Accounting as a language serves the function of communication to all, irrespective of whether they have direct or indirect stake in the business, viz., the proprietors, creditors, investors, bankers, Government, competitors, employees and other agencies. Accounting organizes and summarizes economic information so that decision makers can use it. The information is presented in reports called Financial Statements. To prepare these statements, accountants analyse, record, quantify, accumulate, summarize, classify, report and interpret economic events and their financial effects on the organization. The series of steps involved in initially recording information and converting it into financial statements is called the accounting system. Book-keepers and computers then perform the routine task of collecting and compiling economic information. The real value of any accounting system lies in the information it provides. Accounting is becoming increasingly attractive and fascinating. With the growing importance of accounting in the international arena, the book provides an in-depth understanding and knowledge about accountancy.