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More about Accounting

Talking in simple terms, accounting simply refers to ‘recounting’ or ‘reckoning’. According to the organizational perspective also, it has the same meaning. As a business starts and begins its operations, the previous performance is required to be assessed by many stakeholders of the firm. For this, it is important to note or record all the transactions or events that have occurred in monetary terms in a summarized way. Mainly, the process of accounting includes recording, classifying and summarizing the past events of financial nature with a view to help the users of the financial statements to understand the summary of the financial statements and results.

Accounting is a part of the daily life of almost every literate individual. Every one keeps an account of his income and expenses. But, in business terms, it is more serious and complicated. Accounting is a must in business and a business can not be executed unless the owners or the managers know that how much does the third parties or the outsiders owe to it and how much does it owe to the outsiders. It also provides information about the returns on the capital invested in the business.

For this information, the systematic maintenance of the records of all transactions and events occurring on a routine basis and assessing this information for assisting the decision making in business is required. Accounting is the best medium for communication of the results of business and known as the language of business. Accounting also has its own set of rules and regulations for carrying out the accounting of the transactions. They consist of the principles on which the system is based; the GAAP Generally Accepted Accounting Principles, Accounting Standards. For the US, the principles of accounting followed are the US GAAP.

Another important fact to be noted here is that accounting is different from book-keeping and has a broader scope. Book-keeping is just related with orderly record keeping while accounting consists of the evaluation and judgment at several stages like the recording, classifying, summarizing and interpretation. Accounting has nowadays, become a big area and it takes in different types of accounting including the cost accounting, management accounting, financial accounting and more recently, responsibility accounting.