problems on nature of accounts

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problem on natur of account 2problems on nature ofaccount

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Accounting Principles

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Module 1: INTRODUCTION TO FINANCIAL ACCOUNTING INTRODUCTION Accountants can now engage in exciting new development areas such as forensic accounting, e-commerce, financial planning, environmental accounting, and others, in addition to their traditional role as financial record keepers. It collects data and distributes economic information about the company to a wide range of users as an information system. Definition of Accounting:  Definition by the American Institute of Certified Public Accountants (the year 1961):  “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 at least, of a financial character, and interpreting the result thereof.” Definition by the American Accounting Association (the Year 1966):  “The process of identifying, measuring and communicating economic information to permit informed judgements and decisions by the users of accounting.” Objectives of ...
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