What Are The 3 Definitions of Accounting By Different Authors And Institutions
1. According To American Institute of Certified Public Accountants Committee on Terminology (AICAT)
āAccounting is the art of recording, classifying and summarizing, in a significant manner and in terms of money, transactions and events, which are, in part at least, of a financial character, and interpreting the results thereofā.
2. Modern Definition of Accounting
According to American Accounting Association (AAA)
āAccounting is the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of informationā
3. Accounting Definition By Different Authors & Scholars
According to R.N Anthony, āNearly every business enterprise has accounting system. It is a means of collecting, summarizing, analyzing
and reporting in monetary terms, informationās about businessā.
According to Smith and Ashburne, āAccounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events, which are, in part at least, of a financial character and interpreting the result thereofā.
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