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Our experience in teaching commerce subjects, specially Accountancy is in the form of book .This book “Fundamentals of Accounting ”is prepared for the students who want to learn the basics of Accountancy. There are two types of graduates one who have learnt how to learn and those those who have learnt how to think. This subject helps in understanding of thinking and application skills. This book mainly focus on basic accounts. Usually, accounting is understood as the Language of Business. However, a business may have a lot of aspects which may not be of financial nature. As such, a better way to understand accounting could be to call it The Language of Financial Decisions. The better the understanding of the language, the better is the management of financial aspects of living. Many aspects of our lives are based on accounting, personal financial planning, investments, income-tax, loans, etc. We have different roles to perform in life-the role of a student, of a family head, of a manager, of an investor, etc. The knowledge of accounting is an added advantage in performing different roles. However, we shall limit our scope of discussion to a business organization and the various financial aspects of such an organizational business organizations work in an ever-changing dynamic environment. Any new program of the organization or of its competitor will affect the business. Accounting serves as an effective tool for measuring the financial pulse rate of the company.