Definition & Functions of Accounting:

May 12th, 2015
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Alabama State University
Course: general
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Accounting is the art of recording , classifying and summarizing in significant manner and in terms of money , transactions & events which are , in part, at least of a financial character and interpreting the results there of

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ACCOUNTING:Unit1: Need for accounting:Accounting has rightly been termed as the language of the business.The basic information of a language is to serve as a means of communication.Accounting also communicates the result of business operations to various parties like proprietor, Crs, Goot and investors.Persons like house wives, individuals also make use of accounting, even though accounting is generally associated with business.For example: A housewife can record the money received and spent by her during a particular period.Receipts on one page, payment on other page of her household diary for a particular period, in a chronological order.Sources and purpose can be known from this,At the end of the period, she can know her financial position.So accounts will be of great use to a business man to know about 1) What he owns?2) What he owes?3) Whether he earned profit or loss?4) What is the financial position?5) Whether the future commitments met or not?Development of accounting:Accounting is as old as money; Chanakya in his Arthashastra emphasized the existence & need of proper accounting and auditing.However, the modern system of accounting owes its origin to Pacoili,Who lived in Italy in the 18th century .Definition & Functions of Accounting:The concept of accounting & the role of accountant has undergone a noticeable change during the last fifty years.In 1941, the American institute of certified public accountant (AICPA) defined account

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