Hello Steem4Bloggers community

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Hello friends this is @yourloveguru from India. First of all, I would like to thank @malikusman1 who has organized this amazing contest. I am so excited to share my favourite subject with you all. So, without wasting time let's move towards the contest.

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There are many subjects which are very informative and important as well. Among all the subjects everyone of us chooses one subject as their favoured subject. The favourite subject is one for which we have interest in our heart and enjoy studying. We do not get bored while studying that particular favourite subject.

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My favourite subject among all subjects is Accountancy. Accountancy is also known as Accounting. It is a subject which is related with money.

How did I came to know about the subject, Accountancy?

When I was in class 9 . I got a choice between 2 subject to choose for further career benefits. So that time I opted Accountancy as my career subject.

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Meaning of Accounting:

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"This is a process that keeps records of financial aspects. The process of accounting keeps written information about the financial transactions happening in any organization or business.

It records money transactions, classifies them, and prepares their summaries and presents them in such a way that they can be analyzed or interpreted.

Accounting sorts all the transactions relating to a particular head. For example: When an entity transacts with different suppliers and consumers, each of the suppliers and consumers will have a separate account."

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Need for Accounting

Every businessperson wants to know, at the end of each year, how much money has been invested in the company and how much money has been gained or lost; who they owe the money to and how much they are liable to pay; how much they owe, by whom, and so on. In order to attend such informations, it is essential to keep a complete and systematic record of each and every business transaction entered into during the year.

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Features of Accounting:

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• Accounting is an art as well as science:

Accounting is a art of recording classifying and summarizing business transactions with a view to ascertain the net profit and financial position of the business enterprise.

Because of this, accounting is also a science because it is a structured body of knowledge that is based on a set of specific principles and accounting standards.

• Recording in terms of money:

The only currency used to record each transaction is money.For Example- If a businessman purchase is 200 chairs and 10 tables their value in terms of money will be recorded in the books.

• Communicating:

Communication of financial data to users, who then analyze it in accordance with their individual requirements, is another aspect of accounting attributes.

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• Recording of Financial Transactions only:

Accounting only records events and transactions that have a financial nature. There are many business transactions that are crucial to the company but cannot be quantified or expressed in terms of money. For instance- the dispute that arose between a sales manager and a production manager.

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Conclusion

Every subject has its own importance in every field of life. Accounting is one of my favorite subjects. Because I am well-versed in the subject, my grades have always been high. I always get good grades and it makes learning simple. I get to play with numbers and form my own interpretations. Although I also enjoy other subjects, accounting is without a doubt at the top of my list.

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Respected Admins/Mods of this contest :

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@steemdoctor1
@kouba01
@chiabertrand
@sachin08
@solaymann
@simonnwigwe
@pollito22

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Thanks & Regards.
@yourloveguru

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