Education

  Financial Accounting-I   Unit-1 Basics of Accounting   Ø   History of Development of Accounting               When a man started living in groups and business activities started, money was not in use Barter system was used for exchange of goods and there was no need of accounting. With the development of trade and commerce, money was introduced and need for accounting also developed. The system of accounting developed in India for account keeping is known as Bahikhata system or Deshi Nama system. During the Maurya period in Indian history, Chanakya in his book Arthashashtra devoted a separate chapter on accounting, in which he discussed the method of keeping accounts about expends and profit and also adopt the checking of accounting. Accounting was simple in the initial stage. There were no elaborate books of account. In the modern times, even financial accounting system could not meet the...