Introduction to Accounting - NCERT

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.

With greater economic development resulting in changing role of accounting, its scope, became broader. In 1966, the American Accounting Association (AAA) defined accounting as ‘the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of information’.

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