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What is accounting?

Accounting is the process of recording, reporting and interpreting financial information pertaining to an organization.

According to American Institute of Certified Public Accountants:

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 atleast of a financial character, and interpreting the results thereof.

If we analyse this definition, we get the following components:

  • It is about recording transactions
  • Transactions should be only of financial nature
  • The recorded transactions are then classified according to set rules
  • Results are then interpreted for people who are interested in this information

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