Accountancy or Accounting is a structure that is meant for measuring trading activities, actioning information into reports and making the findings obtainable to the decision-makers. The documents, which liaise these findings about the achievement of an organization in monetary terms, are called financial statements. Accounting is comprehended as a ‘Business Language’.
The procedure of recording and abridging financial transactions is known as ‘BookKeeping’. When the data is processed in reports for the use of an individual or an establishment outside the organisation, the process is called ‘financial accounting’. The use of this data also makes it possible to predict future financial developments, scrutinise different scopes of business and assess business perspectives.
Answer 1
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Answe 2 –
STYLE 1
Here is a pdf of TS Grewal for students to read
CHAPTER62