What is "accounting"
Accounting may be defined 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 a financial character, and interpreting the results thereof
- Management Accounting, Anthony & Reece, 1975
Accounting is the language of business
- And must be supported by a well-oiled system
- These days, almost always electronically
- For collecting, storing and retrieving cost data
- To the nearest penny!