Meaning and Scope of Accounting (Unit-1)
You must know the following important points.
- Understand the meaning and significance of accounting.
- Understand the meaning of book-keeping and the distinction of accounting with book-keeping.
- Appreciate the evolutionary process of accounting as a social science.
- Explain sub-fields of accounting.
- Identify the various user groups for whom accounting information is to be generated.
- Describe the various functions or purposes of accounting data.
- Understand the relationship of accounting with Economics, Statistics, Mathematics, Law and Management.
- Explain the limitations of accounting.
- Appreciate the enlarged boundary of accounting profession and the areas where in a chartered accountant plays an important role of rendering useful services to the society.