Accounting involves recording, classifying, and summarizing business transactions and activities to communicate financial information to users for decision making. It focuses on the business entity, which is an economic unit that performs activities legally to earn profits. Transactions that have a monetary impact are included in accounting records and financial reports.

1. Fundamental Accounting
25th
October 2013
Accounting: Recording Classifying Summarizing
Interpreting of Business Activity.
Accounting
Business Activity
Business Entity
Business Entity: It is an economic unit that performs an economic activity to
earn profit in legal manners.
Business Accounting :
Accounting is a process of identifying , measuring and
communicating the economic information of an organization to its users who
need the information for decision making.
Business Transaction:
The transaction That has a reliable monitory Impact