Accountancy or accounting is the art of communicating financial

information about a business entity to users such as shareholders

 and managers. The communication is generally in the form of
 
financial statements that show in money terms the economic resources
 
under the control of management.

Such financial information is primarily used by managers, lenders,
 
investors, tax authorities, regulators, and other decision makers to

make resource allocation decisions between and within companies,
 
organizations, and public agencies. It involves the process of recording,

verifying, and reporting of the value of assets, liabilities, income, and
 
expenses in the books of account (ledger) to which debit and credit

entries (recognizing transactions) are chronologically posted to

record changes in value (see bookkeeping). Accounting has also

been defined by the AICPA as "The art of recording, classifying,
 
and summarizing 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."