MEANING OF ACCOUNTING - NEPAL MONETARY SOLUTIONS (NMS)

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Tuesday, September 30, 2014

MEANING OF ACCOUNTING

The Committee on Terminology set up by the American Institute of Certified Public Accountants formulated the following definition of accounting in 1961:

“Accounting is the art of recording, classifying, and summarising in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the result thereof.”

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