Q3 of 20 Page 166

Write the definition of accounting?

According to R.N. Anthony It is a means of collecting, summarizing, analysing and reporting in monetary terms, information’s about business. Whereas according to AICPA (American Institute of certified public accounts), accounting is an art of recording, classifying and summarising in a significant manner, and in terms of money, transactions and vent which are, in part at least of a financial character and interpreting the result thereof.


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