Introduction of Accountancy:
Study guide, definitions & notes.
What is accounting?
According to F.W Pixley Accountancy may be describe as science which
deals with recording to monetary transaction of every description.
According to V.L Gole “Accountancy is the area of knowledge
concern of the accounts.”
What is book keeping?
Book keeping is the art and science of recording of business
transaction in such way that the financial relationship of the business with
the other persons and the final result are the transaction can be corrects
as certain in minimum possible time and minimum possible efforts, simply
with the help of records that are kept.
What are the feature of transaction?
In every transaction there are some features, which are helps to an
event to be a transaction. The features are following.
• Two person: Any transaction can’t be success without at least two
person. In every transaction there must be existence of two parties.
• Exchange: If any kind of exchange will have happened between two
parties, the it will considered as a transaction, where one party give
and another will received.
• Measure of money: That events, which are measurable with money,
are called transaction.
• Change in financial condition of two parties: To be a transaction there
should be a change in the financial condition of both parties by the
event.
• Exchange of asset: Exchange of assets is another feature of a
transaction. In every transaction there should be a subject matter,
and that is assets or labour both.
Study guide, definitions & notes.
What is accounting?
According to F.W Pixley Accountancy may be describe as science which
deals with recording to monetary transaction of every description.
According to V.L Gole “Accountancy is the area of knowledge
concern of the accounts.”
What is book keeping?
Book keeping is the art and science of recording of business
transaction in such way that the financial relationship of the business with
the other persons and the final result are the transaction can be corrects
as certain in minimum possible time and minimum possible efforts, simply
with the help of records that are kept.
What are the feature of transaction?
In every transaction there are some features, which are helps to an
event to be a transaction. The features are following.
• Two person: Any transaction can’t be success without at least two
person. In every transaction there must be existence of two parties.
• Exchange: If any kind of exchange will have happened between two
parties, the it will considered as a transaction, where one party give
and another will received.
• Measure of money: That events, which are measurable with money,
are called transaction.
• Change in financial condition of two parties: To be a transaction there
should be a change in the financial condition of both parties by the
event.
• Exchange of asset: Exchange of assets is another feature of a
transaction. In every transaction there should be a subject matter,
and that is assets or labour both.
