What Are The 3 Definitions of Accounting By Different Authors And Institutions
Accounting is a language of b usi ness as it measures financial performance and financial position and interprets t h e results of t he b usi ness t hrough various Financial Statements . Here are the 3 Defi nitio ns of Accounting (Definitions Of Accounting By Different Scholars & Authors And Institutions) 1. According To American Institute of Certified Pub lic Accou ntants Committee on Terminology (AICAT) “Accounting is t he art of recordi ng, classifying and summarizing, in a significant manner and in terms of money, transactions and events, w hich are, i n part at least, of a financial c haracter, a nd interpreting t he results thereof”. 2. Moder n Definition of Accounting According to American Accounting Association (AAA) “Accou nting is t he process of ide ntifying, measuring and commu nicating economic information to permit informed judgements and decisions b y users of i nformation ” 3. Accounting Definition B y Different Authors ...