Description
Fundamentals of Accountancy & Auditing With MCQs By Ahmad Naveed JWT
Accounting is a very old concept – as old as money. A description of proper keeping of accounts is also found in ‘Arthashastra” written by Kautilya. However, it has developed with the passage of time to meet the requirements and challenges of ever – growing society. The modern-day accounting concept based on double entry system was originated by Luco Pacioli in Italy. Though the act of accounting is very old, in recent times it has acquired special significance because of rapidly growing economy, cut-throat competition, expanding markets and increasing production and changes in technology. In this lesson, we will throw light on the basic concepts of accounting, types of accounts, accounting principles, conventions, concepts & standard, meaning of double entry system and the rules of debit & credit on which entire concept of accounting is based. Accounting is used by business entities for keeping records of their monetary or financial transactions. A businessman who has invested money in his business would like to know whether his business is making a profit or incurring a loss, the position of his assets and liabilities and whether his capital in the business has increased or decreased during a particular period. The definition given by the American Institute of Certified Public Accountants (‘AICPA’) clearly brings out the meaning of accounting. According to it, accounting is “the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof”. The definition brings out the following as attributes of accounting. Accounting is a very old concept – as old as money. A description of proper keeping of accounts is also found in ‘Arthashastra” written by Kautilya. However, it has developed with the passage of time to meet the requirements and challenges of ever – growing society. The modern-day accounting concept based on double entry system was originated by Luco Pacioli in Italy. Though the act of accounting is very old, in recent times it has acquired special significance because of rapidly growing economy, cut-throat competition, expanding markets and increasing production and changes in technology. In this lesson, we will throw light on the basic concepts of accounting, types of accounts, accounting principles, conventions, concepts & standard, meaning of double entry system and the rules of debit & credit on which entire concept of accounting is based. Accounting is used by business entities for keeping records of their monetary or financial transactions. A businessman who has invested money in his business would like to know whether his business is making a profit or incurring a loss, the position of his assets and liabilities and whether his capital in the business has increased or decreased during a particular period. The definition given by the American Institute of Certified Public Accountants (‘AICPA’) clearly brings out the meaning of accounting. According to it, accounting is “the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof”. The definition brings out the following as attributes of accounting.
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Fundamentals of Accountancy & Auditing With MCQs By Ahmad Naveed JWT
