Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more ➡
Download
Standard view
Full view
of .
Add note
Save to My Library
Sync to mobile
Look up keyword
Like this
0Activity
×
0 of .
Results for:
No results containing your search query
P. 1
Origins of Accounting and Book-Keeping

Origins of Accounting and Book-Keeping

Ratings: (0)|Views: 20|Likes:
Published by ClassOf1.com
Accounting is an ancient human activity. From the time when men and women first engaged in trade, whether for barter or money, it must have been necessary to keep some kind of record of incomings and out-goings, to which the origins of the double entry bookkeeping system can be traced.
Accounting is an ancient human activity. From the time when men and women first engaged in trade, whether for barter or money, it must have been necessary to keep some kind of record of incomings and out-goings, to which the origins of the double entry bookkeeping system can be traced.

More info:

Categories:Types, School Work
Published by: ClassOf1.com on Feb 10, 2014
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See More
See less

02/10/2014

pdf

text

original

 
 
ccounting
 
LEARN TO EXCEL
Homework Help
24/7 Support
Step-by-Step Solutions
Experienced Tutors Detailed Explanation www.classof1.com/homework-help/accounting Toll Free: 1-877-252-7763
 
 *
The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades.
Subject: Accounting
 
Origins of Accounting and Book-keeping
 Accounting is an ancient human activity. From the time when men and women first engaged in trade, whether for barter or money, it must have been necessary to keep some kind of record of incomings and out-goings, to which the origins of the double entry bookkeeping system can be traced. Accounting is as old as money itself. The present form of accounting has passed through  various stages of evolution. It has developed to meet the emerging needs and requirements of modern society. Like any other discipline, it has developed by adapting to the changing environment. With the changing forms of business organization starting from sole proprietorship, partnership, cooperative to company form of organization, accounting has witnessed a change in its concepts, techniques, rules, procedures, methods of recording and presentation to suit social requirements.  Accounting was practiced, in its crude form, in India about 23 centuries ago. Artliashastra, the  book authored by Kautilya, one o f the ministers of King Chandragupta, is the clear evidence of it. However, the present system of accounting, based on Double Entry System was developed by a Franciscan monk Lucas Pacioli. He published his work on book-keeping in 1491 at Venice in Italy. It was translated and published in English by H.O. Castle in 1543. In 1553, James Pule published
his work on ‘how to keep a perfect account of debtors and
creditors. The most important publication, however, was that of Edward Jones (1797),
 who innovated the concept of
two-column  journal
’.
The present form of accounting is, thus, the result of successive innovations and its adaptations and modifications to the changing business environment. In fact, accounting has gone through many phases of changes due to changing socio-economic environment. Like any other discipline, it has  been adjusting itself to changing requirements and will continue to do so in future as well to promote social welfare thus enabling its users to form rational and sound judgment and take appropriate decisions.
 
 *
The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades.
Subject: Accounting
 
Book-keeping is mainly concerned with the recording of financial data relating to business operations in a significant and orderly manner. It is that branch of knowledge which guides us how to keep a record of financial transactions. The need for maintaining a record of income and expenditure in a significant and systematic manner has given birth to the subject of book-keeping. It is difficult for a businessman to remember all receipts and payments that take place during a particular period of time. So book-keeping is an art and science of correctly recording business transaction in a-systematic and chronological order. Book-keeping may be described as the science of recording transactions in money or money's worth in such a manner that, at any subsequent date, their nature and effect may be clearly understood and that, when required a combined statement of their results may be prepared. Book-keeping and accounting are not synonymous terms, but are very different from each other. Book-keeping is concerned only with the recording of financial transactions in a systematic manner. Book-keeping is of clerical nature, whereas accounting relates to an advanced stage. Accounting includes recording, classifying, summarizing, analyzing and interpreting the financial data.

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->