Computer File
Financial Accounting : B.Com/BBA II Semester
Accounting has rightly been termed as the language of the business. It records, classifies, analyses
and communicates all the business transactions that have taken place during a particular period. It is a
system of recording and reporting business transactions in financial terms, to interested parties.
According to American Institute of Certified Public Accounts “Accounting is the art of recording,
classifying and summarizing in a significant manner in terms of money, transactions and events
which are , in part at least, of a financial character and interpreting the results there of”. Thus
accounting is the art of recording, classifying, summarizing, analyzing and interpreting the financial
transactions and communicating the results thereof to the interested person.
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