We can define the term accounting as a proper and comprehensive method of organizing, managing, storing and recording of all the financial transactions we do in our day to day life. Accounting is the backbone of an organization who wants to be successful and who has been successful in its career span. Accounting is a part of our everyday life. It is a part that we can not ignore since it has to be done on every next step of our daily life, whether we purchase a toothbrush or a car or anything that comes with a price.
Accounting is the information that will help in making reports of all the financial transactions by analyzing it. It helps in making any organization healthy in term of finance. It also helps in adhering the rules and regulations set by the governments of the country.