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6 Cards in this Set
- Front
- Back
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Accounting Standards Council |
Accounting is a service activity |
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Accounting Standards Council |
The accounting function is to provide quantitative information, primarily financial in nature, about economic entities, that is useful in making economic decision. |
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The Committee on Accounting Terminology of the American Institute of Certified Public Accountants |
Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are in part at least of a financial character and interpreting the results thereof. |
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American Accounting Association |
accounting is the process of identifying, measuring and communicating economic information to permit informed judgement and decision by users of the information. |
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quantitative, financial in nature, useful in decision making |
Important Points |
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American Accounting Association |
states that the very purpose of accounting is to provide quantitative information to be useful in making an economic decision |
