Transcription of Introduction to Accounting - NCERT
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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.
Introduction to Accounting 1 2021-22. 2 Accountancy 1.1 Meaning of Accounting In 1941, The American Institute of Certified Public Accountants (AICPA) had defined accounting as the art of recording, classifying, and summarising in a significant manner and in terms of money, transactions and events which
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