Explain the scope of accounting.

Dear student,
Accounting is an art of identifying, measuring, recording, classifying and summarising the transactions or events ( in monetary terms) and analysing and communicating the financial results of business to the various interested parties. 
​​​​​​Scope of accounting is defined as follows:

1. ​​​​​​​Business: Accounting is widely applicable in business world. Today most of the businesses follow GAAP (Generally Accepted Accounting Principles) to find out profit, loss and financial position of the business firm. Hence, accounting helps in maintaining the complete record of all the business transactions.
2. Government organisations:​​​​​​ To ascertain the position of public fund, accounting helps in maintaining systematic records of all the transactions. It helps to ascertain the surplus or deficit of a particular financial year.
3. Non-government organisations: These organisations prepare annual accounts reflecting its financial transactions in a summarised form for the purpose of ascertaining surplus or deficit and financial position.
4. Individuals: Accounting also helps individuals to ascertain their economic position by preparing financial statements.

Regards!