answersLogoWhite

0

Accounting is often called the language of business. The basic function of any lan-guage is to serve as a means of communication. In this context, the purpose of ac-counting is to communicate or report the results of business operations and its various aspects. Though accounting has been defined in various ways. According to one commonly accepted definition. "Accounting is the art of recording, classifying and summarising 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'. Another definition which is less restrictive interprets accounting as "The process of identifying, measuring and communicating economic information to permit informed judgements and decisions by the users of information

User Avatar

Wiki User

12y ago

What else can I help you with?

Related Questions

Various types of accounting packages along with their functions?

discuss brifly various types of accounting packages along with their functions


Define and discuss the function of health communication?

What are the processes, types and functions of health communication


Define 'Accounting' Distinguish between Financial Accounting and Management Accounting?

Define 'Accounting' Distinguish between Financial Accounting and Management Accounting


Why Accounting is a means to an end and not an end in itself?

I think the accounting statement indicates that accounting is merely a tool, or a means, for measuring and determining the state of a business. Accounting is not an end in and of itself. Accounting doesn't define a business' purpose or goal. It's strategy and financing of a business plan that is actually the main purpose.


Discuss the objective and benefit of cost accounting?

discuss the objective of business


Essay for accounting theory?

Discuss; there is no one universally accepted accounting theory.


What accounting function can be performed only by a CPA?

accounting functions


Discuss the nature and scope of management accounting?

difine the nature and scope of management accounting?


What is the 5 main function of accounting?

The 5 major functions of accounting are recording, classification, analysis and Interprets, Communication and Summarizing. These functions defines the accounting profession.


What do you understand accounting principals discuss the nature and significance of accounting principles?

They are set of accepted accounting standards and general rules.


Enumerate various sub - fields of accounting?

enumerate and define the fields of accounting and the sub category


Discuss the various factor influencing the accounting environment in a country?

The variation in accounting disclosure and reporting practices.