In running a business whether a small scale or large scale, there has always been a need to achieve the best business decisions by example all available alternative courses of action.
All these business decisions are based on records of financial activities which have been undertaken to a considerable extent, to project the future of the business with these records.
These serve the purpose of the several parties, e.g. investors, government, general public who may not be involved in the management of business, but will be interested in the out come of the management actions especially in financial aspect.
This chapter is concerned especially with the role of accounting as means of diving information, with relevant attention to small scale business, as well as small-scale business characteristic, and lastly, the role of accounting personal in the business.
TABLE OF CONTENTS
1.2Statement of the problem 2
1.3Objective of the study 3
1.4Relevance of the study 4
1.5Scope of the study 6
1.6Research methodology 7
1.7Plan of the study 8
2.1Methods of accounting15
2.2Basic accounting records 17
2.3Accounting personnel and equipment 32
2.4Relationship between cost accounting & financial accounting34
2.5Historical background of the case study (FAS Supermarket Limited)35