MBA 1ST SEM ACCOUNTS SYLLABUS NOTES
Q 1. What do you mean by classification of accounts? Explain different types of accounts as used in books of original entry with their rules? Accounting is a business language. We can use this language to communicate financial transactions and their results. Accounting is comprehensive systems to collect, analyzes, and communicate financial information. The origin of accounting is as old as money. In early days, the number of transactions were very small, so every concerned person could keep the record of transactions during a specific period of time. Twenty-three centuries ago, an Indian scholar named Kautilya alias Chanakya introduced the accounting concepts in his book Arthashastra. In his book, he described the art of proper account keeping and methods of checking accounts. Gradually, the field of accounting has undergone remarkable changes in compliance with the changes happening in the business scenario of the world. A book-keeper may record financial transactions according