[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-663068-105":3,"detail-sidebar-cat-0-en-105":80,"doc-detail-663068-en":130},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":73,"head_meta":75,"extra_data":77,"updated_unix":79},105,"en","basic-accounting","BASIC ACCOUNTING","","Study material for the V Semester open course (2011 Admission) from the University of Calicut, School of Distance Education, covering the fundamentals of accounting. It defines accounting and summarizes its features or characteristics, distinguishes accounting from bookkeeping, and outlines the objectives or functions of accounting and the key users of accounting information. It also introduces branches of accounting, with focused explanations of financial accounting, including its meaning, primary purpose, and nature or characteristics.",{"@graph":14,"@context":72},[15,34,55],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/exam/","Exam",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/document/basic-accounting/663068/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/basic-accounting/663068.png","ImageObject",300,407,{"name":42,"@type":43},"noah","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-29","2026-10-28",true,{"@type":52,"interactionType":53,"userInteractionCount":22},"InteractionCounter",{"@type":54},"ViewAction",{"@type":56,"mainEntity":57},"FAQPage",[58,64,68],{"name":59,"@type":60,"acceptedAnswer":61},"What is accounting and how is it defined in this study material?","Question",{"text":62,"@type":63},"Accounting is described as a system for recording and reporting business transactions in financial terms, including recording, classifying, summarizing, and interpreting results for interested parties.","Answer",{"name":65,"@type":60,"acceptedAnswer":66},"How does accounting differ from book-keeping?",{"text":67,"@type":63},"Book-keeping focuses on recording transactions, while accounting goes further by summarizing, analyzing, and interpreting the effects of those transactions on business operations.",{"name":69,"@type":60,"acceptedAnswer":70},"Who uses accounting information?",{"text":71,"@type":63},"The material explains internal users (owners, management, employees) and external users (creditors, investors, customers, government), with examples of indirect users as well.","https://schema.org",{"og:url":32,"og:type":74,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":76,"canonical":32},"index,follow",{"doc_id":78,"site_id":7},663068,1793224948,{"code":4,"msg":81,"data":82},"success",[83,87,91,94,99,104,109,114,119,122,126],{"id":22,"doc_module":4,"doc_module_name":25,"category_name":84,"show_sort_weight":85,"slug":86},"Story & Novel",90,"story-novel",{"id":26,"doc_module":4,"doc_module_name":25,"category_name":88,"show_sort_weight":89,"slug":90},"Literature",80,"literature",{"id":33,"doc_module":4,"doc_module_name":25,"category_name":29,"show_sort_weight":92,"slug":93},70,"exam",{"id":95,"doc_module":4,"doc_module_name":25,"category_name":96,"show_sort_weight":97,"slug":98},5,"Comic",60,"comic",{"id":100,"doc_module":4,"doc_module_name":25,"category_name":101,"show_sort_weight":102,"slug":103},6,"Technology",50,"technology",{"id":105,"doc_module":4,"doc_module_name":25,"category_name":106,"show_sort_weight":107,"slug":108},7,"Healthcare",40,"healthcare",{"id":110,"doc_module":4,"doc_module_name":25,"category_name":111,"show_sort_weight":112,"slug":113},8,"Research & Report",30,"research-report",{"id":115,"doc_module":4,"doc_module_name":25,"category_name":116,"show_sort_weight":117,"slug":118},9,"Religion & Spirituality",20,"religion-spirituality",{"id":117,"doc_module":4,"doc_module_name":25,"category_name":120,"show_sort_weight":117,"slug":121},"World Cup","world-cup",{"id":123,"doc_module":4,"doc_module_name":25,"category_name":124,"show_sort_weight":123,"slug":125},10,"Lifestyle","lifestyle",{"id":127,"doc_module":4,"doc_module_name":25,"category_name":128,"show_sort_weight":95,"slug":129},19,"General","general",{"code":4,"msg":81,"data":131},{"doc_id":78,"user_id":132,"nickname":42,"user_avatar":133,"doc_module":4,"category_id":33,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":22,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":139,"language":140,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":12,"update_tm":79,"read_time":144},1099529839121,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","V SEMESTER  \n(UG-CCSS-SDE)  \nOPEN COURSE  \n(For candidates with Core Course other than B.Com.)  \n(2011 Admission)  \nUNIVERSITY OF CALICUT  \nSCHOOL OF DISTANCE EDUCATION CALICUT UNIVERSITY P.O. MALAPPURAM, KERALA, INDIA-673 635  \nUNIVERSITY OF CALICUT  \nSCHOOL OF DISTANCE EDUCATION  \nSTUDY MATERIAL  \nV SEMESTER (UG-CCSS-SDE)  \nOPEN COURSE (For candidates with Core Course other than B.Com. )(2011 ADMISSION)  \nBASIC ACCOUNTING  \nPREPARED BY: Sri. PRASAD .P.J.,  \nAsst. Professor,  \nDepartment of Commerce, Govt. College Madappally.  \nSCRUTINISED BY: Dr. K. VENUGOPALAN  \nAssociate Professor,  \nDepartment of Commerce, Govt. College Madappally  \nLAYOUT & SETTINGS: COMPUTER CELL, SDE  \n(c) Reserved  \nCONTENT  \nCHAPTER I BASIC ACCOUNTING CONCEPTS 5-18  \nCHAPTER II SUBSIDIARY BOOKS 19-34  \nCHAPTER III TRIAL BALANCE 35-49  \nCHAPTER IV FINANCIAL STATEMENTS 50-101  \nCHAPTER 1  \nBASIC ACCOUNTING CONCEPTS  \nMEANING AND DEFINITION OF ACCOUNTING  \nAccounting is a system of recording and reporting business transactions in financial terms, to interested parties.  \nAccording to American Institute of Certified Public Accountants (AICPA),“accounting is the art of recording, classifying and summarizing in a significant manner in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof”.  \nIn short, accounting is a system of collecting, classifying, summarizing, analyzing and reporting financial information about a firm.  \nFEATURES OR CHARACTERISTICS (NATURE) OF ACCOUNTING  \nFollowing are the features or characteristics of accounting:  \n1. Accounting is an art.  \n2. Accounting is a science.  \n3. Accounting is the art of recording the transactions in the books.  \n4. Accounting records only those transactions and events which are of financial character.  \n5. Accounting classifies the recorded transactions in a systematic manner.  \n6. Accounting summarizes the classified data.  \n7. Accounting analyses and interprets the summarized data.  \n8. Accounting provides information (after analysis and interpretation) to interested parties.  \nDIFFERENCE BETWEEN BOOK-KEEPING AND ACCOUNTING  \nSome people use book keeping and accounting synonymously. But really these are different. Book keeping is concerned with the recording of business transactions in books of account. Accounting goes a step further. It includes not only recording of business transactions but also summarizing these transactions and analyzing and interpreting their effects on the working of the business. Thus book keeping is the preliminary study (primary stage) of accounting, while accounting is the advanced study (secondary stage) of book-keeping.  \nOBJECTIVES OR FUNCTIONS OF ACCOUNTING  \nThe basic objectives or functions of accounting are as follows:  \n1. To keep a permanent record of business transactions.  \n2. To ascertain profit or loss of business.  \n3. To ascertain the financial position of the business.  \n4. To protect properties of business.  \n5. To control expenditure of business.  \n6. To calculate the amount due to and due from others.  \n7. To ascertain the cost of production and selling price.  \n8. To provide information for decision making.  \n9. To satisfy the requirements of law.  \n10. To know whether the business is profitable or not and analyse the reasons for the same.  \nUSERS OF ACCOUNTING INFORMATION  \nAccounting is an information system. Accounting information is needed by a variety of people. Some users of the accounting information have a direct interest in the enterprise, while others have an indirect interest. Those who are directly interested in the accounting information are owners, management, creditors, investors, employees, customers and tax authorities. The indirect users are financial analysts, trade unions etc. In other words, there are two categories of users of accounting information. They are internal users and external users. Internal users include owners, management and employees. External","cbCaieVO35Z0emT7","https://ap.wps.com/l/cbCaieVO35Z0emT7","pdf",422049,85,"English","# Chapter I Basic Accounting Concepts\n## Meaning and Definition of Accounting\n## Features or Characteristics of Accounting\n## Difference Between Book-Keeping and Accounting\n## Objectives or Functions of Accounting\n## Users of Accounting Information\n## Branches of Accounting (Kinds of Accounting)\n## Financial Accounting: Meaning and Nature/Characteristics","[{\"question\":\"What is accounting and how is it defined in this study material?\",\"answer\":\"Accounting is described as a system for recording and reporting business transactions in financial terms, including recording, classifying, summarizing, and interpreting results for interested parties.\"},{\"question\":\"How does accounting differ from book-keeping?\",\"answer\":\"Book-keeping focuses on recording transactions, while accounting goes further by summarizing, analyzing, and interpreting the effects of those transactions on business operations.\"},{\"question\":\"Who uses accounting information?\",\"answer\":\"The material explains internal users (owners, management, employees) and external users (creditors, investors, customers, government), with examples of indirect users as well.\"}]","BASIC ACCOUNTING | PDF",214]