“Accounting is the art of recording, classifying and summarizing in
systematic manner and in terms of money, transactions and events which are, in
part at least, of a financial character and interpreting the results thereof.”
(AICPA-FASB Terminology)
Accounting was regarded as “the process of identifying, measuring and communicating
economic information to permit informed judgments and decisions by users of the
information” by the American Accounting Association (AAA).
“Accounting is a service activity. It’s function is to provide
quantitative information, primarily financial in nature about economic entities
that is intended to be useful in making economic decision, in making reasoned
choices among alternative courses of action. Accounting includes several
branches, for example, financial accounting, managerial accounting and
governmental accounting.”
(The Accounting Principles Board (APB) of the AICPA)
Accounting in modern age
is also defined as modern language of business, an information system and a
service activity.
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