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- Accounting is the process of:recording,classifying,summarising,analysing and communicating the financial information to the users of accounting service to make decisions.
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- Only those transactions which are financial in nature and that can be recorded in terms of money.
- What kind of transaction should I take into accounting???
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- Right..You must also know that accounting is both science, as it has principles, as well as art as we need to practice it to gain perfection.
- So it is a service activity as it generates accounting information..right??
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- By Devansh chandok
- Branches of accounting:1. financial accounting2. cost accounting3. management accounting4. tax accounting5. social responsibility accounting
- Sure, what we just discussed was Financial accounting. 2nd is Cost accounting that helps in ascertaining cost of product or service.
- I have very well understood the characteristics of accounting. Can you tell me types of accounting now??
- By Devansh chandok
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- By Devansh chandok
- OK..Social Responsibility accounting must be responsibility towards employees, customers, HR and society..Right??
- Yes..Management accounting helps management to take managerial decisions. And accounts prepared to calculate Income Tax, GST etc is Tax accounting.
- By Devansh chandok
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- By Devansh chandok
- Ok..now I understand how important accounting is for a business. Thank you very much for explaining.
- Anytime dear..Happy to help..
- By Devansh chandok
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