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Accounting: Manning of Accounting Definition of Accounting Overview of Accounting Process

Accounting involves recording, classifying, and summarizing financial transactions and events. It is used not just in business but also by individuals, households, and governments. The accounting process involves defining accounting as the art of recording, classifying, and summarizing transactions and events in a meaningful way in terms of money, and interpreting the results.

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thella deva prasad
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123 views5 pages

Accounting: Manning of Accounting Definition of Accounting Overview of Accounting Process

Accounting involves recording, classifying, and summarizing financial transactions and events. It is used not just in business but also by individuals, households, and governments. The accounting process involves defining accounting as the art of recording, classifying, and summarizing transactions and events in a meaningful way in terms of money, and interpreting the results.

Uploaded by

thella deva prasad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ACCOUNTING

Manning of accounting
Definition of accounting
Overview of accounting process
What is Accounting
• Accounting
Counting of transactions
• Recording of transactions…

Purpose of accounting
What is Accounting(contin..)

• It is not only associated with business


• House wife's, individual and govt make use of accounting
• Accounting is language of business
• Example
Definition :

“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 results thereof.”-
----AICPA-----
Overview of accounting process

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