CFAS- General

Accounting Standards Council

Who defined the following:

Accounting is a service activity.

Accounting Standards Council

Who defined the following:

The accounting function is to provide quantitative information, primarily financial in nature, about many economic entities, that is intended to be useful in making economic decisions.

Committee on Accounting Terminology (American Institute of Certified Public Accountants)

Who defined the following:

Accounting is an art of recording, classifying, and summarizing 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 results thereof.

Statement of Basic Accounting Theory (American Accounting Association)

Who defined the following:

Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgement and decision by users of the information.

Accounting is about quantitative information.

What is the important point made in the definition of accounting by Accounting Standards Council?

The information is likely to be financial in nature.

What is the important point made in the definition of accounting by American Institute of Certified Public Accountants?

The information should be useful in decision making.

What is the important point made in the definition of accounting by American Accounting Association?

American Accounting Association

The definition that has stood the test of time is the definition given by the __________.

Analytical Component

In the definition given by the AAA, what component is identifying?

Technical Component

n the definition given by the AAA, what component is measuring?

Formal Component

n the definition given by the AAA, what component is communicating?