COMMERCEATEASE.COM
AN EASY APPROACH TO
ACCOUNTANCY
(FOR BEGINNERS)
Ms. PRABHJOT KAUR
6/24/2018
Learn the basics of Accountancy in a week.
, AN EASY APPROACH TO ACCOUNTANCY
CONTENTS
Why this e-book?
Meaning of Accounting
Objectives of Accounting
Branches of Accounting
Theory Base of Accounting
Basis of Accounting
Systems of Accounting
Basic Accounting Terms
Accounting Process
COMMERCEATEASE.COM Page 2
, AN EASY APPROACH TO ACCOUNTANCY
Why this e-book?
The main purpose of writing this e-book is to take a step in the direction of
fulfilling the dream of the website i.e. to facilitate the learning of
Accountancy in the easiest possible way. Let it become the solid foundation
of knowledge in the field Accountancy.
COMMERCEATEASE.COM Page 3
, AN EASY APPROACH TO ACCOUNTANCY
Meaning of Accountancy
There are three terms used interchangeably :
Accounts, Accounting and Accountancy.
These words are inter-related and must be understood.
Account
Account is simply a part of the whole. It does not exist independently of the
other two. Like in learning of the English language a person one uses words.
The exact meaning of the word Account will be discussed later on.
Accounting
Accounting is the art of preparing and working with these accounts to
accomplish the ultimate purpose of Accountancy. This is what an accountant
would be required to do.
Accounting has been defined as the process of identifying, measuring,
recording and communicating the required information relating to the
economic events of an organization to the interested users of such
information.
Accountancy
Accountancy is the branch of knowledge dealing with these two terms. It
explains the principles and practices for accounting.
So, a student is learning the subject Accountancy.
Book-keeping
Book-keeping is the part of Accounting.
'Book' here means Accounting records and 'keeping' means maintaining.
So, Book-keeping involves the art of preparing accounting records.
After preparing accountings records these must be analyzed and interpreted
for different parties interested for different purposes and communicated to
them.
COMMERCEATEASE.COM Page 4
AN EASY APPROACH TO
ACCOUNTANCY
(FOR BEGINNERS)
Ms. PRABHJOT KAUR
6/24/2018
Learn the basics of Accountancy in a week.
, AN EASY APPROACH TO ACCOUNTANCY
CONTENTS
Why this e-book?
Meaning of Accounting
Objectives of Accounting
Branches of Accounting
Theory Base of Accounting
Basis of Accounting
Systems of Accounting
Basic Accounting Terms
Accounting Process
COMMERCEATEASE.COM Page 2
, AN EASY APPROACH TO ACCOUNTANCY
Why this e-book?
The main purpose of writing this e-book is to take a step in the direction of
fulfilling the dream of the website i.e. to facilitate the learning of
Accountancy in the easiest possible way. Let it become the solid foundation
of knowledge in the field Accountancy.
COMMERCEATEASE.COM Page 3
, AN EASY APPROACH TO ACCOUNTANCY
Meaning of Accountancy
There are three terms used interchangeably :
Accounts, Accounting and Accountancy.
These words are inter-related and must be understood.
Account
Account is simply a part of the whole. It does not exist independently of the
other two. Like in learning of the English language a person one uses words.
The exact meaning of the word Account will be discussed later on.
Accounting
Accounting is the art of preparing and working with these accounts to
accomplish the ultimate purpose of Accountancy. This is what an accountant
would be required to do.
Accounting has been defined as the process of identifying, measuring,
recording and communicating the required information relating to the
economic events of an organization to the interested users of such
information.
Accountancy
Accountancy is the branch of knowledge dealing with these two terms. It
explains the principles and practices for accounting.
So, a student is learning the subject Accountancy.
Book-keeping
Book-keeping is the part of Accounting.
'Book' here means Accounting records and 'keeping' means maintaining.
So, Book-keeping involves the art of preparing accounting records.
After preparing accountings records these must be analyzed and interpreted
for different parties interested for different purposes and communicated to
them.
COMMERCEATEASE.COM Page 4
