Definition & Functions of Accounting:

May 12th, 2015
Studypool Tutor
Alabama State University
Course: general
Price: $15 USD

Tutor description

Accounting is the art of recording , classifying and summarizing in significant manner and in terms of money , transactions & events which are , in part, at least of a financial character and interpreting the results there of

Word Count: 1801
Showing Page: 1/9
ACCOUNTING:Unit1: Need for accounting:Accounting has rightly been termed as the language of the business.The basic information of a language is to serve as a means of communication.Accounting also communicates the result of business operations to various parties like proprietor, Crs, Goot and investors.Persons like house wives, individuals also make use of accounting, even though accounting is generally associated with business.For example: A housewife can record the money received and spent by her during a particular period.Receipts on one page, payment on other page of her household diary for a particular period, in a chronological order.Sources and purpose can be known from this,At the end of the period, she can know her financial position.So accounts will be of great use to a business man to know about 1) What he owns?2) What he owes?3) Whether he earned profit or loss?4) What is the financial position?5) Whether the future commitments met or not?Development of accounting:Accounting is as old as money; Chanakya in his Arthashastra emphasized the existence & need of proper accounting and auditing.However, the modern system of accounting owes its origin to Pacoili,Who lived in Italy in the 18th century .Definition & Functions of Accounting:The concept of accounting & the role of accountant has undergone a noticeable change during the last fifty years.In 1941, the American institute of certified public accountant (AICPA) defined account

Review from student

Studypool Student
" Outstanding Job!!!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1819 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors