CONCEPTUAL FRAMEWORK AND ACCOUNTING

STANDARDS
CHAPTER ONE (1)
ACCOUNTING
is a service activity .

the art of recording classifying and summarizing

, ,
in a
significant manner
and in terms of money .

is the process of identifying measuring and communicating

,
economic information .

Accounting Function is to provide quantitative information primarily financial

, in

in nature about economic entities

,
.

in the definition
Important points of accounting

Accounting is about quantitative information

the
information is likely to be financial in nature

the information should be useful in decision making

The very purpose of accounting is to provide quantitative

information to be
useful in making an economic decision .