Question

define accounting. explain the accounting concepts which guide the accountant at the recordi
ng stage.(20)

Answer 1

Accounting is the process of recording all the transactions in yhe books of account. "Double Entry system" is the concept which guide the accountant at the recording.

Answer 2

The subject of ‘Accounting’ has been defined in different ways by different authorities.
Accounting is the process of identifying, measuring and communicating economic
information to permit informed judgments and decisions by users of the information”. This definition stresses three aspects viz., identifying, measuring, and communicating economic information.