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Saturday, March 21, 2009

Scholars view regarding Accounting

According to American Institute of Certified Public Accountants,"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 a financial character and interpreting the results there of."

In the words of Smith Ashburne,"Accounting is the science of recording and classifying business transactions and events, primilarily of a financial character and the act of making significant summaries, analysis and interpretations of those transactions and events and communicating the results to persons who must make decisions or firm judgements."
From the above definations, it can be concluded that accounting is recording of business transaction which can be express in monetary term, reporting results of business activities and interpretating such results to the concerned parties for the purpose of effective control of future business activities. Similarly accounting denotes to the body of knowledge i.e. principles, assumptions, rules etc. governing the science of recording, classifying and analyzing financial transactions.

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