![]() However, we shall limit our scope of discussion to a business organisation and the various financial aspects of such an organisation. The knowledge of accounting is an added advantage in performing different roles. ![]() We have different roles to perform in life-the role of a student, of a family head, of a manager, of an investor, etc. Many aspects of our lives are based on accounting, personal financial planning, investments, income-tax, loans, etc. The better the understanding of the language, the better is the management of financial aspects of living. However, a business may have a lot of aspects which may not be of financial nature. ![]() Usually, accounting is understood as the Language of Business. The documents, which communicate these findings about the performance of an organisation in monetary terms, are called financial statements. ![]() INTRODUCTION Accounting is a system meant for measuring business activities, processing of information into reports and making the findings available to decision-makers.
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