What is basic accounting?
January 9, 2009 by Admin
Filed under Accounting
According to American Institute of Certified Public Accountants (AICPA), 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 at least, of financial character, and interpreting the results thereof.”
Basically, accounting is the process of identifying, measuring and communicating economic information so a user of the information may make informed economic judgments and decisions based on it.
From the definition above, there are three important activities in the accounting process, namely identifying, measuring and communicating. Read more
