Definition of Accounting (AICPA)

AFM Definition, Scope & Accounting Standards including Ind AS Free JAIIB Capsule 86 views Updated 24 Sep 2026

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AFM · Definition, Scope & Accounting Standards including Ind AS

What is the most widely accepted definition of Accounting given by the American Institute of Certified Public Accountants (AICPA)?

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It is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions of a financial character.

Accountancy is a wider concept that includes bookkeeping. Bookkeeping is just recording in books of original entry and ledgers.

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Definition of Accounting (AICPA) — Full Text

What is the most widely accepted definition of Accounting given by the American Institute of Certified Public Accountants (AICPA)?

Answer

It is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions of a financial character.

Additional notes

Accountancy is a wider concept that includes bookkeeping. Bookkeeping is just recording in books of original entry and ledgers.

Part of Accounting & Financial Management for Bankers · Definition, Scope & Accounting Standards including Ind AS · Last updated 24 Sep 2026

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