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Double Entry Book Keeping System is the scientific accounting system of recording the accountingtransactions in the books of the organisations across the world.In Double Entry Book Keeping, all the accounting transactions are first recorded in the primary andsubsidiary books, such as Journal Proper, Purchase Register (Book), Purchase Return Register (Book), SalesRegister (Book), Sales Return Register (Book) etc.

Standard means a 'set guideline' followed, when different alternatives are available in a given situation. Accounting Standard means a 'set guideline' followed, when different alternatives are available for accounting, in a given area of accounting, by a business/professional organisation.In India 'Accounting Standards' are given by the 'Institute of Chartered Accountants of India (ICAI)'. According to ICAI, 'Accounting Standards' are written documents containing the 'Generally Accepted Accounting Principles (GAAP)', in a given area of accounting.