P1 C1 Accounting and Its Terminology — Account STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C1 Accounting and Its Terminology2 Marks
Question
Describe definition of accounting.
✓
Answer
According to $AICPA,$ definition of accounting : "Accounting is an art of recording, classifying andsummarizing in a significant manner and in terms of money, transactions and events which are in partat least of a financial character and interpreting the results there of." Keeping development of accounting in mind, definition, given by $ASC$ is as follows: "It is a service activity. Its function is to provide quantitative information primarily financial innature, about economic entities, that is intended to be useful in making economic decisions."
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