Accounting and its functions, Accounting Basics

Accounting is frequently termed as the language of business. The fundamental function of any language is to function like a means of communication. In this circumstance, the reason of ac- counting is to communicate or report the effects of business operations and its different aspects. However, accounting has been explained in several ways. As per to one commonly admired definition. "Accounting is the skill of recording, summarizing and classifying in a important manner and in terms of transactions, money and events that are; inside part at least, of financial nature and interpreting the outcome thereof'. The other definition that is less restrictive interprets accounting like "The process of considering, measuring and communicating economic information to allow informed judgments and decisions through the users of information"

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