Meaning & definition of Accounting In 1941, The American Institute of Certified Public Accountants (AICPA) had defined accounting as 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 financial character, and interpreting the results thereof’. With greater economic development resulting in changing role of accounting, its scope, became broader. In 1966, the American Accounting Association (AAA) defined accounting as ‘the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of information’. 📝 Objectives of Accounting As an information system, the basic objective of accounting is to provide useful information to the interested group of users, both external and internal. 1.Maintenance of Records of Business Transactions Accounting is used for the maintenance of a systematic record of all financial tra...