Monday, July 9, 2007

Definition of Accounting

There are several definitions of accounting.

Accounting may be defined as
(1) a service activity wherein its primary function is to supply quantitative information essentially financial in nature that is all about economic entities which may be significantly useful in decision making for top management.

Another definition Accounting may also be defined as
(2) the art of recording, classifying and summarizing in a considerable manner and in terms of money, business transactions, activities and events, which are part of a financial character and later on interpreting the results of the reports.

Another definition of accounting is
(3) the process of identifying, measuring and communication economic information to allow knowledgeable judgments and decisions by all users of the information.

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