What is Modern Accounting Definition?
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...