Skip to main content

MEANING OF ACCOUNTING



MEANING OF ACCOUNTING

The committee on terminology set up by the American institute of certified public accountants formulated the following definition of accounting in 1961.
Accounting is the art of recording, classifying and summarizing in significant manner and in terms of money, transactions and events which are in part at least, of financial character and interpreting the result thereof.
As per this definition accounting is simply an art of record keeping. The process of accounting start by first identifying the events and transaction which are of financial character and then be recorded in the books of account. This recording is done in journal or subsidiary books, also known as primary books. Every good record keeping system includes suitable classification of transaction and events as well as their summarization for ready reference. After the transaction and events are recorded, they are transferred to secondary books i.e. ledger. In ledger transactions and events are classified in terms of income, expense, assets and liabilities according to their characteristics and summarized in profit and loss account and balance sheet.

“The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by the users of accounts.”

Popular posts from this blog

Open Existing Company in Tally.ERP9

Open Existing Company (Select Company)

Select Company-From The Company Info. MenuSelect the Option  Select Company by Pressing “S” Key or double Clicking at Select Company Option Open Existing Company

About ITT Council, Delhi

About ITT Council, Delhi ITT COUNCIL, Delhi is a registered under Government of India, working in the field of Appointing vocational trainings Center related to Computers, Accounting, Technical Education and Entrepreneurship Development. Provide Education in Information and Technical Education and its related activity in India and out of India Also ITT COUNCIL, Delhi Take Online and offline Examination and provide Diploma, Short Term, Long Term, Courses and Degrees for Completion of IT and Technical Education and establish Education Campus.ITT COUNCIL, Delhi has taken up the initiative to promote local entrepreneurs to set up institute for providing vocational trainings to the students for their skill development.

Great philosopher & scientist of all time Albert Einstein once said "Imagination is more important than knowledge, knowledge is limited ,imagination encircles the world".These words of great visionary inspired us to start our board Information Technology and Tec…

Institute Registration Offer from ITT Council

Information Technology and Technical Education Council, Delhi ITT Council, Delhi
IT & Technical Education Board