In business numerous transactions take place every day. It is humanly impossible to remember all of them. With the help of accounting records the businessman is able to ascertain the profit or loss and the financial position of the business at a given perid and communicate such information to all interested parties. In this unit you will learn about an overview of accounting and the basic concepts which are to be observed at the recording and reporting stage. You will also learn different stages involved in accounting process and importance of accounting standards to maintain uniformity in the practice of accounting. The purpose of this study Material is to present an introduction to the subjects of MBA Semester-I. The book contains the syllabus from basics of the subjects going into the intricacies of the subjects. All the concepts have been explained with relevant examples and diagrams to make it interesting for the readers. An attempt is made here by the experts of TMC to assist the students by way of providing Study Material as per the curriculum with noncommercial considerations. However, it is implicit that these are exam oriented Study Material and students are advised to attend regular lectures in the Institute and utilize reference books available in the library for Indepth knowledge. We owe to many websites and their free contents; we would like to specially acknowledge contents of website www.wikipedia.com and various authors whose writings formed the basis for this book. We acknowledge our thanks to them. At the end we would like to say that there is always a room for improvement in whatever we do. We would appreciate any suggestions regarding this study material from the readers so that the contents can be made more interesting and meaningful. Readers can email their queries and doubts to our authors on [email protected]. We shall be glad to help you immediately. Dr. Suni Ikharkar Author