INTRODUCTION OF ACCOUNTS.

ACCOUNTING IS A PROCESS OF RECORDING FINANCIAL TRANSACTION,CLASSIFYING THEM AND COMMUNICATING THE INFORMATION OF FINANCIAL RECORDS TO USERS VIZ. THE PROPRIETERS , INVESTORS , GOVERNMENT AGENCIES ,CREDITORS , E.T.C. IT IS AN IMPORTANT PART OF BUSINESS.

IT HELPS IN SUMMERISING,CLASSIFYING,COMMUNICATING AND INTERPRETING THE FINANCIAL TRANSACTIONS. IT IS A SECONDARY STAGE. IT STARTS WHEN BOOK-KEEPING ENDS. SENIOR STAFFS PERFORMS THIS FUNCTIONS.THIS JOB IS ANALYTIC AND DYNAMIC IN NATURE. THE MAIN PART OF ACCONTING IS JOURNAL ENTRY AND LEDGER. THERE ARE SOME ROLES, OBJECTIVES,MERITS AND LIMITATIONS OF ACCOUNTING. IT IS AN ART OF EDUCATION WHICH HELPS US TO READ ACCONTING EQUATIONS, JOURNAL ENTRY, LEDGER, TRIAL BALANCE, AND SO ON WHICH HELPS IN MAINTAINING THE RECORDS.

Book-keeping(the initial stage of accounting)

Book-keeping is the proper and systematic keeping or maintenance of the books of accounts. Book-keeping starts from the identification of business transactions. It is concerned with identifying financial transaction , measuring them in money terms; recording and classifying them. It is a primary stage. junior staffs perform this function. The job is derical and routine in nature. The objective of book-keeping is to maintaining systematic records of financial transactions. It is financial in nature and thus, does not require special skills.

PROCESS OF BOOK-KEEPING

• Identifying accounting transactions.
• Initial records of accounting transactions.
• Preparation of ledger accounts.
• Balancing ledger accounts.
• preparation of trial balance.
  

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SYSTEMS OF ACCOUNTING

DOUBLE ENTRY SYSTEM:

We can define Double entry system as:"the system which recognises and records both aspects of a transactions.
The Double entry system has proved to be a scientific and complete system of accounting followed by every enterprise and organisation".

SINGLE ENTRY SYSTEM:
Single entry system of recording transaction in the book of accounts may be defined as a system, which is an incomplete Double entry system.

1. In this system, all transactions are not recorded on the Double entry basis.
2. As regards, some transactions both aspects of the transactions are recorded as regards others either one aspect is recorded or not recorded at all.
3. Only Personal Accounts and Cash book are maintained under this system.
4. The accounts maintained under this system are incomplete and unsystematic and therefore, not reliable.
5. It is also known as Accounts from incomplete records.
   

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Basic Accounting concepts

• Business Entity: It means Business having their own identification. Business is a kind of artificial person , so it has separate legal entity which is known as Business Entity. Further , business having separate entity than their Proprietor.

• Money Measurement: There are many activities made inside the Business out of them some activities are Accounting as a money measurement. Therefore, accounting is concerned with Money measurement.

• Going concern: In business , how many fixed assets are are purchased at present i.e. not only for this year but also for future. So , how many fixed assets are purchased during the year it should be shifted for next year by charging depreciation for the financial report. So, Accounting is concerned with Going concern.

• Cost: The payment done for fixed assets which is used in future as well, is known as Cost.
  

• Dual aspect: Each and every financial transaction at least two accounts one must be debited and other must be credited with equal mount is known as Dual aspect.

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ONLINE SAVINGS ACCOUNT

An online savings account saves our time and money. Many times, online savings account become hard for us to save our money as we should simply because it's too easy to access. Our debit, credit cards and ATM'S are so close at hand we easily give into our wants and spend the money that we should be saving.

ONLINE SAVINGS ACCOUNT

If this scenario is familiar to us, then opening an online savings account may be of great benefit. With most online accounts, there is not a local bank or branch to run to in order to withdrawal some cash. Usually, we are given a list of local ATM's that will give us access to our funds. So, buying something on the spot is less likely to happen since we need to plan ahead to get our money out of savings.

Another perk is that the money staying in our online savings account will generally acquire a higher interest rate. This to the limited overhead required with online banking. Having an online savings account is like having a bank in our office.

ONLINE SAVINGS ACCOUNT

If we want to open an online account, we can simply do a search for online savings banks. Then,we have to make sure that they are legit: fill out an application and we're on our way. It is helpful to have a traditional checking or savings account as we need to transfer over or send a check in for our first deposit and deposits there after. The online savings account has become very popular today.

What is an Online Savings Account?

What is an Online Savings Account?

An Online Savings Account is a savings account that offers one of the highest yields available in a liquid account, access to our money with free online transfers to and from our existing external bank accounts* – and the security of FDIC insurance.

INTRODUCTION OF ONLINE SAVINGS ACCOUNT

Online savings account is the correct choice of savings account those who want to do online transaction and wanted to earn interest as higher rates and also who want that their funds should be accessed through another means. Online savings account does not have to be linked with another account and we do not have to wait that our funds will be transferred to another account because we can access our money our self.

"An online savings account is an ideal which encourage us for savings and also help to manage our money in one place from which we can access our money whenever we need".

• Minimum balance is not required.
  
• Interest will be calculated daily, and paid monthly.
• Unlimited fee free Internet transfers.
• No monthly account keeping fees.
• Can check balance online at anytime.
• Receive regular statements.