Accounting means
a systematic and a comprehensive and complete recording of the financial
transactions that are a part of any organisation which also refers to the
process of reporting, analysing and summarization of these transactions. In
other words the financial statement that provides the record of cash inflow and
cash outflow in large and small organisations and provides a complete summary
of all the transactions that took place in the organisation in a given period
of time is termed as the process of accounting. Accounting should be taught at
school level so that the student’s build up a strong base in accounting for
better application of accounting at work level.
