Question

Briefly appreciate the exact nature of accounting?

Answer 1

Answer:

Accounting is art of recording, classifying, 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.

Answer 2

Answer:

Accounting is art of recording, classifying, 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.

Explanation:

In order to appreciate the exact nature of accounting, we must understand the following aspects of accounting: (i) Economic Events: Accounting records only economic events. ... Communication: The recorded events are communicated to management and other internal and external users regularly through accounting reports