ACCOUNTING - AN INTRODUCTION Notes

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3NotesMODULE - 1Basic AccountingACCOUNTANCY1ACCOUNTING - AN INTRODUCTIONWhenever your mother asks you to go to the nearby grocery store to buy items of dailyuse like match box, candle stick, soap cake, coffee, spices etc. you need not pay forthese items immediately. When you buy these items, the store owner immediately opensthe page of a note book on which your father s name is written. He records the valueof items purchased. At the end of the month, your father goes to him. He again opensthe same page tells the total amount to be paid and records when your father makes thepayment.

As per Indian mythology Chitra Gupta is responsible for maintaining accounts in God’s court. A book on Arthashasthra written by Kautilya who was a minister in Chandra Gupta’s kingdom twenty three centuries ago mentions about the accounting practices in India. It describes how accounting records have to be maintained.

  Mythology