The Basics Of Accounting

Accounting is the recording, storing and manipulating of financial data. The basic principle of accounting is systematically arranging and presenting the financial activities of a particular Firm. It helps in calculation of result of a particular firm’s economic activities and presenting it to certain user’s .i.e. Investors, Regulators or the firm’s management. .

The Practitioner of Accounting is known as Accountant. Accountants are very important in almost all financial activities of a firm. An accountant has to issue an economic report of firm which represents the financial conditions. .

Another term in the field of accounting is bookkeeping. An Accountant has to record all the financial activities such as sale purchase, receipt etc and present it in a form of financial report. This report is known as bookkeeping.

Accounting is known to be the language of Business.

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