Question

2. define accounting . explain its classification and determine the principles of double entry system ?

Answer 1

The American Institute of Certified Public Accountants(AICPA) defines accounting as: the 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 financial character, and interpreting the results thereof.



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Answer 2

Answer:

Accounting or Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting or Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.