Accounting: Accounting is the system of recording and summarizing business and financial

transaction and analyzing verifying and report to the decision maker.

Business
Consumer (ultimate user)
Customer

Company
Wholesaler
Retailer
User (consumer)
So every consumer is customer But all customer are not consumer.

Market: where the business and sale are held for making profit its called market.
A market may have a place but it is not necessary to have a place for market.

Types of Accounting
1.Financial Accounting
2. Managerial Accounting
3. Cost Accounting
* Financial Accounting works only with future data.
-Income
-Expenditure
* Managerial Accounting works for making Reports.
*Cost Accounting is related to production
Price=cost+Profit
Cost
-Raw Materials
-Transports
-Employee Salary
-Distributing
-Marketing
-Packing
-Store
-utility cost
-Administrative Cost
Marketing: To Create interest about a product its called Marketing.

Use of Accounting
-Public Accounting
-Private Accounting

Public Accounting (Listed Company+Stock Exchange member):

-Auditing Accounting
-Tax Accounting
-Managerial Accounting

Private Accounting:
-General Accounting
-Cost Accounting
-Budgeting Accounting
-internal Auditing
Economy:
-Boom (E^ P^)
-Inflation
-Rescission
Types of Economy:
-Command Economy (Example: China)
-Free Market Economy
-Mix Economy (Example: Bangladesh)
Command Economy: Economy where over 60% of Consumer goods and services are produced by
Market.
Mixed Market: Where over 40% of Consumer goods of services are produced by the state and not
sold through Market.

Use of Accounting
-Individual
-Govt. Regulatory Agency
-Business
-Investors and Visitors
-Trading Authority
-Non Profit Organization

Types of Business Organization

-Sole Proprietorship
-Partnership
-Company
Sole Proprietorship: A Business owned by a single parson who has unlimited liability.
Partnership: The Legal Contract which give direction how a partnership will own and organized.
Company: A Business which has limited liability and incorporated under the company act 1094.