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Accounting generally refers to financial accounting (though accountancy may be of different types like the cost accountancy), and it is the record of financial transactions and information. The crystallized position of of accounts of any business is presented in the form of financial statements. In short, financial accounting involves recording, classification, summarizing, and interpreting of financial information about a business entity. As every one has to deal with his personal finance, it is a good idea to learn basics about accounting processes, concepts and related issues. It is not necessary to be an expert accountant to do so, a little bit of basics shall ensure and enable us to have an informed decision about investing, trading, and managing related matters. Moreover, such basic understanding also helps investors, managers, and government authorities to assist in better allocation of resources.

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