in order to achieve all this information, the practitioner writes incidents in the 
same way lives . This type of writing is called accounting. So writing financial transactions of business
 is only accounting.

In the initial actions of accounting, the following three are included:

Recording:

The action of writing the transaction for the first time is called recording. Recording is called daily,
 meaning journal is also called.

Classification (Classification):

The action of writing written items divided into different parts is called classification. Classification is 
also called an account (Ledger).

Summarizing:

The action of classified items being written in one place is called condensation. The condensation is
 also called the trial balance.

As well as increasing the size of the business in the modern era, the complexity of the business has
 also increased. Business relates to many customers, suppliers and employees and therefore there
 are hundreds, thousands or millions of transactions in the business world. All transactions happen.
 It is difficult and impossible to remember all the transactions in detail.We want to know the benefits
 of business and also want to know how much of its assets are, its liabilities or liabilities, its capital etc.
, etc. Information about all these things requires accounting.

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What are the features of accounting?

The following features of accounting are:

• Accounting is the art of writing and classifying business deals.
• The information of analysis and interpretation should be communicated to those people who 
  have to make conclusions or outcomes based on them or to make decisions.
• This is the art of writing, analyzing and interpreting summaries.
• Deals are expressed in currency.
• These transactions are in full or partially financial nature.

What is the function of accounting?

The following six functions of accounting are:

1. Recordative Function:
2. This is the basic task of accounting. This work involves making a series of accounts in the
    initial books of the business, classifying them in the appropriate accounts i.e. the preparation
    of accounts from them and the work of making the plumbing. 
3. Interpretative Function:
4. This work involves analysis and interpretation of financial statements and reports for the parties
    who have interest in accounting information. This work of accounting has been considered
    important in terms of third parties and managers.
5. Communicating Function:
6. Accounting is called the language of business. Just as the main purpose of language is to act as
    a means of communication because only the expression of ideas speaks the language, in the
    same way the financial position of the accounting business and other information is provided to
    all the parties for whom it is necessary
7. Meeting Legal Needs:
8. It is emphasized to deposit various types of statements by various laws such as company, act, 
   income tax act, sales tax act etc. Such as - annual accounts, income tax recertions, sales tax
    returns etc. All these can be deposited if accounting is kept properly.
9. Protecting Business Assets:
10. An important task of accounting is to protect property assets. This is possible only if proper
     assets are kept for various properties.
11. Facilitating Decision Making:
12. Accounting provides important statistics, which facilitates the decision making process.

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Accounting courses in chandigarh . Cbitss  Also deal management training And IT Courses . 
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July 11, 2018

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