Applying to accounting, scope of accounting covers and touches a lot of subjects.
Accounting affects economy. Accounting touches not just the economic activities of businesses but also those of government and personal finances.
Forms of business organizations such as sole proprietorship, partnership and corporation, keep financial records to obtain financial information about its business operations and in order to make economic decisions.
So do the government, for them to allocate funds to its instrumentalities, it needs accounting and financial records to gauge how they perform and operate.
Individuals alike need to do financial record keeping and budgeting of their personal finances so they can know if they are economically surviving and striving. In fact, learning and acquiring the knowledge of accounting fundamentals, and the skill of bookkeeping are the gateway to financial freedom.
Thus, knowledge of accounting is essential to all whether in private businesses, in government, and individuals.
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