Letter of Transmittal
March 24, 2023
Dr. Md Tapan Mahmud
Professor (Associate)
Bangladesh University of Professionals
Subject: Term paper on ‘Is accounting much more than debit and credit?’
Dear Sir,
Hope this letter finds you well.
With due respect, we, group 08, feel privileged to submit the term paper on ‘Is accounting much
more than debit and credit?’ according to the instructions given by you. One of our group
members works in Rupali Bank Ltd as an AGM, so after discussing with him and performing
thorough online research, we have been quite successful in collecting necessary background
information on this topic. We profoundly hope that we have been able to complete the task as per
the guideline you’ve provided and we have put effort to the best of our ability. But undoubtedly,
our effort and contribution will be best evaluated on your sharp scale of acceptance and remarks.
It’s been an honor and a great opportunity to work under your excellent guidance. We thank you
for your kind guidance and supervision throughout the course.
Sincerely,
Mithila Jabin ID: 2223032112
Robin Islam ID: 22230331142
Ashikur Rahman ID: 22230331150
Tasfia Tasneem ID: 22230331155
Istiak Ahmed ID: 22230331157
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Acknowledgement
We would like to express deep and sincere gratitude to all those who have contributed to the
completion of this term paper.
Firstly, we would like to thank our Professor for providing us with the opportunity to research
on such an interesting and important topic and for guiding us throughout the writing process.
His expertise and encouragement have been instrumental in helping us to develop ideas and
refine arguments.
Secondly, we would like to express our sincere gratitude to all the writers whose work we have
referenced in this term paper and from whom we’ve taken inspiration. Their ideas and insights
have greatly enriched my understanding of the subject matter and have helped us to develop
our own perspectives.
Thirdly, we would also like to thank our friends and family for their unwavering support and
understanding during this time. Their belief in us has been a constant source of motivation and
inspiration.
Lastly, we would like to acknowledge the efforts of our fellow students, whose feedback and
insights have helped us to refine our work and expand our understanding of the subject matter.
We are deeply appreciative of everyone who has played a role in the completion of this term
paper, and we’re honored to have had the opportunity to learn from and work alongside each
of them.
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Executive Summary
Accounting has traditionally been viewed as a simple practice of recording transactions using
debits and credits. However, in today's complex business world, accounting is much more than
just bookkeeping. Accounting is crucial to the success of any business, and it encompasses a
wide range of activities that go far beyond simple debits and credits. This paper explores the
question of whether accounting is much more than debits and credits and examines the various
aspects of accounting that go beyond this basic concept. The paper highlights the importance
of accounting in business and discusses the various areas of accounting, including financial
reporting, auditing, tax planning, forensic accounting, management accounting, cost
accounting, creative accounting and green accounting. It also puts light on the future of
accounting and block chain. The conclusion emphasizes that accounting is a critical aspect of
any business, and it plays a vital role in providing stakeholders with the information they need
to make informed decisions. As the world becomes more complex, the role of accounting will
only become more critical, and accountants will need to continue to evolve and adapt to meet
the changing needs of businesses and their stakeholders.
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Table of Content
Chapter 1: Introduction………………………………………………………………… 01
Chapter 2: Literature Review…………………………………………………………... 02
Chapter 3: Brief explanation about Debit and Credit…………………………………... 04
Chapter 4: Accounting Beyond Debit and Credit…………………………………….... 06
Chapter 5: Accounting and Block Chain……………………………………………….. 17
Chapter 6: Conclusion………………………………………………………………….. 20
References……………………………………………………………………………… 21
List of Figures
Figure 01: Debit and Credit…………………………………………………………… 04
Figure 02: Differences between financial and cost accounting……………………….. 13
Figure 03: Green accounting system………………………………………………….. 16
Figure 04: Triple-entry accounting system through block technology……………….. 18
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