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Accounting is used in various business fields as it is the language through which events are expressed and communicated between two parties or among parties. In simple words, it is a means of recording data and then analyze that data into meaningful information in order to communicate it to the Users of Financial Statements . Most of the Small, Medium, and Larger Companies including Banks and other Financial Institutions are using Computerized Accounting System operated through Different Accounting Software such as QuickBooks . From the Definition given by the American Institute of Certified Public Accountants, we can say that: “Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of monetary value of transactions which are of a financial character, and the interpretation of the results”. You Can Also Study, “ What is the Modern Definition of Accounting ” So, in accoun...

Here we will study about the Modern Definition of Accounting . Accounting Definition By American Institute of Certified Public Accountants (AICPA) is very famous around the world as it describes the whole Process or Steps in the Accounting Cycle in which accounting exists in the business life of Smaller, middle and Larger Scale Compa nies or Corporations. These businesses include Sole Proprietorship, Entrepreneurship, Partnership, Companies, Organizations and Corporations. The Definition given by American Institute of Certified Public Accountants is shown below: “Accounting 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 thereof”. The above definition can be written in a summarized way (which is Modern Definition of Accounting) as shown below: “Accounting is the Art of Identif...

Accounting  Accounting is the language of business. Because accounting is the tool through which we get information about the financial performance and financial position of the business. For a businessman, Partnership or an organization, accounting helps in managing our expenses to generate revenues. Without, proper books of accounts no businesses can succeed. Definition of Accounting “Accounting is concerned with recording, classifying, summarizing of the information and interpretation of the results of all the financial statements prepared by the business”. From the definition of Accounting, following four terms can be taken into account: ü Recording ü Classifying ü Summarizing ü Interpretation v Recording Recording phase is done through Book-Keeping. Recording means recording of transactions in the Journal Chronological (Date-wise) after verifying the transaction through an invoice. ...