DEFINITION of ACCOUNTING
Accountancy, or accounting is the production of in information about an enterprise and the transmission of that information from those who have it to those who need it. The comunication is generally in the form of financial statements that show in money terms the economic resources under the control of management, the art lies in selecting the information that is relevan to the user and is representationally faithful. The principles of accountancy are applied to businees entities in three divisions of practical art, named accounting, bookeeping, and auditing.
The Ameican Institute of Certified Public Accountants ( AICPA) defines accountancy as "...the art of recording, classifying, and summarizing in a significant manner and in terms of money..." transactions and events that are at least partly financial in character, and interpreting the result.
Accountancy, or accounting is the production of in information about an enterprise and the transmission of that information from those who have it to those who need it. The comunication is generally in the form of financial statements that show in money terms the economic resources under the control of management, the art lies in selecting the information that is relevan to the user and is representationally faithful. The principles of accountancy are applied to businees entities in three divisions of practical art, named accounting, bookeeping, and auditing.
The Ameican Institute of Certified Public Accountants ( AICPA) defines accountancy as "...the art of recording, classifying, and summarizing in a significant manner and in terms of money..." transactions and events that are at least partly financial in character, and interpreting the result.
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