ACCOUNTS

Accounts refer to a different type of book in which we keep a record of business or financial transactions during a financial year. For  ex; Cash Book, Journal Proper, Purchase Book, and Sale Book.

TERM OF ACCOUNTING

The term accounting is used for keeping a record of monetary transactions and events in such a manner that in future proper reports about business positions and efficiency can be generated.

What Is Accountancy?

Ans. Accountancy concerned with the principles and methods used for accounting to keep a systematic record of information. It helps us to summarize and communicate the information to interested parties.

Here interested party refers to the users (external or internal). External users are owners, investors,

creditors, employees or government who want information which helps them to estimate their rate of

return from company or business.

Internal users are those people who are related to the management and operating department of business

enterprises. They want information about the efficiency and smoothness of business.

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