What Are The 3 Definitions of Accounting By Different Authors And Institutions

3 Definitions of Accounting
Accounting is a language of business as it measures financial performance and financial position and interprets the results of the business through various Financial Statements.

 






Here are the 3 Definitions of Accounting (Definitions Of Accounting By Different Scholars & Authors And Institutions)

1. According To American Institute of Certified Public Accountants Committee on Terminology (AICAT)

ā€œAccounting 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)

ā€œAccounting 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, ā€œNearly every business enterprise has accounting system. It is a means of collecting, summarizing, analyzing and reporting in monetary terms, information’s about businessā€.



According to Smith and Ashburne, ā€œAccounting 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€.


Comments