Accounting is the process of systematically recording financial transactions and extracting their gem sum by classification. Accounting uses universally accepted principles and procedures. Accountancy is the branch of science that describes the principles and procedures required for accounting. Businesses are generally run for profit. A trader tries to calculate the current financial status and profit and loss level of daily trading. Accounting was first used in cases where daily transactions could not be remembered to a certain extent. Accountancy is the language of modern accounting business. Basic language communication is the delivery of business information to parties interested in accounting. Any organization can have thousands of transactions, such as buying and selling goods, paying salaries, paying wages, incurring various expenses, and generating revenue. There may also be sales of land, buildings, equipment, and furniture. The company will move towards prosperity when it is careful in every transaction and keeps accurate information. Even a person with extraordinary memory cannot remember all the transactions in order. Therefore, it is imperative for the institution to keep clear and accurate records of financial transactions. It is against this background that accounting has gained widespread recognition and popularity.

Ansif S

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