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6. Sub - fields of Accounting -

(a) Financial Accounting

(b) Management Accounting,

(c) Cost Accounting

(d) Social Responsibility Accounting

(e) Human Resource Accounting

7. Users of Accounting Information -

(a) Internal Users:

(i) Board of Directors

(ii) Partners

(iii)Managers

(iv) Officers

(b) External Users:

(i) Investors

(ii) Lenders

(iii) Suppliers

(iv) Government Agencies

(v) Employees

(vi) Customers

8. Limitations of Accounting -

(a) Users of Accountancy are interested in future whereas Accounting shows the

position of past.

(b) Some Accounting Principles conflict with each other.

(c) Financial Statements only consider those assets, which can be expressed in

monetary terms. Human factor is ignored.

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