INTRODUCTION

 In all activities (whether business activities or non-business activities) and in all organizations (whether

business organizations like a manufacturing entity or trading entity or non-business organizations like 

schools , colleges , hospitals , libraries , club , temples , political parties ) which require money and other  

economic resources , accounting is required to account for these resources. In other words , wherever money is involved , accounting is required to account for it. Accounting is often called the language of 

business. The basic function of any language is to serve as a means of communication , Accounting also

serves this function.