2. Accounting: Meaning
❏ It is the process of tracking assets, liabilities, expenses,
revenue and equity.
❏ Accounting is the language of business
❏ It is an organized and systematic way of recording the
financial transactions made by the business organization
4. “Accounting refers to the process of identifying, measuring
and communicating economic information to permit informed
judgements and decisions by users of information”.
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5. Importance
❖ Helps to prepare
financial statements
❖ Helps to know what
the business owes and
owns
❖ Helps to safeguard the
interests of the
business and owners
❖ Meeting the legal
8. Cost Accounting
Cost Accounting is the formal accounting system
setup for recording costs. It is a systematic procedure
for determining the unit cost Of output produced or
service rendered.
10. Computerised Accounting
The computerised accounting system is an accounting data
system that processes the financial transactions and
transactions as per GAAP (Generally Accepted
Accounting Principles) to produce reports as per user
demands
11. DBMS
1. It is a computerized record-keeping system.
2. It is a repository or a container for collection of
computerized data files.
3. It allow the users to define, store, retrieve and update the
information contained in the database on demand.