In business numerous transactions take place every day. It is humanly

impossible to remember all of them. With the help of accounting records the

businessman is able to ascertain the profit or loss and the financial position

of the business at a given perid and communicate such information to all

interested parties. In this unit you will learn about an overview of

accounting and the basic concepts which are to be observed at the recording

and reporting stage. You will also learn different stages involved in

accounting process and importance of accounting standards to maintain

uniformity in the practice of accounting.

The purpose of this study Material is to present an introduction to the

subjects of MBA Semester-I. The book contains the syllabus from basics of

the subjects going into the intricacies of the subjects. All the concepts have

been explained with relevant examples and diagrams to make it interesting

for the readers.

An attempt is made here by the experts of TMC to assist the students by

way of providing Study Material as per the curriculum with noncommercial

considerations. However, it is implicit that these are exam oriented

Study Material and students are advised to attend regular lectures in the Institute and utilize reference books available in the library for Indepth

knowledge.

We owe to many websites and their free contents; we would like to specially

acknowledge contents of website www.wikipedia.com and various authors

whose writings formed the basis for this book. We acknowledge our thanks

to them.

At the end we would like to say that there is always a room for improvement

in whatever we do. We would appreciate any suggestions regarding this

study material from the readers so that the contents can be made more

interesting and meaningful. Readers can email their queries and doubts to

our authors on tmcnagpur@gmail.com. We shall be glad to help you

immediately.

Dr. Suni Ikharkar

Author