FINANCIAL

ACCOUNTING SESSION -
II
By
Dr. S R SATHYANARAYANAN
M.B.A.,M.Com.,M.A.(Econ).,M.Sc.(Psy).,M.Phil.,Ph.D.,PGDHE.,
Asst Professor in Commerce and Management
SRM Faculty of Law
Kattankulathur* 603203
Evolution of Accounting
• 12th Century
• 15th century “Stewardship Accounting”
Objectives of Accounting
Functions of Accounting
• Measurement
• Forecasting
• Decision- Making
• Comparison and evaluation
• Control
• Government regulation and taxation
Book Keeping
Bookkeeping is the recording of financial transactions, and is
part of the process of accounting in business. Transactions
include purchases, sales, receipts, and payments by an
individual person or an organization/corporation.
Types of Bookkeeping Systems
• Single-Entry Bookkeeping System. Single-
entry Bookkeeping System is commonly used for small
businesses with very little or minimal transactions. ...
• Double-Entry Bookkeeping System. Double-
Entry Bookkeeping System is the standard method of record
keeping normally used by most businesses, bookkeepers and
accountants.
Functions of Book Keeping
• Recording financial transactions.
• Posting debits and credits.
• Producing invoices.
• Maintaining and balancing subsidiaries, general ledgers, and
historical accounts.