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we are both study of MBA in same univerty and we are also employee of izhar & Co. Chartered Accountant firm.
Accounting is the science used to register transactions and processing data to generate reports to be introduced to External and internal users to help in decision making.
The definition of accounting is all of the above, however my first lesson when I studied AAT taught me the definition of book-keeping and in turn some interesting things about accountancy that have stuck in my conciousness. The definition of book-keeping is Newton's third law of physics which states that: for each and every action, there is an equal and opposite reaction. Luca Pacioli (the founder of double-entry book-keeping as we know it), whilst drinking with his friend Leonardo Da-Vinci, realised that when he debited his bottle of wine, his goblet thus became credited. The missing wine from the bottle was credited with the air/atmosphere etc. etc.
Our class was asked at the start of the lesson, when was Charles Dickens born and when did he die. We were all non-plussed at this question until our tutor opened his wallet and took out a £10.00 note, which had a picture of Charles Dickens and the legend. Accountants had to be observant he said.
Perhaps this may not be the entire answer you're looking for, but Accountancy is so much more than a mere definition.
The systematic recording, reporting, and analysis of financial transactions of a business.
it is an art of recording, classifying, summerarizing,and interpreting the business transactions.
TO RECORD A TRANSACTION IN CHANGE OF BUSINESS ENTITY
