Business means money. Success of any business depends on the profit generated. This makes financial discipline the most important and essential characteristic of any organisation. Accounting is the process which takes care of the cash flow in a financial transaction. Preparing Trading and Profit and Loss Account and Balance Sheet for each financial year is the basic function of Accounting. The management takes business decisions based on the figures shown in the Account Statements. There are certain standards to be followed by accounting professionals. Every individual transaction is taken into consideration. We call the annual statements Financial Accounting. Managerial Accounting is done monthly or quarterly. Tax Accounting helps to pay the amount towards tax. Cost Accounting is relevant while making business decisions. Let's learn more about Accounting which is the basic department in any business irrespective of its size. Please see the presentation.

John U

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