fi6 - AICPAClassicDefinitionofAccounting (1941,restated1953)

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
AICPA Classic Definition of Accounting  (1941, restated 1953) “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.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
AICPA Definition of Accounting, 1970 “..to provide quantitative information,  primarily financial in nature, about  economic entities that is intended to be  useful in making economic decisions.”
Background image of page 2
OVC Student Definition of  Accounting “Accounting is a set of demented  formulas by which instructors find  strong voids in a Business major’s  mind for academic probation  purposes.” --Tim Kelley, 1987
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Class definition of Accounting Accounting is the process of: Identifying, Communicating Economic  information  about an entity For making Informed  judgments
Background image of page 4
Users of Accounting Information Management Investors Creditors Employees / Unions Government Agencies / Regulatory  bodies
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Classifications of Accounting Financial accounting
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 19

fi6 - AICPAClassicDefinitionofAccounting (1941,restated1953)

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online