Accounting in simple terms means to keep a written record of all the monetary transactions. It is a recorded means of keeping the people, connected to a business enterprise, informed and up-to-date as regards all the dealings of a company. The recording is done in money terms to give an overall picture of the assets owned by the management of the company and the profit accruing to the various shareholders. Accounting is in fact the best way to analyze the gains and losses of a business enterprise. All companies- big or small, indigenous or multinational, service providers or product manufacturers- across the globe use this method and the records are kept at the disposal of all the government authorities. Not only profit earning organizations but in the present era even non-profit organizations, trusts, aided institutions also keep records in black and white.