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 Types of Accounting It is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position. All accounts within the organization can be divided into three types. Personal Real Nominal Personal:   These accounts are generally related to Persons. A personal account is an account for use by an individual for that person's own needs. It is a relative term to differentiate them from those accounts for business or corporate use.  For example  – Rajesh and Suresh trading Co., Charitable trusts, XYZ Bank Ltd, C company Ltd, etc. There can be personal representative accounts as well. For example – In the case of Salary, when it is payable to employees, it is

In earlier post we came across what is accounting and basic terminology used in accounting.  Accounting helps us to produce an accurate financial status of firm with all essential aspects. Here we will see the Main objectives of accounting. Accounting :  It is defined as the task of systematically recording, reporting and achieving Financial position of the business. The accounting department analyze all the statistical data for preparation of Financial accounts. Objectives of Accounting: Accounting has a lot of clearly defined objectives to work with. The objectives may also differ based on business we belong to. Now we will see the objectives of accounting. Record Keeping:  The basic objective of accounting is to record transactions in systematic manner. This is most important objective because systematic record leads to analyze accurate financial statement or position of Business. Analyzing and ascertaining the financial results:  Business is run to earn profits. Whether the busines