Terminology. Accounting has variously been defined as the keeping or preparation of the financial records of transactions of the firm, the analysis, verification and reporting of such records and "the principles and procedures of accounting"; it also refers to the job of being an accountant. Chapter 1: Theoretical Framework Unit 1: Meaning and Scope of Accounting Unit 2: Accounting Concepts, Principles and Conventions Unit 3: Capital and Revenue Expenditures and Receipts Unit 4: Contingent Assets and Contingent Liabilities Unit 5: Accounting Policies Unit 6: Accounting as a Measurement Discipline – Valuation Principles, Accounting Estimates Unit 7: Accounting Standards