Scope of Accounting

May 13th, 2015
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Norfolk State University
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Keeping systematic records (transactions of business are properly recorded, classified and summarized), protecting the business properties (protect the properties of business by maintaining proper records of various assets and thus enabling the management to exercise proper control over them) Communicating the results) communicate financial information in respect of net assets liabilities )

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Accounting is the language of business.Scope of accounting Keeping systematic records (transactions of business are properly recorded, classified and summarized), protecting the business properties (protect the properties of business by maintaining proper records of various assets and thus enabling the management to exercise proper control over them) Communicating the results) communicate financial information in respect of net assets liabilities ) Meeting legal requirements (to meet the laws such as companies act, income tax act etc)Types of information quantitative and non quantitative information. Quantitative information can again be classified in to accounting info and non accounting info. Accounting information is again classified in to operation information, financial accounting, management accounting, cost accounting. Operation info is needed to conduct day to day activities, for e.g. wages paid and payable, stock of products, stock of raw materials etc. Financial accounting is the recording of transactions for a business enterprise and periodic preparation of reports from such reports. Management accounting uses both the past business data and estimated data in assisting management in daily operations and in planning for future operations. It is frequently concerned with identifying alternative courses of action and then helping to select the best one. Cost accounting emphasizes the determination and the control of costs, it is concerned with manufactur

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