Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.

What is accounting in simple words?

In simple words, accounting can be defined as keeping records of all financial transactions related to an individual or an entity. ... A proper definition of accounting is that it is the process of recording, summarizing, analyzing, and reporting the financial transactions related to a business.

What are the 3 definitions of accounting?

According to Bierman and Drebin:” Accounting may be defined as identifying, measuring, recording and communicating of financial information.”