Accounting

 There are many transaction of business. The process of identifying, recording, classifying, summarising and interpretation of transaction is called accounting. 

In other words we can say that accounting is a systematic way of identifying, recording, classifying, summarising transactions.

Nature:

1. It is a process.

2. It is an art.

3. It is a science.

4. It is a systematic activity.

5. It belongs to transaction.

6. It is a source of information.

Scope:

The scope of accounting is very wide. It is used in all types of organisation like sole proprietorship, partnership, joint hindu family, joint stock company and so on. It also helps to perform the functions of business like production, demand forecasting, supplying, advertising, warehousing, trading and so on.

Beside above it also helps all types of organisation like public enterprises, private company, school, college, hospital, institution to perform it's function by effective and efficient way.