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Introduction to Accounting

CHAPTER OBJECTIVES

This chapter will help the readers to:

  • Understand the meaning and nature of accounting.
  • Differentiate between financial accounting and management accounting.
  • Identify various users of accounting information.
  • Appreciate the need for generally accepted accounting principles (GAAP) and accounting standards (AS).
  • Understand the accounting environment and role of various regulatory institutions in India.
  • Get an overview of accounting cycle.
  • Identify the three basic financial statements and their purposes.
1.1 WHAT IS ACCOUNTING?

Accounting is the language of business; it is the medium through which business organizations communicate information about their financial performance and financial ...

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