DEFINITION of Accounting

Since accounting is already an established body of knowledge, it is better to define Accounting according to Authoritative bodies of the Accounting Profession. Accounting as defined by American Accounting Association (AAA)

“Accounting is the PROCESS of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of information.”

Accounting as defined by 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.”

Accounting as defined by Accounting Standard Council (ASC)*
“Accounting is a SERVICE activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision.” * FRSC is the successor of ASC

References: American Institute of Certified Public Accountants (AICPA) American Accounting Association (AAA) Accounting Standard Council (ASC)*

Researched by WBBBB Accounting & Management Services. Click & visit our internet site: http://wbbbb-ams.blogspot.com/ ▪ Email us: wbbbb.ams@gmail.com ▪ Call/Text CP: 0917 767 78 56 / 0908 741 97 42 ▪ Call DL: 378 54 04 Services Offered: ▪ Business Registration ▪ Management Advisory Services ▪ Accounting/Bookkeeping ▪ Tax Advisory/Services ▪ Loans/Projects Proposals ▪ External Auditing ▪ Tax Returns ▪ Payroll Computation Services ▪ Financial Statements ▪ Financial Reports ▪ Assistance to SEC, BIR, SSS, Pag-ibig, Phil-health, etc ▪ Tutorials, Training or Consulting Services

Researched by WBBBB Accounting & Management Services. Click & visit our internet site: http://wbbbb-ams.blogspot.com/ ▪ Email us: wbbbb.ams@gmail.com ▪ Call/Text CP: 0917 767 78 56 / 0908 741 97 42 ▪ Call DL: 378 54 04 Services Offered: ▪ Business Registration ▪ Management Advisory Services ▪ Accounting/Bookkeeping ▪ Tax Advisory/Services ▪ Loans/Projects Proposals ▪ External Auditing ▪ Tax Returns ▪ Payroll Computation Services ▪ Financial Statements ▪ Financial Reports ▪ Assistance to SEC, BIR, SSS, Pag-ibig, Phil-health, etc ▪ Tutorials, Training or Consulting Services

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