Introduction to Accounting

LEARNING OBJECTIVESA fter studying this chapteryou will be able to: state the meaning andneed of Accounting ; discuss Accounting asa source of information ; identify the internaland external users ofaccounting information; explain the objectivesof Accounting ; describe the role ofaccounting; explain the basic termsused in the centuries, Accounting has remainedconfined to the financial record-keepingfunctions of the accountant. But, today s rapidlychanging business environment has forced theaccountants to reassess their roles and functionsboth within the organisation and the society. Therole of an accountant has now shifted from that ofa mere recorder of transactions to that of themember providing relevant information to thedecision-making team. Broadly speaking, Accounting today is much more than just book-keeping and the preparation of financial are now capable of working in excitingnew growth areas such as: forensic Accounting (solving crimes such as computer hacking and thetheft of large amounts of money on the internet); e-commerce (designing web-based payment system);financial planning, environmental Accounting , realisation came due to the fact that accountingis capable of providing the kind of information thatmanagers

Introduction to Accounting 5 information is summarised as per well-established practice and is made available as and when required. Communication: The economic events are identified, measured and recorded in order that the pertinent information is generated and communicated in a

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