Accounting is the language of business and is simply an art of record keeping.Every good record keeping system includes suitable classification of transactions and events as well as their summarization for ready reference. The process includes identifying,measuring and communicating economic information to permit informed judgements and decisions by the users of accounts. Earlier the users of accounts were limited to owners or proprietors of business but now it was believed that the users of accounts include investors, employees, lenders, suppliers, creditors, customers, government and the public at large. Accounting provides the art of presenting information systematically to the users of accounts.The users should understand not only the financial results depicted by accounting figures but also should be able to assess the reliability and compare it with the opportunities. There arises the role of an expert accountant.