1. Definition of Accounting
For example, a farmer wanting to measure his wealth might have simply counted the number of his cows and sheep. ... Financial accounting is concerned with classifying and measuring the transactions of a business and recording them. ... In 1961 the AICPA, or American Institute of Certified Public Accountants, defined accounting as "the art of recording, classifying and summarising 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". ... In 1966 the American Accounting Association defin...
- Word Count: 1977
- Approx Pages: 8
- Grade Level: Undergraduate