Meaning of Accounting

Explain the meaning of the term accounting and give its usefulness in society.    (6marks)

Accounting has been given various definition, which of the following is not one of those definitions?Group of answer choicesAccounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions.Accounting is an art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part of at least, of a financial character and interpreting the result thereofAccounting is a systematic process of objectively obtaining and evaluating events to ascertain the degree of correspondence between these assertions and established criteria and communicating the results to interested users.Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgment and decisions by users of information

Define accountancy and explain the advantages and objectivesof accounting ?

accounting is used to provide information to managers within the organization to assist them in making decisions.

Explain the role of the ‘elements’ of accounting.