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Introduction to Accounting
• PART 1: Definition of Accounting
• PART 2: Nature of Accounting
• PART 3: Function of Accounting
• PART 4: History of Accounting
Introduction to Accounting
• PART 1: Definition of Accounting
• PART 2: Nature of Accounting
• PART 3: Function of Accounting
• PART 4: History of Accounting
Introduction to Accounting
PART 1
Definition of Accounting
Definition of Accounting
“Accounting
is the process of
identifying, measuring and communicating
economic information
to permit informed judgment and decision
by users of the information.”
– American Accounting Association,
Definition of Accounting
“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 decisions.”
– Accounting Standards Council,
succeeded by Financial Reporting Standards Council (FRSC)
Definition of Accounting
“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.”
– American Institute of Certified Public Accountants (AICPA)
TIPS
Accounting is an art.
Art (as defined by Google Dictionary), is the expression or application
of human creative skill and imagination, typically in a visual form such
as painting or sculpture, producing works to be appreciated primarily
for their beauty or emotional power.
Definition of Accounting
by American Institute of Certified Public Accountants (AICPA):
Accounting is an art.
Art deals with the application of knowledge and skills.
Definition of Accounting
– American Institute of Certified Public Accountants (AICPA)
Accounting is an art.
Accounting = Art
Accounting = Science (BSA)
Therefore,
Art = Science
or
Science = Art
Definition of Accounting
by American Institute of Certified Public Accountants (AICPA):
DO
A RECAP
RECAP
• We have defined accounting according to:
• American Institute of Certified Public Accountants
• American Accounting Association
• Accounting Standards Council, succeeded by Financial Reporting Standards
Council (FRSC)
RECAP
• From the definitions of accounting we learned the:
• Accounting Processes
• Identifying
• Measuring
• Communicating
• Accounting Phases
• Recording
• Classifying
• Summarizing
• Interpreting
• Purpose of Accounting
REFERENCES
Abrugar, V. (2011, May 29). What is Accounting? Retrieved from
businesstips.ph: https://businesstips.ph/what-is-accounting/
Accountingverse. (2018). What is Accounting? Retrieved from
Accountingverse: https://www.accountingverse.com/accounting-
basics/what-is-accounting.html