DEFINITION OF ACCOUNTING g Standards Council provides the folloy "Np The Accountin definition: Accounting 1s a service activity. The accounting function is to provide quantitative informatig, primarily financial in nature, about economic entities, thay, intended to be useful in making economic decision. i The Committee on Accounting Terminology of the American Institute of Certified Public Accountants defines accounting as follows: Accounting is the art of recording, classifying and summarizing in asignificant manner and in terms of money, transactions and events which are in part at least of a financial character and interpreting the results thereof. The American Accounting Association in its Statement of Basic Accounting Theory defines accounting as follows: Accounting is the process of identifying, measuring and communicating economic information to permit informe Judgment and decision by users of the information.