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Accounting For Managers - Basics of Accounting


   Posted On :  21.01.2018 06:26 am

Accounting is aptly called the language of business. This designation is applied to accounting because it is the method of communicating business information. The basic function of any language is to serve as a means of communication.

                     Accounting duly serves this function. The task of learning accounting is essentially the same as the task of learning a new language. But the acceleration of change in business organization has contributed to increase the complexities in this language. Like other languages, it is undergoing continuous change in an attempt to discover better means of communications. To enable the accounting language to convey the same meaning to all stakeholders, it should be made standard. To make it a standard language certain accounting principles, concepts and standards have been developed over a period of time. This lesson dwells upon the different dimensions of accounting, accounting concepts, accounting principles and the accounting standards.


Learning Objectives



After reading this lesson, the reader should be able to:



o   Know the Evolution of Accounting


o   Understand the Definition of Accounting


o   Comprehend the Scope and Function of Accounting


o   Ascertain the Users of Accounting Information


o   Know the Specialized Accounting Fields


o   Understand the Accounting Concepts and Conventions


o   Realize the Need for Accounting Standards




1.                       Evolution of accounting


2.                       Book keeping and accounting

3.                        Definition of accounting


4.                        Scope and functions of accounting


5.                        Groups interested in accounting information


6.                        The profession of accounting

7.                        Specialized accounting fields


8.                        Nature and meaning of accounting principles


9.                        Accounting concepts


10.                    Accounting conventions


11.                    Summary


12.                    Key words


13.                    Self assessment questions

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