Question

_________ is an art of recording, classifying, summarising transactions and events which are of financial character in terms of money and interpreting the result thereof.

• A. Accountancy
• B. Accounting
• C. Book-Keeping
• D. None of these

Answer 1

Answer: (B)

Accounting

Accounting is defined by the American Institute of Certified Public Accountants(AICPA) 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 financial character, and interpreting the results thereof."