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Financial Accounting

What is the first word comes in your mind when you hear the word Accounting?

Money!

Calculations!

Mathematics!

Recording!

Different people have different opinions about ‘Accounting’. Generally the attempts are to maintain a record of the income and expenses, which is also called recounting.

In our daily lives, we all do Accounting without the knowledge of the subject or often without realizing it. A house wife keeps record of her income and expenses and you or a student may also keep a record of his/her pocket money without knowledge of the subject ‘Accounting’.

So, the question arises, what is the need for a separate subject accounting?

In our personal lives we can do our work without knowledge of such a subject, without keeping a systematic record. However, can we take the record of transactions of business so carelessly? It is a more serious matter in business. No one can run a business without knowledge of the financial status of the business. The businessman is interested in knowing the progress of his business which can be judged only with the help of accounting.

Financial accounting is a process of recording, classifying, summarizing, interpretating and communicating the financial transactions. The primary objective of this accounting branch is to convert the input of the business activity of the organisation into the output of useful and systematic information which is ultimately to be used as basis for decision making by the policy makers. This information is also available to outsiders in consolidated forms of financial statements as periodic intervals.