INTRODUCTIONThe purpose of this document is to describe the nature, purpose and scope of accounting and it deliberately explains the details of each category in accounting. Accounting involves preparing the financial records of an entity by analyzing, verifying, and reporting those records. It emphasizes its major characteristic role in the field of banking and finance, with a mix of supporting subtopics. Objective and Scope The main objective of this report is to explain how accounting plays a major role in banking, finance and other business sectors. To decide the following questions are explained as follows: • What is accounting? • How can it be measured in business? • What is the use of accounting in business? In the above, business accounting is used to record and measure the size of the business, in terms of profits and losses on a monthly, quarterly, half-yearly and annual basis. Using business accounting provides a clear overview of net income and helps in planning the business budget accordingly. ProceduresBusiness accounting follows a particular process either in small scale businesses or large scale businesses with a step by step process. Here is the simple accounting procedure to know the current status of the organization. The accounting cycle is followed for each analysis of business transactions. SUB-THEMESManagement AccountingIn management, the accountant gives advice to individuals and businessmen on how to manage their business. Account information is considered and certain business decisions are made in financial and non-financial services. Budgeting, tax reporting and financial statements. Other activities, such as participating in planning, middle of paper, reporting and financial statements are correct. This audit will be carried out by the organization's audit department, or even by an independent auditor who is not part of the organization, and sometimes officials are elected. In the event of unprecedented consequences, the organization must provide explanations for the misrepresentation of misrepresentations. The auditors' goal is then to ensure that misrepresentations are corrected and then maintain accurate and reliable financial records and statements. CONCLUSIONDepending on the business or any organization, accounting plays a major role in the development and growth of the business. The financial standards of the organization are expected as the complexities of business growth and expansion. Therefore, determining the implementation of standards may vary depending on the type of industry, business or organization..