The system in which financial transactions of and organization for a particular period are recorded to know the operating results and the financial position of that concern to analyze and communicate the same to interested users is called accountancy.
Therefore, accountancy generally means systematic recording of transaction of and organization or a person and determining and analyzing the result and financial position of the same.
Some quotable definitions are mentioned here:
According to American Accounting Association [AAA]-1941, "Accounting refers to the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information."
According to Weygandt, Kieso and Kimmel, "Accounting is and information system that identifies, records and communicates the economic events of and organization to interested users."
According to A.W.Johnson, "Accounting may be defined as the collection compilation and systematic recording of business transactions in terms of money, the preparation of financial reports, the analysis and interpretation of these reports and the use of these reports for the information and guidance of management."
According to Financial Accounting Standard Board [FASB], "Accounting is the process used to measure and report to various users relevant financial information regarding the economic activities of an organization or unit."
According to American Institute of Certified Public Accountants[AICPA]-1966, "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 atleast of a financial character and interpreting the results thereof."
In light of the above discussion and definition, a comprehensive and meaningful definition of accounting can be given as such- Accounting is a discipline, well-equipped with techniques and methods through which all types of transactions measurable in terms of money or money's worth can be recorded, classified and summarized in a proper and systematic way.
Therefore, accountancy generally means systematic recording of transaction of and organization or a person and determining and analyzing the result and financial position of the same.
Some quotable definitions are mentioned here:
According to American Accounting Association [AAA]-1941, "Accounting refers to the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information."
According to Weygandt, Kieso and Kimmel, "Accounting is and information system that identifies, records and communicates the economic events of and organization to interested users."
According to A.W.Johnson, "Accounting may be defined as the collection compilation and systematic recording of business transactions in terms of money, the preparation of financial reports, the analysis and interpretation of these reports and the use of these reports for the information and guidance of management."
According to Financial Accounting Standard Board [FASB], "Accounting is the process used to measure and report to various users relevant financial information regarding the economic activities of an organization or unit."
According to American Institute of Certified Public Accountants[AICPA]-1966, "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 atleast of a financial character and interpreting the results thereof."
In light of the above discussion and definition, a comprehensive and meaningful definition of accounting can be given as such- Accounting is a discipline, well-equipped with techniques and methods through which all types of transactions measurable in terms of money or money's worth can be recorded, classified and summarized in a proper and systematic way.
