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Accounting or accountancy is subject which includes preparing financial records of an organisation. It is also considered as a process of summarizing, analyzing and reporting these transactions to monitoring agencies, tax collection entities and regulators. Each and every business transaction is recorded, categories and summarised to determine financial position and cash flows of a business entity over a particular period of time. Accounting has 10 different sub categories as discussed below: Financial accounting - it includes recording and classifying business transactions of an organisation, in order to prepare and present the financial statement such as Trading account, Profit & loss account, balance sheet etc. to be facilitate internal or external use. Managerial accounting - its aim to provide information to be used internally, the management. It includes financial analysis, budgeting and forecasting, cost analysis, evaluation of business decisions etc. Cost accounting ...

What is accounting all about? Accounting is a subject that talks about balance sheets, finances and their management. It lets one understand how to tackle various concepts related finance. Especially, accounting plays an important role in businesses and organizations. Irrespective of the size of the business, this is the field that shows whether a company is going in a profitable way and plays a key role in the compliance with many legal aspects such as taxations, salaries, insurances, etc. Why accounting is important for students? Accounting is one of the compulsory subjects to students of many universities. The syllabus covers many concepts such as book keeping, taxation rules, and legal aspects with accounting rules etc.  This is because it is designed to prepare them for the real time accounting challenges and work environment of an organization. Scoring good grade in accounting and having a strong knowledge on various concepts is a must for every student who aspires to...