Meaning of Accounting:

“Accounting may be defined as the process of recording, classifying, summarizing, analyzing and interpreting the financial transactions and communicating the results to the persons interested in this information”

Only Events related to Business which can be expressed in terms of Money are Economic Transactions and Economic Events.

Related Topic Name

2. Accounting as a source of information
3. Objectives of Accounting
4. Role of Accounting
5. Basic terms in Accounting