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.