Principles and Practice of Accounting
Accountancy is a systematic procedure of recognising, documenting, calculating, categorising, substantiating, summarising, elucidating and liaising financial data. It divulges profit or loss for a given period of time and nature and value of a firm’s assets, liabilities and owner’s’ equity.
Accountancy or Accounting is a structure that is meant for measuring trade pursuits, actioning of data into reports and making the findings obtainable to the decision-makers. The documents, which collaborate these findings of the procurement of an establishment in monetary terms, are called financial statements. Accounting is elucidated as a ‘Business Language’.
Accounting assists the establishment to be able to fix the financial position of the business. With all accounting pursuits, the ultimate report furnished assists the management to be aware of the business position, so they can be able to know which direction they are heading towards. Accountancy helps in taking significant economic decisions by scrutinising the past performance. A certificate or diploma in Accounting and Finance helps the students learn such skills that are helpful in different industries.