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What is accounting?
The process of identifying, measuring, recording and communicating the required information related to the economic events of an organization to the interested users is known as accounting. Accounting is also known as the language of business. At the end of each year, businessmen want to know whether they have earned profits or incurred losses during the year. They want to know how much they owe and the amount owed to them etc. To attain such information related to the business, it becomes important to keep a systematic record of each and every transaction of business during the year. If the businessmen keep a complete systematic record, he can know his purchases, sales, expenses during the year.
Also, with this recorded information the financial position of the business can be ascertained for example the proportion of assets, amount to be received, amount to be paid, an amount of capital at the end of the year. When the accounts are maintained properly they prove to be very helpful in the assessment of sales tax, income tax as they are accepted as a proof in the eyes of law and courts.
Advantages and Disadvantages of Accounting:
- Tells Profit and Losse: The profit and loss account is prepared at the end of each year which gives the net profit earned or loss incurred during the year. Thus, accounting brings the information of net results of all the business transactions.
- Tells Financial Position: The Balance Sheet is prepared at the end of the accounting year which discloses the financial position of the business. It also highlights the position and values of assets and liabilities of the business.
- Comparative Study: Keeping a complete systematic record is very helpful as accounting helps the owners to compare the current year results with the results of previous years. Such comparisons prove to be of great importance while taking the managerial decisions.
Disadvantages:
- Does Not Bring The Whole Picture: Financial accounting only includes the quantitative aspects rather than qualitative aspects. It is concerned with the activities which can be of monetary value. The non- monetary activities like labour relations, quality of goods etc. These issues cannot be ignored.
- Does Not Indicate Realizable Value: The Balance Sheet does not show the amount of cash which the firm realizes by the sale of assets. This is because the assets are not meant to be sold; they are meant for use.
- Accounting Based on Historical Costs: Accounts are prepared on the basis original (historical) costs. The financial statement does not show the effect of the changes in price level. Many assets remain undervalued. Therefore, the value of assets is not helpful in estimating the financial position of the business.
System of Accounting
(1) Double Entry System: It consists every transaction having two- fold effect on the business i.e. debit and credit. A transaction is recorded once on the debit side and again on the credit side. Both the aspects are recorded. This system of accounting proves to be a complete accounting system which is followed by every enterprise.
Features:
- In this system, one aspect is debit and the other aspect is credit.
- The total of debits is always equal to the total of credits.
- It maintains a systematic record of all the transactions.
Advantages:
- Complete Record of Transactions: It is a complete and systematic record of assets and liabilities as it shows the correct income or loss. Both sides of the transactions are recorded.
- Check on The Accuracy: With the use of this system accuracy of the accounts can be established by preparing the trial balance.
- Scientific System: This system of Double Entry is the only scientific system as compared to the other systems of Book Keeping. It also fulfills the objectives of accounting.
Disadvantages:
- Expensive: The maintenance of the books needs specialized knowledge and skills. It needs a trained and effective staff to work. Such staff asks high salary which makes this system costly.
- Does Not Suit Small Business: this system of bookkeeping is not suitable for small scale business where only a few transactions take place.
- Knowledge of Bookkeeping: Sound knowledge of the principles of accounting and the procedure of maintaining them is required for maintaining the books. Not everybody is able to maintain this system of accounting.
- Single Entry System: It is referred to as incomplete double entry system. All the accounts are not maintained in this system; only personal accounts and cash book are maintained. For some transactions, only one aspect is recorded whereas for others both the aspects are recorded. This system of accounting is not reliable. It is incomplete and unsystematic.
Branches of Accounting
- Cost Accounting: It is a means by which the costs of products and services are defined and controlled. The main objective of this accounting is to ascertain the costs of goods and services in different departments. It is the process of accounting for costs.
- Management Accounting: It consists of cost accounting, inventory control, budgetary control, working capital management etc. As per the managerial accounting assignment help experts the main objective of this management is to ascertain the information required by the management to take decisions for running the enterprise.
- Financial Accounting: It is the original form of accounting. It maintains the systematic record of bookkeeping. The main purpose of financial accounting is to ascertain the financial position of the business.
- Inflation and Tax Accounting: This branch of accounting is used for the tax purposes therefore known as taxation accounting. For example value, added tax, sales tax, service tax, excise duty are all comprised in tax accounting.
- Social Responsibility Accounting: Every business enterprise has its responsibility towards society by providing employment, good working conditions, paying fair wages etc. This process identifies and measures the social effects of business decisions to permit informed judgments and decisions by the users of accounting data and information.
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