Nature and scope of Accounting

• Accounting may be regarded as an art of recording, classifying and summarizing of money transactions and events
• Accounting may be regarded as a science in its being able to use scientific and analytical techniques for solving managerial problems
• Accounting may be regarded as an information system for providing information needed by the stakeholders
• Accounting may be regarded as a service function in being able to serve the society through social accounting
• Accounting may be regarded as a language of the business because the preparers and interpreters of the financial information should understand the common language of accounting