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Available courses

FINANCIAL ACCOUNTINGS 1

Business is an economic activity undertaken with the motive of earning profits and to maximize the wealth for the 
owners. Business cannot run in isolation. Largely, the business activity is carried out by people coming together with 
a purpose to serve a common cause. This team is often referred to as an organization, which could be in different 
forms such as sole proprietorship, partnership, body corporate etc. The rules of business are based on general 
principles of trade, social values, and statutory framework encompassing national or international boundaries. 
While these variables could be different for different businesses, different countries etc., the basic purpose is to 
add value to a product or service to satisfy customer demand.
The business activities require resources (which are limited & have multiple uses) primarily in terms of material, 
labour, machineries, factories and other services. The success of business depends on how efficiently and 
effectively these resources are managed. Therefore, there is a need to ensure that the businessman tracks the use 
of these resources. The resources are not free and thus one must be careful to keep an eye on cost of acquiring 
them as well.
As the basic purpose of business is to make profit, one must keep an ongoing track of the activities undertaken in 
course of business. Two basic questions would have to be answered:
(a) What is the result of business operations? This will be answered by finding out whether it has made profit or 
loss.
(b) What is the position of the resources acquired and used for business purpose? How are these resources 
financed? Where the funds come from?
The answers to these questions are to be found continuously and the best way to find them is to record all the 
business activities. Recording of business activities has to be done in a scientific manner so that they reveal correct 
outcome. The science of book-keeping and accounting provides an effective solution. It is a branch of social 
science. This study material aims at giving a platform to the students to understand basic principles and concepts, 
which can be applied to accurately measure performance of business. After studying the various chapters 
included herein, the student should be able to apply the principles, rules, conventions and practices to different 
business situations like trading, manufacturing or service.