Bookkeeping & Accountancy is a compulsory subject in commerce for 11th and 12th class. Bookkeeping is concerned with recording and classifying the business transactions. Accountancy is related with recording, classifying,summarising, analyzing and interpreting the financial data.The subject is based on accounting principles.The subject includes understanding accounting principles and solving practical problems.Most of the career in commerce is based on Accounts.Students who wants to pursue a reputed career in commerce must be good at Accounts.
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For the above we can conclude that accounting is very important for any enterprises whether listed or unlisted, profit oriented or not for profit, Government or private,and it helps in future growth. At the same time financial statements produced by various accounting systems are used by multiple stakeholders to take economic decisions. Proper reporting and accounting practices helps in maintaining investor's confidence and brings economic growth as well.