Analytical study of all assets and documents in your family
Answers
A person who invests his hard earnedmoney into business whether big or smallexpects good returns. To calculate returns businessman has to maintain systematic recordof all transactions. One of the primary functionof accounting is to provide vital informationfor decision making to external and internalusers. Book Keeping being defined assystematic record of business transactionsachieves this purpose. Also partnership Act,Companies Act, Co-operative Societies Actmakes it mandatory to keep recordssystematically for knowing operating results.Book-keeping and Accountancy is oneof the core subjects in Commerce faculty. It isa compulsory subject at graduate and post-graduate level. Book-keeping is no doubt oneof the most interesting, practically relevant andimportant subject for students aspiring professional courses like C.A. C.S andI.C.W.A.I.The object of introducing this subject atStd. XI is to develop conceptual understandingof principles of accounting system whichidentifies, analyses, classifies, measures,summaries and records all business transactionsin significant manner in separate set of books.The business transactions are firstrecorded in primary books and subsequently posted in the ledger. At the end of accountingyear it helps in presenting the financial positionand result of operation of that business. Henceaccounting is regarded as the language of business.Book Keeping and Accountancy is botha science as well as an art. As a scienceteacher, commerce teacher must follow basisassumptions and postulates systematically tounderstand why a particular thing is done in a particular manner. As an Art students, commercestudents should be able to apply the skill inmaintaining books of account.