MEANING AND SCOPE OF ACCOUNTING
MEANING AND SCOPE OF ACCOUNTING
Every individual performs some economic activity. Such activities are performed through Transactions and Events.
For management to make decisions about the future of the firm they require relevant financial information. It is the language of business that records summarizes and analyzes all transactions and events of a firm.
Transactions: - Transaction means performance of an act or an agreement.
Events:
- Event means happening due to any transactions. In other words result of any
transaction.
Example:- Raising money through various sources are transaction and profit or loss at the end of year is an events.
Definition of Accounting: - It’s an art of recording, classifying and summarizing transactions and events in monetary term. It is also called Language of Business. It also analysis and interprets the financial transaction and events.
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