1. Accounting Process Financial Transactions or events Recording Communication to the users Analysis and Interpretation Summarising as Trial balance etc Classifying (Posting into Ledger) Journal 1.Cash book 2.Purchases book 3.Sales book 4.Purchases returns book 5.Sales returns book 6.Bills Payable book 7.Bills receivable book 8.Journal Proper

2.  Financial Transaction or Events: Are concerned to financial accounting and it is an art of recording financial transactions, summarizing and interpreting them and communicating the results to users. It ascertains profit earned or loss suffered during a period and the financial position on the date when the accounting period ends,  Communicating to the users : Finally, the accounting function involves communicating the financial data to the users. Explanation

3. Analysis and interpretation The final stage in the accounting is analyzing and interpreting the financial data contained in the final accounts so that parties concerned with the business can make a meaningful judgment about the profitability and financial position of the business unit. The final stage in the accounting is analyzing and interpreting the financial data contained in the final accounts so that parties concerned with the business can make a meaningful judgment about the profitability and financial position of the business unit.

4. JOURNAL  Cash book: To record receipts and payment of cash, including receipts into and payment out of the bank.  Purchase book: To record credit purchase of goods dealt in or of the materials and stores required in the factory.  Sales book: To record the credit sales of goods dealt in by the firm.  Purchases returns book: to record the returns of credit sales made by customers.

5. Sales return book Sales return inwards book is maintained to record the goods or material returned by the purchaser that had been sold on credit. Sales return inwards book is maintained to record the goods or material returned by the purchaser that had been sold on credit.

6. BILLS PAYABLE BOOK The purchaser of goods gives his acceptance to the seller. The acceptance so given is the bill payable for him. Similarly, a promissory not made by him is also a bill payable. Bills payables are recorded in a book called the bills payable book. The purchaser of goods gives his acceptance to the seller. The acceptance so given is the bill payable for him. Similarly, a promissory not made by him is also a bill payable. Bills payables are recorded in a book called the bills payable book.

7. BILLS RECEIVABLE BOOK The seller of goods usually desires to have a written commitment from his debtors as to the date of payment. He also likes to have such a document which he can get discounted from a bank, in case of need.

8. JOURNAL PROPER Journal proper is used for making the original record for those transactions which do not find a place in any other subsidiary book such as cash book, purchase day book etc.l

9. RECORDING Accounting is an art of recording business transactions in the books of accounts recording is the process of entering business transactions financial character in the book of original entry. Accounting is an art of recording business transactions in the books of accounts recording is the process of entering business transactions financial character in the book of original entry.

10. CLASSIFICATION Classification is the process of grouping transactions or entries of one nature at one place. The transactions recorded in the Journal or the subsidiary books are classified and posted to the main book of accounts heads under which all financial transaction of a similar nature are collected.

11. SUMMARISING This involves presenting the classified data in a manner which is understandable and useful to internal as well as excretal end users of accounting statements.