... generate the basic information (raw financial data), rather the raw financial data result from the day to day transactions of the business As an information system, accounting links an information... of Chartered Accountants (F.C .A. ) In a way, accountancy as a profession has attained the stature comparable with that of lawyer, medicine or architecture ( i i i ) Accounting as a social force... information about a business As one has to learn a new language to converse and communicate, so also accounting is to be learned and practised to communicate business events A language and accounting