Accounting In Business

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Key Idea #1 Introduction to Accounting

Notes for teachers

Accounting is a formal method of recording the monetary/financial aspects of business transactions. Transactions that have no pecuniary (monetary) impact are not considered in accounting, such as the marriage of the owner or employee.

Any transaction that has a monetary impact will be recorded, such as a wedding loan given to employee. Book keeping is the first part of accounting, which is concerned with the maintenance of the 'books of accounts'. Books of accounts comprise of book of original entry (Journal) and the ledger. Journal is maintained date wise and from Journal, party wise records are created in the ledger.

Double entry book keeping is the most widely used system of book keeping.

At the end of a financial period (usually a year), the business or institution is required by law to prepare the 'financial statements' (comprising the Profit and Loss statement for a business and an Income and Expenditure Account for a non-profit body, as well as a Balance Sheet). This gives the reader an idea of the financial status of the entity.

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