INTRODUCTION TO ACCOUNTING

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INTRODUCTION TO ACCOUNTING
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meaning, features and branches

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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. 
  • BY PARUL PANDYA
  • What kind of transaction should I take into accounting???
  • Only those transactions which are financial in nature and that can be recorded in terms of money.
  • BY PARUL PANDYA
  • So it is a service activity as it generates accounting information..right??
  • 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.
  • BY PARUL PANDYA
  • Branches of accounting:1. financial accounting2. cost accounting3. management accounting4. tax accounting5. social responsibility accounting
  • I have very well understood the characteristics of accounting. Can you tell me types of accounting now??
  • Sure, what we just discussed was Financial accounting. 2nd is Cost accounting that helps in ascertaining cost of product or service.
  • BY PARUL PANDYA
  • 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 PARUL PANDYA
  • Ok..now I understand how important accounting is for a business. Thank you very much for explaining.
  • Anytime dear..Happy to help..
  • BY PARUL PANDYA
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