Hello Friends! Once again welcome to excelforumula.com in today's post, I am going to tell you what is accounting and how many types of Accounting are there? What is accounting in Hindi and Types of Accounting in Hindi?
What is accounting?
Friends! The Hindi meaning of Accounting is accounting. It is a process which keeps records about financial aspects. In other words, we can say that accounting is a process which keeps information about the money being exchanged in any organization or business, that is, it keeps it in written form.
It is made up of two words: article and number. Article means writing and notation means in numbers, the process where any sequence of events is kept in written form is called accounting. Sequence of events means exchange of money.
Now let us understand through example. Like in any big organization, business, shops or even small shops, a lot of goods are bought and sold, that is, sales and purchases take place and it is very difficult to remember, hence we keep the records of purchases and sales. When we keep it in writing in our diary or in computer, it is called Accounting.
What are its benefits?
Friends, if you are a shopkeeper then you can easily understand what are its benefits and if you are a student and you do not know about its benefits then let me tell you what are the benefits of Accounting. Can happen. When we keep our business transactions or any shopkeeper's business transaction process in writing, then it has many benefits which are as follows: –
The first advantage is that we keep getting to know about the money transactions, that is, how much money has been given to whom or how much money has been taken from whom, we keep getting accurate information about all these things.
Read Also:
Computer Abbreviations Full Form
Advanced Excel Functions Notes PDF in English [FREE]
Downloads Free Ready-Made Excel Templates
MS. Excel Shortcut Keys in PDF Free Download
Best Computer Courses After Intermediate
What is Accounting & Types of Accounting
Accounting Methods and Information Systems
What is CPA Marketing, How to do it and how to earn money from it?
When we keep any record in writing, we do not have to remember the process of our transaction again and again, which keeps our mind at ease.
We can easily find out the profit or loss in our business.
Through this we can also find out how much total capital is currently invested in our business, that is, how much money is currently invested in our business or is available.
Types of Accounting
So let us now see how many types of accounting are there. Friends, there are three types of Accounting which are as follows:
Personal Account
Personal Account is an account which is related to any person, any company or any institution. In other words, the account which is linked to any person, organization or company is called Personal Account. Like Mohan's account, Bank account etc. The following accounts come under Personal account:·
- Mohan account
- Bank account
- Capital account
- Supplier or customer account
- Financial and institution account
- Drawing account
- XYZ limited account etc.
All such accounts come under personal account through which we know how much money is to be taken from which person or how much money is to be given to which person.
Real Account
Real accounts are those accounts which are related to goods or property. In accounting terms, the account which is related to assets (goods and services) and liabilities (loan or debt) is called Real Account. Real accounts are of the following types:
- Land account
- Building account
- Machinery account
- Furniture account
- Vehicles account
- Cash account etc.
Nominal Account
Nominal Account is an account in which income and expenses are recorded. In other words, the account which keeps information related to profit or loss or is related to profit and loss is called Nominal account. Nominal accounts are of the following types:
- · Salary account
- · Interest account
- · Discount account
- · Purchase account
- · Wages account
- · Commission pay or receive account
- · Insurance account
- · Sales account etc.
Conclusion
Now you must have easily learned about Accounting. People who are new to the term accounting may not know about accounting for a long time but now they can easily understand about accounting through this post.
I have shared a lot of information in this post like what is accounting? How many types of accounting are there? What are the benefits of Accounting? What is personal account? What is real account and what is nominal account? I hope you liked this post very much, please share this post with your friends and also give your feedback through the comment box.
