I want you to act as host named darshan and make podcast episode for below. the script should be under 2500 characters and don't add any notes of music.

INTRODUCTION
Business is an economic activity undertaken with the motive of earning profits and to maximize the 
wealth for the owners. Business cannot run in isolation. Largely, the business activity is carried out by 
people coming together with a purpose to serve a common cause. This team is often referred to as an 
organization, which could be in different forms such as sole proprietorship, partnership, body corporate 
etc. The rules of business are based on general principles of trade, social values, and statutory framework 
encompassing national or international boundaries. While these variables could be different for different 
businesses, different countries etc., the basic purpose is to add value to a product or service to satisfy 
customer demand.
The business activities require resources (which are limited & have multiple uses) primarily in terms of 
material, labour, machineries, factories and other services. The success of business depends on how 
efficiently and effectively these resources are managed. Therefore, there is a need to ensure that the 
businessman tracks the use of these resources. The resources are not free and thus one must be careful 
to keep an eye on cost of acquiring them as well.
As the basic purpose of business is to make profit, one must keep an ongoing track of the activities 
undertaken in course of business. Two basic questions would have to be answered:
(a) What is the result of business operations? This will be answered by finding out whether it has made 
profit or loss.
(b) What is the position of the resources acquired and used for business purpose? How are these 
resources financed? Where the funds come from?
The answers to these questions are to be found continuously and the best way to find them is to record all 
the business activities. Recording of business activities has to be done in a scientific manner so that they 
reveal correct outcome. The science of book-keeping and accounting provides an effective solution. It 
is a branch of social science. This study material aims at giving a platform to the students to understand 
This Study Note includes
1.1 Introduction
1.2	 Definitions
1.3 Accounting Cycle
1.4 Objectives of Accounting
1.5 Basic Accounting Terms
1.6 Generally Accepted Accounting Principles
1.7 Accounting Concepts and Conventions
1.8 Events and Transactions
1.9 Voucher
1.10 The Concepts of “Account”, “Debit” and “Credit”
1.11 Types of Accounts
1.12 The Accounting Process
1.13 Accounting Equation
1.14 Accrual Basis & Cash Basis of Accounting
1.15 Capital & Revenue Transactions
1.16 Accounting Standards
1.17 Double Entry System, Books of Prime Entry, Subsidiary Books
1.18 Trial Balance
1.19 Measurement, Valuation & Accounting Estimates
1.20	 Journal Proper – Opening entries, Closing entries, Transfer entries and Rectification entries
Study Note - 1
ACCOUNTING PROCESS
Accounting Process
1.2 I FINANCIAL ACCOUNTING
basic principles and concepts, which can be applied to accurately measure performance of business. 
After studying the various chapters included herein, the student should be able to apply the principles, 
rules, conventions and practices to different business situations like trading, manufacturing or service.
Over years, the art and science of accounting has evolved together with progress of trade and 
commerce at national and global levels. Professional accounting bodies have been doing intensive 
research to come up with accounting rules that will be applicable. Modern business is certainly more 
complex and continuous updating of these rules is required. Every stakeholder of the business is interested 
in a particular facet of information about the business. The art and science of accounting helps to put 
together these requirements of information as per universally accepted principles and also to interpret 
the results. It is interesting to note that each one of us has an accountant hidden in us. We do see our 
parents keep track of monthly expenses. We make a distinction between payment done for monthly 
grocery and that for buying a house or a car. We understand that while grocery is a monthly expense and 
buying a house is like creating a resource that has indefinite future use. The most common accounting 
record that each one of us knows is our bank passbook or a bank statement, which the bank maintains 
for us. It tracks each rupee that we deposit or withdraw from our account. When we go to supermarket to 
buy something, the cashier at the counter will record things we buy and give us a ‘bill’ or ‘cash memo’. 
These are source documents prepared for the transaction between the supermarket and us. While these 
are simple examples, there could be more complex business activities. A good working knowledge of 
keeping records is therefore necessary. Professional accounting bodies all over the world have been 
functioning with the objective of providing this body of knowledge. These institutions are engaged in 
imparting training in the field of accounting. Let us start with some basic definitions, concepts, conventions 
and practices used in development of this art as well as science.