![]() The American Institute of Certified Public Accountant has defined Financial Accounting as: It also helps us analyze the past performance and plan the future courses of action. With the help of accounting process, we can determine the profit or loss of the business on a specific date. Gradually, the field of accounting has undergone remarkable changes in compliance with the changes happening in the business scenario of the world.Ī book-keeper may record financial transactions according to certain accounting principles and standards and as prescribed by an accountant depending upon the size, nature, volume, and other constraints of a particular organization. In his book, he described the art of proper account keeping and methods of checking accounts. Twenty-three centuries ago, an Indian scholar named Kautilya alias Chanakya introduced the accounting concepts in his book Arthashastra. In early days, the number of transactions were very small, so every concerned person could keep the record of transactions during a specific period of time. The origin of accounting is as old as money. Accounting is a comprehensive system to collect, analyze, and communicate financial information. We can use this language to communicate financial transactions and their results. ![]()
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