What is the definition of accounting?

Question $1$Answer

a$.$

Can be described as the study of the business world and it involves the process of identifying, measuring, and communicating financial information to interested users.

b$.$

Every enterprise for which separate financial records are kept is an accounting entity.

c$.$

Transactions of a repetitive nature frequently occur, and the requirement of consistency means that an enterprise must establish an accounting policy which determines how such transactions will be treated.

d$.$

Generally accepted accounting practice $($GAAP$)$ is a general framework and encompasses, in broad terms, accounting concepts, principles, methods and procedures.