Answered: Definition of accounting, any…

Business

Accounting

Definition of accounting, any improvement over the earlier definitions?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 15GI

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Question

Definition of accounting, any improvement over the earlier definitions?

Expert Solution

Step 1: Definition

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

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