Definition of

Accounting
FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 1
Accounting
 It is a service activity to
provide quantitative
information, primarily
financial in nature, about
economic entities that is
intended to be useful in making
economic decisions.
(Statement of Financial Accounting Standard No.1,”Basic
Concepts and Accounting Principles Underlying Financial
Stataments of Business Enterprises” (Manila: Accounting
Standard Council, 1983), par.1)
Accounting

 Is an information system that

measures, processes and
communicate financial
information about economic
entity.

(Statement of Financial Accounting Standard No.1,”Basic

Concepts and Accounting Principles Underlying Financial
Stataments of Business Enterprises” (Norwalk, Conn.:
Financial Standards Board, 1978), par.9)
Accounting
 Is the process of identifying, measuring and
communicating economic information to permit informed
judgements and decisions by users of the information.
(American Accounting Association, ”A statement of Basic Accounting Theory” (Evanston, III.: American Accounting
Association, 1966), par 1)
Accounting

 It is an 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 thereof

(American Institute of Certified Public Accountants (AICPA) ,”Review and Resume”,

Accounting Terminology Bulletin No. 1 (New York AICPA,1953), Par 9)
Tagline/Slogan of the day:

“Let’s make it
easy!”
-Bank of the Philippine Island

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