Accounts refer to recording of financial receipts and expenditure in books of accounts and maintaining of financial accounts. An account refers to assets, liabilities, owner’s equity, incomes and expenses as represented by ledgers. Firstly entries are passed in journals and then posted in the ledgers. Example of such ledgers is debtors, creditors, fixed assets, current assets, liabilities, etc. Accounts are maintained by business houses to know the progress of their business. They need to know at the yearend where did they incur expenditure and how they earned money. Transactions are recorded in a systematic manner to get the answers easily and accurately as and when required. Accountancy is the language of business and the one who speaks it eloquently is known as accountants. Accounts are prepared to fulfill following objectives:-
- To maintain accounting records
- To calculate the results of operations undertaken
- To evaluate the financial position
- To communicate the financial position to the users of accounts
Therefore accounts is a scientific process of identifying, recording, classifying, summarizing, analyzing, interpreting and communicating a monetary transaction in order to inform its users. Account’s users could be internal or external. Internal users include employees, management, etc. Creditors, investors, financial institutions and others forms external users.
Students find accounts a boring subject. It could be because the problems as well as solution are quite lengthy and time taking. Even a silly mistake while solving accounts problem can prove to be a blunder because revising that question to find out the answer is not an easy task. Poor planning and lack of management is another reason that students find accounting homework challenging. Also, lack of motivation, unclarity of concepts, dearth of resources, etc are other problems that makes accounts a nightmare for students. Also lack of interest in the topics makes student struggle to solve even a small problem.
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