Accounting is "
the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information"
1
James Oates works to build on the
bookkeeping and
accounting that takes place so that "
informed judgements and decisions" can be made. We take the shoebox of receipts and, applying accounting principles and procedures, produce statements that are explained so that you can understand where your money went.
1A Statement of Basic Accounting Theory (Evanston, Illinois, American Accounting Association, 1966 p.1 as quoted in "Accounting Principles, First Canadian Edition