accounting
... accounting???? Despite the fact that many practitioners describe accounting as an art and not a science, there seems to be a little consensus on an accurate definition of the term. Many dictionaries do not provide a direct definition but define the term ‘accountant?as one liable to render account, or a professional keeper and inspector of accounts. Using the lattes as a starting point, it is probably easier to describe accounting as a process rather than proving a precise definition. Hence “accounting can be described as the process of recording, classifying and summarizing the financial transactions of a business organization and reporting, interpreting and communicating this information to interested parties such as the owners(s) of the business, creditors, and investors.?The accounting process also involves the forecasting of financial data, for example, the preparation of sales budgets [Lindsay Yates, 1989, p.1]. Accounting Standards For any process or experiment certain ways and rules are been prescribed through which the process is put into action and output is generated. Same ways in the accounting process certain principles, accounting standards, formats; laws are established to make accounting statements unders...