Introduction to Accounting
In the NCERT Financial Accounting textbook for Class 11, this opening topic defines accounting as the art of recording, classifying and summarising transactions to reveal profit and financial position. You meet its objectives and functions, the users of accounting information from owners and lenders to tax authorities, and the branches that serve them, including financial, cost and management accounting. The lesson separates bookkeeping from accounting, outlines the accounting cycle from voucher to final statements, and lists the qualities, such as reliability and comparability, that useful in
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