What is a accounts? and why have u prepare Accounts only one
methods ?have a possible a different pattern?
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Answer Posted / harendra singh
Accountancy is the art of communicating financial
information about a business entity to users such as
shareholders and managers. The communication is generally
in the form of financial statements that show in money
terms the economic resources under the control of
management.[1] It is the branch of mathematical science
that is useful in discovering the causes of success and
failure in business. The principles of accountancy are
applied to business entities in three divisions of
practical art, named accounting, bookkeeping, and auditing.
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ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
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