0Accounting is part and parcel of our daily life. We are indulging in accounting activities in our everyday life. But we are unaware of it. For example, we go for marketing with say Rs. 1000/-. We buy different items, like fruits, vegetables, grocery items, stationery etc. When we come back home, we segregate all items, keep things in its respective places viz. vegetables in refrigerator, groceries and condiments in the kitchen, toiletries in the bathroom, stationeries in the study room and so on. Suppose we keep items in haphazardly, it would be challenging to trace them out easily and would be very irritative. Therefore, we keep each item on its concerned places. It is what about accountancy. Further, we make a note of each expenditure and summarize them to reach out the total amount spent on every month viz. for education, entertainment, medical, grocery, eating out etc.
The accounting is defined in the manner mentioned ibid.
Accounting is both an art and science.
It is an art of recording, classifying and summarizing financial transactions in a systematic and significant manner.
We can read it deeply why accounting is an art and science too, why financial transactions are a core part of accountancy and so on.
