CFAS CHAPTER 1

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Three Definitions of Accounting

accounting standard council american institute of certified public accountants american accounting association

Definition of Accounting _______ Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision.

Accounting Standard Council

Definition of Accounting Accounting Standard Council ______

Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision.

Definition of Accounting ______ Accounting is the art of recording, classifying, in 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.

Committee on Accounting Terminology of American Institute of Certified Public Accountants

Definition of Accounting Committee on Accounting Terminology of American Institute of Certified Public Accountants ______

Accounting is the art of recording, classifying, in 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.

Definition of Accounting _______ Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgement and decision by users of information.

American Accounting Association in its Statement of Basic Accounting Theory

Definition of Accounting American Accounting Association in its Statement of Basic Accounting Theory _______

Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgement and decision by users of information.

Accounting is about ______.

quantitative information

The information is likely to be _____.

financial in nature

The information should be useful in _______.

decision making

The very purpose of accounting is to provide quantitative information to be useful in making an ______.

economic decision

Accounting has a number of components, namely:

identifying measuring communicating

______ as the ANALYTICAL component.

IDENTIFYING

IDENTIFYING as the ______ component.

ANALYTICAL

______ as the TECHNICAL component.

MEASURING

MEASURING as the ______ component.

TECHNICAL

______ as the FORMAL component.

COMMUNICATING

COMMUNICATING as the ______ component.

FORMAL

This accounting is the recognition or non-recognition of business activities as "ACCOUNTABLE" events.

identifying

Not all business activities are ______

accountable

An event is _______ when it has an effect on assets, liabilities, and equity.

accountable or quantifiable

The subject matter of accounting is ______ or the measurement of ECONOMIC RESOURCES and ECONOMIC OBLIGATIONS.

ECONOMIC ACTIVITY

The subject matter of accounting is ECONOMIC ACTIVITY or the measurement of ______ and ______.

ECONOMIC RESOURCES and ECONOMIC OBLIGATIONS

Only ______ are emphasized and recognized in accounting.

economic activities

_____ and _____ matters are beyond the province of accounting.

sociological and psychological

______ of an entity are referred to as transactions which may be classified as INTERNAL OR EXTERNAL.

economic activities or transactions

_____ or _____ are those economic events involving ONE ENTITY AND ANOTHER ENTITY.

External transactions or exchange transactions

✓ purchase of goods from a supplier