Nature of Accounting Concepts

Accounting involves the process of recording, classifying, summarizing, and interpreting financial transactions and information.

The nature of accounting can be described from perspectives such as art, science, ideology, language, and information system.

One of the functions of accounting is to oversee monetary transactions.

Accounting helps in the decision-making, planning, controlling, and evaluating of the business operations and performance.

The history of accounting can be traced back to ancient civilizations like Mesopotamia, Egypt, and India.