'The role of accounting has changed over the period of time.' Do you agree? Explain.

Yes, we agree with the statement that the role of accounting has changed over the period of time.

Earlier accounting had a very limited role and that too for the proprietor only.

But today, accounting is a part of overall information system and provides information to various interested groups for different purposes, such as:

• For making economic decisions
• For judging managerial ability
• For activities affecting society etc.