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Accounting a business language.

A system that communicates information.

According to (AICPA):
Accounting is a art of: Recording Classification Summarizing Data: in a significant manner in terms of money transactions events which are in a financial character, Interpreting the results thereof.

According to IFRS :
Accounting is a service activity. Its function is to provide : quantitative information, primarily financial in nature, about economic entities

Accounting system is use to :


Collect, Process and Report Needed data about business, gov. units in term of financial trans,

Waqas mehmood Page | 1 28/9/10

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