The systematic process of measuring and

Accounting reporting relevant financial information

about the activities of an economic
organization or unit.
The language of business.

AICPA American Institute of Certified Public

Accountants

AICPA definition of The art of recording, classifying, and

summarizing in a significant manner and in terms
Accounting of money, transaction, and events, which are in
part at least of a financial character, and
interpreting the result thereof.

ASC Accounting Standard Council

A service activity. Its function is to

ASC definition of provide quantitative information, primarily
financial in nature, about economic
Accounting entities, that is intended to be useful in
making economic decisions.

AAA American Accounting Association

AAA definition of The process of identifying, measuring and

Accounting communicating economic information to
permit informed judgments and decisions
by users of the information.

PICPA Philippine Institute of Certified Public

Accountants