After studying this unit, you will be able to:- Understand the meaning and signicance of accounting.- Understand the meaning of book-keeping and the distinction of accounting with book-keeping.- Appreciate the evolutionary process of accounting as a social science.- Explain sub-elds of accounting.- Identify the various user groups for whom accounting information is to be generated.- Understand the relationship of accounting with Economics, Statistics, Mathematics, Law andManagement.- Explain the limitations of accounting.- Appreciate the enlarged boundary of accounting profession and the areas where in a charteredaccountant plays an important role of rendering useful services to the society.