When we focus our thoughts on a business organisation, many questions (is our business profitable, should a new product line be introduced, are the sales sufficient, etc.) strike our mind. However, we shall limit our scope of discussion to a business organisation and the various financial aspects of such an organisation. The knowledge of accounting is an added advantage in performing different roles. We have different roles to perform in life-the role of a student, of a family head, of a manager, of an investor, etc. Many aspects of our lives are based on accounting, personal financial planning, investments, income-tax, loans, etc. The better the understanding of the language, the better is the management of financial aspects of living. However, a business may have a lot of aspects which may not be of financial nature. Usually, accounting is understood as the Language of Business. The documents, which communicate these findings about the performance of an organisation in monetary terms, are called financial statements. INTRODUCTION Accounting is a system meant for measuring business activities, processing of information into reports and making the findings available to decision-makers.
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