What is Accounting Accounting and why - Accounting courses in chandigarh

What is Accounting Accounting and why - Accounting courses in chandigarh

  02:29    Abhi Dogra

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What is Accounting Accounting and why?

What is Accounting?

Accounting i.e. Accounting or accounting is the process of keeping a document and writing
 accounts according to the business accounting and business transaction method. Here is a 
commercial law, its own principle, and here it is used to control the financial transactions.
  And it is applicable for all types of business, but it is essential for some businesses.

Its essentials depend on the size of the business. They should be accounting for all practical purposes
 so that proper evaluation can be made, and in case of any dispute, it can be used for commercial
 proof. The main objective of accounting and tax is to make proper determination of tax. 
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The standard of accounting system is the stuff all over the world, so that there is ease in business in
 the whole world. So this method is called modern accounting or accounting. Double entry system
 double accounting method is used in modern accounting. In this method, both accounts are connected
 equally, and the number of digits in both accounts is also the same. In this method both accounts are
 complementary to each other, as there is a debit (debit), then the second credit is deposited.
 Mean plus (+) minus (-) works on the principle of negative and positive.

In this method, the financial year also happens at international level (from 1st April to 31st March).
 (Double Entry System) The first complete theoretical rule was presented by French citizen Luca de 
Pacioli, Luca de Pacioli in 1445.

The method is based on three main rules

• Debit and payday credits
• All Income, Credit and All Expenses, Debit
• Debit and Debt Deposits

There are three steps in this method

1. Entry of Transaction
2. Bookkeeping Maintain the Books and Recorded
3. Examining Audit Accounts

There are three types of accounts in this method

1) Personal Account: Personal Account: -

⇨ The account which shows the person's name is called Personal Account. Jesse Ram and Shyam
 etc.

2) (real account) real accounts: -

⇨ The account which shows an item or property is called real account. Cash Cash and Computer etc.

3)  nominal account: -

⇨ The account which shows profit, loss and income, expenditure is called Nominal Account. 
Like Salary, Wages, Rent, Sales, Purchases etc

Here is the ancient method of accounting.

• Cash Transaction System: Cash transaction is accounted for in this case.
• In the Signal Entry System, one side of the transaction is accounted for
• Book Keeping System was used to calculate both cash lenders.

Conclusion: - But the principles of these methods can not be properly evaluated for business
 transactions, hence the practice of Double Entry System is more.

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