Students can go through AP Inter 1st Year Accounts Notes 1st Lesson Book Keeping and Accounting will help students in revising the entire concepts quickly.
Book Keeping and Accounting Class 11 Notes AP Inter 1st Year Accounts 1st Lesson
→ Accounting is called as the ‘Language of Business’.
→ Accounting helps in communicating the financial information to various parties interested in it.
→ Book keeping is the branch of knowl-edge that is concerned with recording of business transactions.
→ The basic objective of book-keeping is to have permanent record of all the business transactions.
→ Accounting is defined as “the art of re-cording, classifying and summarizing in a significant manner in terms of money, transactions and events which in part at least, of a financial character and interpreting the results thereof”
→ The main objectives of accounting are to maintain accounting records, to calculate the result of operations, to ascertain the financial position and to communicate the information to users.
→ Various steps involved in accounting process include, recording, classifying, analyzing, summarizing, reporting and interpreting the results of business transactions.
→ An accounting cycle is a complete se-quence of accounting process that begins with the recording of business transactions and ends with the prepa-ration of final accounts.
→ Though book keeping is a part of accounting, it differs from accounting. In spite of to all pages having some limitations, accounting has many advantages. To reap all the benefits of accounting, the perfect understanding of accounting terms is required.