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Class : 11
Unit : Account

State the scope of accounting.

Ans : Scope of accounting are as follows:- a. Business organization:-Business organization has the largest field of accounting activity. Accounting is useful for determining profit or loss of business. b. Non-trading concern:-Accounting is also used in non-trading organizations which are established to provide services to the general public. Non-profit organizations have to record their incomes and expenditures during the year. c. Government:-Government has the biggest responsibility established for providing welfare, services, pace, security, justice etc. to the people. In order to provide all these government has to use several financial resources. d. Professional and individuals:-It is also useful to the professionals and individuals to records their income and expenditure.
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