Question

Discuss the scope of accounting in principles of accounting

Answer 1

In the practice they serve a very important function. Generally accepted accounting principles ( GAAP ) are a common set of accounting rules and standards that dictate how financial statements are prepared.

Answer 2

The scope of Accounting is wide and extends in business, trade, government, financial institutions, individuals and families and every other arena. The accounting principle is used in every step. Many think the accounting scope is only limited to financial transactions of a business concern but in fact, it is not true.