Following are the objectives of book-keeping :
(i) To have a complete and permanent record of all business transactions in chronological order and under appropriate headings.
(ii) To facilitate ascertainment of the profit or loss of the business during a specific period.
(iii) To facilitate ascertainment of financial position.
(iv) To know the progress of the business.
(v) To find out the tax liabilities.
(vi) To fulfill the legal requirements

Process of Accounting cycle

(i) When a businessman starts his business activities, he records the day-to-day transactions in the journal.
(ii) From the journal the transactions move further to the ledger where accounts are written up.
(iii) Preparation of trading and profit and loss account is the next step.
(iv) The balancing of profit and loss account gives the net result of the business transactions.
(v) Thus this cyclic movement of the transactions through the books of accounts (accounting cycle) is a continuous process.

The following are the basic concepts of accounting :
(i) Business entity concept
(ii) Money measurement concept
(iii) Going concern concept
(iv) Cost concept
(v) Dual aspect concept
(vi) Accounting period concept
(vii) Matching concept
(viii) Realisation concept
(ix) verifiable and objective evidence concept
(x) Accrual concept.

(i) International Financial Reporting Standards are issued by the International Accounting Standard Board (IASB).
(ii) IFRS is a set of International Accounting Standards stating how particular types of transactions and other events should be reported in financial statements.
(iii) IASB initially adopted the Accounting standards issued by IASC to be replaced by IFRS upon their issuance.
(iv) The objective behind setting up the IASC and later IASB was to develop Accounting Standards that would be acceptable worldwide and to improve financial reporting internationally

Book keeping has the following limitations.
(i) Only monetary transactions are recorded in the books of accounts.
(ii) Effect of price level changes are not considered.
(iii) Financial data recorded are historical in nature, i.e., only past data are recorded.