ACCOUNTING
“Language of Business”
“It 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”
- Accounting Standards Council (ASC) &
Statement of Financial Accounting
Standards (SFAS)
“It is the art of recording, classifying, summarizing, reporting and interpreting information in a significant manner and financial in nature…”
Therefore:
1. Accounting is about quantitative information
2. The information is of financial in nature
3. Usefulness of information in decision making for the betterment of the business entity.
“Language of Business”
“It 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”
- Accounting Standards Council (ASC) &
Statement of Financial Accounting
Standards (SFAS)
“It is the art of recording, classifying, summarizing, reporting and interpreting information in a significant manner and financial in nature…”
Therefore:
1. Accounting is about quantitative information
2. The information is of financial in nature
3. Usefulness of information in decision making for the betterment of the business entity.
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