{"id":1490,"date":"2019-06-25T12:33:26","date_gmt":"2019-06-25T12:33:26","guid":{"rendered":"https:\/\/commerceiets.com\/?p=1490"},"modified":"2019-06-25T12:33:26","modified_gmt":"2019-06-25T12:33:26","slug":"accounting-meaning","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/accounting-meaning\/","title":{"rendered":"ACCOUNTING MEANING"},"content":{"rendered":"\n

ACCOUNTING<\/strong> MEANING AND DEFINITIONS<\/strong><\/h1>\n\n\n\n

Accounting refers to the mechanism of maintaining and keeping the records of the transactions and events and also its analysis and interpretation. It also includes the preparation of final accounts i.e. Trading and Profit and Loss Account and Balance Sheet at the end of the financial year. It is associated with communicating the interpreted results of the financial information to its users.<\/p>\n\n\n\n

ACCORDING TO AICPA (American Institute of Certified Public Accountants)<\/strong><\/p>\n\n\n\n

\u201cAccounting\nis art of recording, classifying, summarizing in a significant manner and in\nterms of money, transactions and events which are, in part at least, of\nfinancial character and interpreting the results thereof.\u201d<\/p>\n\n\n\n

ACCORDING TO AAA (American Accounting Association)<\/strong><\/p>\n\n\n\n

\u201cAccounting\nis the process of identifying, measuring and communicating economic information\nto permit informed judgments and decisions by the users of information.\u201d <\/p>\n\n\n\n

ACCORDING TO APB (Accounting Principles Board)<\/strong><\/p>\n\n\n\n

\u201cIt 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.\u201d<\/p>\n\n\n\n

ACCORDING TO RN ANTHONY<\/strong><\/p>\n\n\n\n

\u201cAccounting system is a means of collecting, summarizing, analyzing and reporting in monetary terms the information of business.\u201d<\/p>\n\n\n\n

\"Accounting
Accounting Meaning<\/figcaption><\/figure>\n\n\n\n

ACCORDING TO BIERMAN AND DERBIN<\/strong><\/p>\n\n\n\n

\u201cIt may be defined as the identifying, measuring, recording and communicating of financial information.\u201d<\/p>\n\n\n\n

ACCORDING TO SMITH AND ASHBURNE<\/strong><\/p>\n\n\n\n

\u201cAccounting\nis the science of recording and classifying business transactions and events,\nprimarily of financial character, and the art of making significant summaries,\nanalysis and interpretation of those transactions and events and communicating\nthe results to the persons who must make decisions to form judgments.\u201d<\/p>\n\n\n\n

Thus, Accounting is a system which involves the identification of transactions and events which are financial in nature; ensuring measurement of transactions in the monetary terms; recording the transactions in the journal; classifying the entries in ledger; summarizing the entries in final accounts i.e. Trading Account and Profit and Loss Account and Balance Sheet; analyzing and interpreting the results and communicating the results to the users of the information of accounts. “<\/p>\n\n\n\n

Also Study<\/strong><\/td>Also Study<\/strong><\/td>Also Study<\/strong><\/td>Also Study<\/strong><\/td><\/tr>
Accounting<\/strong><\/a> Meaning<\/td>Non profit organisation<\/strong><\/a><\/td>Depreciation<\/strong><\/a><\/td>Liquidity ratios<\/strong><\/a><\/td><\/tr>
Nature of Accounting<\/strong><\/a><\/td>Receipts and Payments Account<\/strong><\/a><\/td>Depreciation Accounting<\/strong><\/a><\/td>Acid Test Ratio<\/strong><\/a><\/td><\/tr>
Benefits of Accounting<\/strong><\/a><\/td>Scope of accounting<\/strong><\/a><\/td>Hire Purchase Accounting<\/strong><\/a><\/td>Cash Ratio<\/strong><\/a><\/td><\/tr>
Difference between cost accounting and financial accounting<\/strong><\/a><\/td>Financial accounting, cost accounting and management accounting<\/strong><\/a><\/td>Difference between hire purchase and instalment system<\/strong><\/a><\/td>Financial ratio analysis<\/strong><\/a><\/td><\/tr>
Difference between transaction and event<\/strong><\/a><\/td>Transactions<\/strong><\/a><\/td>Users of Accounting<\/strong><\/a><\/td>Ratio analysis<\/strong><\/a><\/td><\/tr>
Limitation of Accounting<\/strong><\/a><\/td>Capital Expenditure<\/strong><\/a><\/td>Instalment System<\/strong><\/a><\/td>Difference between consignment and sale<\/strong><\/a><\/td><\/tr>
Book Keeping<\/strong><\/a><\/td>Revenue Expenditure<\/strong><\/a><\/td>Reserves Accounting<\/strong><\/a><\/td>Abnormal loss vs normal loss in consignment<\/strong><\/a><\/td><\/tr>
Accountancy<\/strong><\/a><\/td>Difference between capital and revenue expenditure<\/strong><\/a><\/td>Provisions <\/strong><\/a><\/td>Treatment of loss on consignment<\/strong><\/a><\/td><\/tr>
Accounting as science or an art<\/strong><\/a><\/td>Accounting Equation<\/strong><\/a><\/td>Single entry system<\/strong><\/a><\/td>Accounting treatment of consignment<\/strong><\/a><\/td><\/tr>
Book Keeping vs accounting<\/strong><\/a><\/td>Deferred Revenue Expenditure<\/strong><\/a><\/td>Difference between statement of affairs and balance sheet<\/strong><\/a><\/td>Joint venture vs consignment<\/strong><\/a><\/td><\/tr>
Book keeping vs accountancy<\/strong><\/a><\/td>Capital receipt<\/strong><\/a><\/td>IFRS<\/strong><\/a><\/td>Departmental Accounting<\/strong><\/a><\/td><\/tr>
Accounting vs accountancy<\/strong><\/a><\/td>Revenue receipt<\/strong><\/a><\/td>Balance Sheet<\/strong><\/a><\/td>Methods of departmental accounting<\/strong><\/a><\/td><\/tr>
Basis of Accounting<\/strong><\/a><\/td>Difference between capital and revenue receipt<\/strong><\/a><\/td>Profit and loss Account<\/strong><\/a><\/td>Allocation of expenses in departmental accounting<\/strong><\/a><\/td><\/tr>
Branches of accounting<\/strong><\/a><\/td>Difference between accounting concepts and conventions<\/strong><\/a><\/td>Trading Account<\/strong><\/a><\/td>Inter-departmental transfers<\/strong><\/a><\/td><\/tr>
Cash and mercantile system of accounting<\/strong><\/a><\/td>Accounting Standards<\/strong><\/a><\/td>Voyage Account<\/strong><\/a><\/td>Different types of branches<\/strong><\/a><\/td><\/tr>
Accounting Principles<\/strong><\/a><\/td>Objectives of Accounting<\/strong><\/a><\/td>Accounting for Incomplete Voyage<\/strong><\/a><\/td>Departmental vs Branch accounting<\/strong><\/a><\/td><\/tr>
G\nolden rules of accounting<\/strong><\/a><\/td>Process of Accounting<\/strong><\/a><\/td>Joint venture<\/strong><\/a><\/td>Methods of branch accounting<\/strong><\/a><\/td><\/tr>
Double entry system of book keeping<\/strong><\/a><\/td>Scope of Accounting<\/strong><\/a><\/td>Joint Venture Vs Partnership<\/strong><\/a><\/td>Incorporation of branch trial balance<\/strong><\/a><\/td><\/tr>
Double entry vs Single entry system<\/strong><\/a><\/td>Accounting Concepts vs Accounting conventions<\/strong><\/a><\/td>Methods of recording transactions in Joint Venture<\/strong><\/a><\/td>Garner VS Murray Rule<\/strong><\/a><\/td><\/tr>
History of Accounting<\/strong><\/a><\/td>Difference between provisions and reserves<\/strong><\/a><\/td>Consignment<\/strong><\/a><\/td><\/td><\/tr>
<\/td><\/td><\/td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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ACCOUNTING MEANING AND DEFINITIONS Accounting refers to the mechanism of maintaining and keeping the records of the transactions and events and also its analysis and interpretation. It also includes the preparation of final accounts i.e. Trading and Profit and Loss Account and Balance Sheet at the end of the financial year. It is associated with…<\/p>\n

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