Deverlopment Period

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Financia Accounting a Accounting:
American Professors, “Accounting is an information system for measuring, processing, and communicating information that is useful in making economic deciesions”.
Indian professor, “Accounting is a ‘vision’ of business. Since accounting farnishes the ‘eye’ through which business and administration ‘sec’”
Bangladeshi Professor, “Accounting is the concrete economic science”.
Accounting consist of three basic activities * It identifies * Recordsa * Communicates the economic events
History of Accounting: 1. Deverlopment period (upto 1494) a. Stone Age b. Old Age c. Exchange Age d. Money Age 2. Pre-Explanatory period: 1494 – 1800 3. Explanatory Period: 1800 – 1900 4. Modern period: 1900 on wards

Account is an Aid to Management: 1. Financial statement 2. Policy determination 3. Planning 4. Organizing 5. Co-ordinating 6. Motivating 7. Controlling 8. Decision- Making 9. Increasing Productivity 10. Latest Information 11. Professonal Advice

Accounting Process – TRANSACTION
Transactions are business economic events recorded by Accounts.
Each transaction must have a dual effect on the accounting equation.
Characteristics of Transactions: 1. Money measurement 2. Financial change 3. Two parties 4. Independent 5. Visible or invisible
An Accounting is an accounting record of increases and decreases in a specific asset, liability or owner’s equity item.
Double Entry system: An introduction to the double entry system that is the foundation of modern accounting.
In the double entry system the dual (two-sided) effect of each transaction is recorded in appropriate accounts. This system provides a logical method for recording transactions.
The term Devit and Credit are directional signals. Debit indicates left, and credit indicates right. They indicate which side of a T- account a number will be recorded on. We

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