Question

_______ defined Accounting 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 thereafter.

• A. The American Institute of Certified Public Accounts
• B. Financial Accounting Standard Board
• C. Institute of Certified Accountants of Wales
• D. Institute of Chartered Accountants of India

Answer 1

The correct option is A The American Institute of Certified Public Accounts

In 1941, The american institute of Certified Public Accounts (AICPA) had defined accounting as the art of recording, classifying and summerising in a significant manner and in terms of ,money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof. With greater economic development resulting in changing role of accounting its scope become broader.