Excerpt from Business Administration: Theory, Practice and Application

The body of principles under which business transac tions are thus recorded in an orderly form and in their proper relation to one another, is called accounting. Ac counting is a science which aims at the systematic pres entation of business facts and whose rules are designed to indicate or state the principles upon which such a record of business facts must be made. In current discussion, there is a good deal of confusion about the use of the term accounting. By many the word is made synonymous with the word bookkeeping, as if the two were substantially identical. Some persons use the term accounting as if it were merely a high-ﬂown expression for the word book keeping, while others admit the existence of a difference between the two ideas but consider that accounting is merely advanced or dificult bookkeeping. This con fusion of ideas is injurious to the proper development of a science of accounting, as well as to the proper statement of bookkeeping methods. It should be recognized at the outset that the term accounting is properly used only when applied to the principles, system, or theory by which business facts are recorded with the design of showing certain classes of results, or to the system or theory in ac cordance with which business facts are so analyzed as to exhibit their relationships to one another.

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