What is Accounting

What is accounting?

Accounting is act of Recording, Classifying, Summarizing and Reporting Financial information of organization,
An Analysis

Analysis, interpretation of financial statements

Purpose

·       To produce financial information

·       To Develop Accounting information

·       To use these information for Decision Making

Classification

Recording

·      Business Transaction tool

·       General journal

Classifying

·       Business Transaction Tool

·       Ledger

·       Collection of Accounting

Summerizing

·       Business Transaction

·       Financial statement

·       Financial Report