Professional Documents
Culture Documents
BUSINESS - The regular conduct of legal activities primarily intended to accumulate profit.
-It is an art of recording, classifying and summarizing in a significant manner and in terms of money transactions and events
that are at least part of a financial character and interpreting the results thereof. (AICPA)
- It is a service activity.
- A system that measure business activities, processes information into reports and communicates results to decision-makers.
-A process of identifying, measuring and communicating economic information to permit informed judgments and decisions by
users of accounting information
I. PRIMITIVE ACCOUNTING
The tokens were sealed in clay balls called bullae and broken on delivery for checking of the shipment against the invoice.
During the 11th to the 13th centuries, Northern Italy’s literacy became widespread.
The use of credit was prevalent and a semblance of international banking system was also functioning.
Development of a more formal account-keeping methods is attributed to the merchants and bankers of Florence, Venice and
Genoa in 13th to 15th centuries which soon gives rise to double-entry bookkeeping.
AMATINO MANUCCI – the inventor of double-entry bookkeeping., giving importance to the aspect of financial control.
LUCA PACIOLI-a Franciscan friar and mathematician, he is associated with the introduction of double-entry bookkeeping
NICOLAS PETRI- the first person to group similar transactions in a separate record and enter the monthly totals in the journal.
BENJAMIN WORKMAN-published the first American accounting textbook, “The American Accountant”
Those tasks that are time-consuming when done manually can now be done with speed, consistency , precision and reliability
by computers.
DAN BRINKLIN and BOB FRANKSTON – wrote VisiCalc for Apple II, the first electronic spreadsheet, a business application for
personal computer.
ASSOCIATION OF SOUTHEAST ASIAN NATIONS (ASEAN)- Established on August 8, 1967 in Bangkok, Thailand with then five(5)
founding members Indonesia, Malaysia, Philippines, Thailand and Singapore. Total of 10 countries included in ASEAN.