What is accounting? Your textbook's definition - accounting is the process of identifying, measuring, and communicating economic information about an entity for the purpose of making decisions and informedjudgements. The first video (1.1 Introduction to Accounting 1) below states accounting is the language of business. Now let's talk about the why of accounting. (Why Study Accounting?) discusses the use of accounting for both personal and business reasons.In your own words tell why you think accounting is useful for both personal and business purposes. Post your comments on both the "Whats" and "Whys" of accounting together