Accounting Group

Question:

nichu
nichu
Student
High School - 11th Grade

What is accounting? Its features? How it working? What is tally? Why the transactions posted in to tally?

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Posted by nichu on Saturday June 6, 2009 at 11:09 AM and tagged with accounting, accounting?.

Answers:


  1. rajas Teacher
    High School - 12th Grade

    Accounting basically involves identification, anasysis, recording, classifying, summarising, interpreting and communicating information regarding business transactions, interested persons.

    Its features are:

    1. Identification and recording of business transactions and events.

    2. Summarisation and interpretation of accounting information.

    3. Communicating the information to the interested persons such as investors, creditors, owners, government, research scholars, tax authorities etc.

    Accounting can be done in two ways: 1. Manual Accounting - Done by clerks or accountants with a lot of books and registers. (Without using computers) 2. Computerised Accounting - Doing the accounting work with the help of computers (Accounting softwares such as Tally, Peech Tree etc)

    Transactions are posted in Tally software so that we get processed accounting information instantly in the form of statements, graphs, ratios etc.

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    Posted by rajas on Thursday July 30, 2009 at 8:35 AM