To Principal Asking Permission for Visiting Pakistan Steel Mills and Making Necessary Arrangement for Transport:

To Principal Asking Permission for Visiting Pakistan Steel Mills and Making Necessary Arrangement for Transport:

The Principal,

X-Y-Z School, Karachi

SUBJECT: PERMISSION TO VISIT PAKISTAN STEEL MILLS.


Dear Sir,

With due respect, I beg to say that the students of our class wanted to visit Pakistan Steel Mills Karachi. We shall be accompanied by three of our senior teachers. This trip will be a beneficial trip for us, from which we can make increment in our knowledge by watching how machines actually work. We can also pick a valuable information for the forth-coming technical exhibition.

We will be grateful to you if you allow us to visit Pakistan Steel Mills and make necessary arrangements for transport.

                                                    Thanking You.

                                                                      Your's faithfully,
                                                                              XYZ                                                                                           
Students of Class X

Date: xx-xx-xxxx

INTRODUCTION TO ACCOUNTING

DEFINITION OF ACCOUNTING:
accounting means the various technical activities performed by accountants, including financial accounting,bookkeeping and management accounting.

Accounting has been referred to as "the language of business"because of its role in maintaining and processing all relevant financial information that an entity requires for its managing and reporting purposes.

According to American institute of Certified Public Accountants (AICPA):

"ACCOUNTING IS THE ART OF RECORDING, CLASSIFYING AND SUMMARIZING IN A SIGNIFICANT MANNER AND IN TERMS OF MONEY TRANSACTIONS AND EVENTS WHICH ARE, IN PART AT LEAST, OF A FINANCIAL CHARACTER AND INTERPRETING THE RESULTS THEREOF".

OBJECTIVES OF ACCOUNTING

• The following are the objective of accounting:
• To record the business transactions in a systematic manner
• To determine the gross profit and net profit by a firm during a specific period 
• To know the financial position of a firm at the close of the financial year by way of preparing the balance sheet
• To facilitate management control 
• To assess the taxable income and the sales tax liability
• To provide requisite information to different parties, i.e.,owners, creditors, employees, management, Government, investors, financial institutions,bank etc.