Basic Terms in Accounting  Entity: It means a reality that has a definite individual presence or existence. Business entity implies an explicitly recognizable business enterprise

Objectives of Accounting: As an information framework system, the essential objective of accounting is to give useful data to the interested group of users, both

Meaning of Accounting: Accounting is the language of finance. It shows the financial position of the business or the firm to any individual who wants

Significance of Agreement of Trial Balance To prepare financial statements at the end of an accounting year, it is important that the trial balance should