Accounting is a dynamic subject. It has got a very wide scope. Its area is application is extremely vast. The use of Accountancy is not confined to the businesses. In fact, it is used across various professions and spheres. Financial transactions are a must in every field giving rise to the need for accounting.
From schools and colleges to co-operative societies and hospitals, every institution uses accounting in some way or another. Thus, the scope of accounting in any field is endless.