General Principles of Book Keeping and Accountancy,Single and Double Entry System

Accounting has been aptly called the language of business. It is called so because it is an effective method of communicating business information to various users who might be interested in seeking detailed information about the operations of business and its financial status. The ever changing business environment have widened the scope of accounting from the earlier mere record -keeping mechanism to a vibrant subject now so as to meet the needs of various interest groups.Accounting performs the vital functions of keeping systematic records of the transactions that take place during the course of running the business. It protects the business properties and also assists the management in the task of planning,control and co-ordination of the business activities.