Transcription of ACCOUNTING - AN INTRODUCTION Notes
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ACCOUNTING - AN INTRODUCTION Notes
3 NotesMODULE - 1 Basic AccountingACCOUNTANCY1 ACCOUNTING - AN INTRODUCTIONW henever 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. In a similar manner, he keeps the record of other customers also. Wheneverhe gets commodities from suppliers he records the same and also records the paymenthe makes to them.
Public Accountants (AICPA) defined accounting as “The art of recording, classifying, summarising, analysing and interpreting the business transactions systematically and communicating business results to interested users in accounting” ... ACCOUNTANCY Accounting - An Introduction.
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