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Accounting is the art of recording business transactions according to some specified need. It is a discipline which provides financial and other information essential for efficient conduct and evaluation of the activities of any organization. Accounting is often called the language of business. It is the science of recording and classifying business transactions and events, primarily of financial character, and the art of making significant summaries, analysis and interpretations of those transactions and events and communicating the results to persons who must make decisions or form judgment.

Accounting Assignment Help

Characteristics of Accounting

(1) Recording: Accounting is the art of recording business transactions according to some specified rules known as principles of accounting. Recording means noting down business transactions. A small business has a number of transactions which are recorded in a book called “journal”. But a big business has quite large number of transactions, and the journal is further subdivided into various books known as subsidiary books such as “cash book”.

(2) Classifying: Once the transactions are recorded in journal or subsidiary books, these are classified. Classification is the process of grouping the transactions of one nature i.e., of homogenous character at one place, in a separate account. The book in which various accounts are opened is called “ledger”. Separate accounts are opened in the ledger in accounts in the name of each person, for purchases, sales, assets etc.

(3) Summarising: When the classified data is presented in a manner which is understandable and useful to the management and other users of such data is called “summarizing”. This involves the totaling and balancing of ledger accounts and preparation of Trail Balance with the help of ledger accounts balances. From Trail Balance, final accounts are prepared which include Trading and Profit and Loss account and a Balance Sheet.

(4) Interpretation of Results: In accounting, the results of the business are presented in such a manner that the parties interested in the business such as proprietors, managers, banks, creditors, employees etc. can make a meaningful judgment  about the profitability and financial position of the business unit. It includes reasons of present performance and suggestions and recommendations for further improvement. This helps in planning for the future in a better way.

Objectives Of Accounting

(1) Maintenance of Records of Business Transaction: The main purpose of accounting is to identify of financial nature and enter them into appropriate books of accounts. In the absence of accounting there would have been terrific burden on human memory which in most of the cases would have been impossible to bear. 

(2) Calculation of Profit & Loss: The profit and loss is prepared at the end of a period and if the amount of revenue for the period is more than the expenditure incurred in earning such revenue, it is said that the concern has earned profit. In case the expenditure exceeds the revenue, there would be losses. 

(3) Depiction of Financial Position: Another main aim of accounting is to ascertain the financial position of the business concern in the form of its assets and liabilities at the end of every accounting period. This is done by preparing Balance Sheet of the business enterprise which is a statement of assets and liabilities. 

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