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Recap of Accounting Process

is an art of ...

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

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B

Accounting

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C

Book-Keeping

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D

None of these

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Solution

The correct option is C 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."

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