Definition of Accounting

Brief and Concise Definitions of accounting from all sources:

·    a system that provides quantitative information about finances and expenses

·   In terms of accountancy, it is the occupation of maintaining and auditing records and preparing financial reports for a particular business and time frame, mostly it is quarterly, bi-annual and annually;

·   a chronological list of bookkeeping transaction related to individual/business debits and credits presenting in the forms and it’s part of a ledger of accounts;

·     In terms of account, it is a statement of recent transactions made with the resulting balance;

· The art of communicating all financial information of a certain business entity to shareholders/stockholders and top management. This communication is mostly generated using a form which generally called financial statements that shows money and resources;

·      The Subject Accounting was first introduced on 1958 using the novel Scottish written by Bruce Marshall;

·    It is a development using of a system in recording and analyzing financial transactions and status of a business/ or organization;

·      A relaying or continuously of events from the start of an organization, to justify action within operation;

·       A total system for recording and summarizing business transactions (in and out);

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Source:

agmrc.org/business_development/getting_prepared/valueadded_agriculture/glossaries_of_terms/farm_analysis_terms.cfm

wordnetweb.princeton.edu/perl/webwn

en. wikipedia. org/wiki/Accounting 

Tnx for reading

KSM