For reviewing the accounting after long time of study as well as it is also helpful for new entrant both to the student and business person to start a business. Before starting the business an entrepreneur must knows the keys of the business accounting terms and the meaning of these terms. As well as it is also helpful for preparation of tests only for initials.
Different authors defines "accounting" in different ways but the core idea of all the definitions have been same. Earlier "accounting is an art of recording, reporting & analysis of the financial transactions of the business for a certain period of time". Later it is defined as accounting and book keeping are two different parts, "the first part of recording and posting is considers as book keeping and the second part of the definition is analysis of this record for a financial period is considered as accounting".
Accounting allows a business person or to a company to analyse his/its financial position in term of profit and loss.