Use and Implementation of Modern Accountins System Amons Local Entrepreneurs in Healtin Sector Evidence from Mumbai and Navi Mumbai

Abstract

Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as "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 financial character, and interpreting the results thereof" Accountancy is a branch of mathematical science that is useful in discovering the causes of success and failure in business. The principles of accountancy are applied to business entities in three divisions of practical art, namely accounting, book keeping, and auditing. This paper examines the modern accounting risk behaviour and practices of modern accounting among 200 local entrepreneurs in Health Sector engaged in Mumbai and Navi Mumbai The purpose of this paper is to study entrepreneurs' attitude towards modern accounting and to study the significant factors that decide the use of accounting in any business . This paper attempts "to check the awareness of modern accounting system among micro level entrepreneurs." It provides in-depth analysis of accounting implementation and the number of strategies adopted by various business houses in Health sector to attract prospects. This paper explores the challenge of managing risk of modern accounting among local entrepreneurs with special reference to health sector