Question

Accounting is defined as "the __________ of recording, classifying and summarizing in terms of money transactions and events of a financial character and interpreting the results thereof".

• A. Art
• B. Science
• C. Method
• D. None of these

Answer 1

The correct option is A Art

Definition of accounting is:

" Accounting is an art of recording, classifying and summarizing in terms of money transactions and events of a financial character and interpreting the results thereof"

Accounting definition specifically defines that only monetary transactions should be recorded in the books of account.