An Accounting is the oldest term used with the business. In general term accounting means provide basic information about the business to the business holders. Accounting is the art of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management. Accounting is also called the financial statements of the business. It is the basis of date required for financial decision making. In order to find where the business stands in any given point of time in financial terms and results of the operations carried by the business organisation during a specific period of time financial statements of Accounting is used.

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Types of Accounting
For the business purposes we can divide the accounting in the below given term -
* Financial accounting
It is "a major branch of accounting involving the collection, recording and extraction of financial information, and the summary of it in the form of a periodic profit and loss account, a balance sheet and a cash flow statement in accordance with legal, professional, and capital market requirements".
* Management accounting
It is another branch of accounting performed within an organization to provide information only accessible to its decision-makers.

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* Open-book accounting
It is an accounting principle that aims to improve accounting transparency of organizations.
* Tax accounting
It is the accounting needed to comply with jurisdictional tax regulations.
* Accounting scholarship
It is the academic discipline which studies the theory of accountancy.

Basic Accounting Concepts
Below there is a list of the basic accounting concepts and a brief summary of each concept.
* Business Entity Concept
According to this concept, the business is assumed to be a distinct entity from the persons who own the business.
* Money Measurement Concept
According to this concept, only those transactions and facts find the place in the accounting books which can be expressed in terms of money.

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* Cost Concept
According to this concept, the assets acquired by a business are recorded at their cost of acquisition. This concept does not take into consideration the current market value of the assets.

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* Going Concern Concept
According to this concept, it is assumed that the business entity is going to be in business for an indefinitely long period of time.
* Conservation Concept
* Dual Aspect Concept
* Accounting Period Concept
Should follow the accounting period consistently.
* Matching Concept
* Materiality Concept
* Consistency Concept
Should follow one method of recording of transactions in a period of time.

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Accounting means Financial Statements