In our routine life, we find that right from the very morning we start to deal in money transactions. We have to purchase newspaper, milk, vegetables and other households etc. When we go to our work places, we have to spend money for conveyance. Other than this, we have to pay house tax, water bills, electricity bills, telephone bills, Municipal taxes etc from time to time. Though these transactions are very few even then we have to keep proper records of these transactions otherwise we can not run our financial life properly. On other side, the business firms who are making so many financial transactions every day, how can they continue without keeping the proper records? Therefore, it is basic requirement of every person, who is making financial transactions, to keep the proper accounts because without doing so, no body can know the proper results of one’s business activities. There are so many types of business and non-business entities who are supposed to maintain the proper accounts as follows:-

–         Individuals

–         HUF (Hindu Undivided Family)

–         Registered Partnership Firms

–         Limited Companies.

–         Private Limited Companies.

–         Registered Societies.

–         Charitable Institutions.

–         Non-Government Organizations.

–         Schools, Colleges, Universities and other Educational institutions.

–         All Government Departments.

–         Banks, Insurance companies and other service providers etc.