FABM

• Accounting is commonly referred to as the “language of business” because it is practical and universal.
• According to the Financial Reporting Standards Council (FRSC), accounting is a service. It provides quantitative financial information about economic entitiesintended to be helpful in making economic decisions.
• the American Accounting Association(AAA), defines accounting as “the process of identifying, measuring, and communicating economic information to permit informed judgment and decisions” by users of the information.
• The American Institute of Certified Public Accountants(AICPA) defines accounting as the “art of recording, classifying, and summarizing”
• Accounting is an art. Accounting is a methodical approach that requires practical skills and knowledge. accounting can be viewed as a natural art form. Art is the study of how techniques and methods are put into practice. It establishes accounting rules and principles utilized in an economic entity's bookkeeping procedure
• Accounting as a Science. Through observation and investigation, knowledge of a systematic pattern can be obtained in science. Similarly, accounting is the science of observing and investigating economic events using established methods to record and present the financial data of an economic entity to different users of accounting information.
• Accounting as ideology. Ideology is a set of ideas and opinions about certain ideas or ways of doing things in the world. Economic or political theories and policies are based on a variety of ideologies. Because it is regarded as a means of justifying the current social, economic, and political arrangements, accounting is also considered an ideology.
• Accounting deals with financial information and transactions. After classifying financial transactions, accounting records the date of all the collected documents (e.g., receipts, purchase orders, sales invoices, etc.).
• Accounting is an information system. Accounting is acknowledged and characterized as a repository of information. It collects, processes, and communicates any entity's financial information as a service function.