Transcription of 1 INTRODUCTION TO ACCOUNTING
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1 INTRODUCTION TO ACCOUNTING
ACCOUNTANCYN otes3 INTRODUCTION TOACCOUNTINGYou must have seen a shopkeeper selling goods to earn profit. He/she sells goodsfor cash and on credit, purchases the goods from suppliers, pays for electricity bills,telephone bills, wages to workers etc. These are all business transactions involvingmoney. A large number of such transactions take place daily. A businessman cannotremember all these transactions, he therefore, keeps a record of all these transactionsin writing, so that he can make use of this recorded information later on. The traderwould like to know at the end of a period (which is generally one year), what he hasearned during this period from his business.
American Accounting Association (AAA) has defined Accounting as: Accounting is the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information . Introduction to Accounting INTEXT QUESTIONS 1.2 MODULE - I Introduction and Basic Concepts
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