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What is the Definition of Accounting?

we are both study of MBA in same univerty and we are also employee of izhar & Co. Chartered Accountant firm.

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تم إضافة السؤال من قبل Muhammad Salman , Accountant , Rakaiz Albaraka
تاريخ النشر: 2013/11/08
Khaled Abdelrehim ACCA DipIFR CMA
من قبل Khaled Abdelrehim ACCA DipIFR CMA , Financial Analysis Assistant General Manager , Khalda Petroleum Company

Accounting is the science used to register transactions and processing data to generate reports to be introduced to External and internal users to help in decision making.

The definition of accounting is all of the above, however my first lesson when I studied AAT taught me the definition of book-keeping and in turn some interesting things about accountancy that have stuck in my conciousness.  The definition of book-keeping is Newton's third law of physics which states that: for each and every action, there is an equal and opposite reaction.  Luca Pacioli (the founder of double-entry book-keeping as we know it), whilst drinking with his friend Leonardo Da-Vinci, realised that when he debited his bottle of wine, his goblet thus became credited.  The missing wine from the bottle was credited with the air/atmosphere etc. etc.

Our class was asked at the start of the lesson, when was Charles Dickens born and when did he die.  We were all non-plussed at this question until our tutor opened his wallet and took out a £10.00 note, which had a picture of Charles Dickens and the legend.  Accountants had to be observant he said.

 

Perhaps this may not be the entire answer you're looking for, but Accountancy is so much more than a mere definition.

Yaser Waheed
من قبل Yaser Waheed , Manager Accounts , Artec Private Limited

The systematic recording, reporting, and analysis of financial transactions of a business.

Muhammad Salman
من قبل Muhammad Salman , Accountant , Rakaiz Albaraka

it is an art of recording, classifying, summerarizing,and interpreting the business transactions.

Rasheed khan
من قبل Rasheed khan , ADMINISTRATION ,Document controller, secretary with SABIC mega team , SINOSTEEL (sinosteel equipment and engineering contracting co.) Al-khobar

TO RECORD A TRANSACTION IN CHANGE OF BUSINESS ENTITY

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