CA > Foundation > Paper 1 – Flashcards
What is the significance of accounting?
Economic activities
Difference between book-keeping and accounting?
Recording vs Analysis
What type of science is accounting?
Social science
What are the sub-fields of accounting?
Various specialties
Who uses accounting information?
User groups
How does accounting relate to other disciplines?
Interrelated
What are the limitations of accounting?
Discipline constraints
What is the role of accountants in society?
Expanded roles
How is accounting defined?
Recording and summarising
What is the objective of accounting?
Systematic recording
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