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# Introduction to Accounting ## Learning Objectives * State the meaning and need of accounting. * Discuss accounting as a source of information. * Identify the internal and external users of accounting information. * Explain the objectives of accounting. * Describe the role of accounting. * Explai...

# Introduction to Accounting ## Learning Objectives * State the meaning and need of accounting. * Discuss accounting as a source of information. * Identify the internal and external users of accounting information. * Explain the objectives of accounting. * Describe the role of accounting. * Explain the basic terms used in accounting. Over the centuries, accounting has remained confined to the financial record-keeping functions of the accountant. But, today's rapidly changing business environment has forced the accountants to reassess their roles and functions both within the organisation and the society. The role of an accountant has now shifted from that of a mere recorder of transactions to that of the member providing relevant information to the decision-making team. Broadly speaking, accounting today is much more than just book-keeping and the preparation of financial reports. Accountants are now capable of working in exciting new growth areas such as: forensic accounting (solving crimes such as computer hacking and the theft of large amounts of money on the internet); e-commerce (designing web-based payment system); financial planning, environmental accounting, etc. This realisation came due to the fact that accounting is capable of providing the kind of information that managers and other interested persons need in order to make better decisions. This aspect of accounting