1. Definition of Accounting
Glautier & Underdown (1991) bring our attention to the fact that accounting was defined the following way by Littleton (1953): "The central purpose of accounting is to make possible the periodic matching of costs (efforts) and revenues (accomplishments). ... In 1961 the AICPA, or American Institute of Certified Public Accountants, defined accounting as "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". ... In 1966 the American Accou...
- Word Count: 1977
- Approx Pages: 8
- Grade Level: Undergraduate