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Which of the definitions best reflects the data

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Informally, accounting can be described as "storytelling with data". Consider the following two alternative, more formal definitions of accounting:

  1. "Accounting is the process of capturing, recording the details of financial transactions and activities of an entity for the purpose of producing financial statements."
  2. "Accounting is the process of identifying, interpreting, and measuring economic events and activities of an entity for the purpose of reporting to users for decision-making purposes."

Question 1: Which of the above definitions best reflects, the "data" that is the basis for accounting, and how accounting is "storytelling"?

Reference no: EM132612841

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