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Learning Objectives

  • Economic activities are performed through transactions and events.
  • Accounting process involves recording, classifying, summarising, analysing, interpreting and communicating the same to the users.
  • Management Accounting & Cost Accounting are 2 main subfields of accounting apart from financial accounting.
  • Ignorance of qualitative element, price level changes, subjectivity, window dressing the financial statements are some of the limitations of accounting.
  • Accountancy is a broader term. It includes accounting which in turn includes book-keeping. Book-keeping is the primary stage and accounting starts where book-keeping ends.




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