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GO Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day, in millions of separate business transactions. The bookkeeping methods involved in making a financial record of business transactions and in the preparation of statements concerning the assets, liabilities, and operating results of a business.
A group of interacting, interrelated, or interdependent elements forming a complex whole.
The people, procedures, and resources used to gather, record, classify, summarize and report the financial information of a business, government or other financial entity. The practice of recording a business transaction in two equal parts, called debit and credit entries.
Debit refers to the business plan brief history of accounting column and credit refers to the right column, in an accounting journal. Each transaction describes both: Money eventually changes hands in almost all transactions, either at the time of the transaction, or perhaps at a future date in the case of items purchased on credit.
Adjusting and closing entries are an exception and not typical, and represent special entries made by accountants to prepare financial statements, and reset certain accounts at the end of a fiscal year. Sometimes a transaction involves cash directly, at the time of the event, such as a cash sale at a grocery store.
It is more common, and safer, to use a checking account for routine purchases.
These are all considered part of the Cash account. Account of Disbursements of the Athenian State c. Businesses usually purchase their supplies and merchandise on a day account, known as a trade account, or Accounts Payable.
Sales are typically made in a similar fashion, called Accounts Receivable. A Brief History of Accounting Accounting was born before writing or numbers existed, some 10, years ago, in the area known as Mesopotamia, later Persia, and today the countries of Iran and Iraq.
This area contains the Tigris Euphrates river valley, a large fertile area 10, years ago with a large thriving population and active trading between towns and cities up and down the two rivers.
Writing and numbers would be not be invented for about another 5, years.
And what happens next will directly lead to the invention of both writing and number systems. At that time, merchants faced many of the same problems businesses face today. They had to ship their merchandise up and down the rivers, and that meant trusting a boatman with their goods.
Unfortunately, not all boatmen were honest, and disagreements often arose about how much was shipped versus what was received at the other end. It is hard for us today to imagine a world without writing and numbers. Try to imagine yourself in their position To deal with the problem, merchants came up with an ingenious plan.
They made small clay tokens, in various shapes and with various markings, to indicate different products.
One would mean a basket of grain, another would mean a pot of oil, etc. They had over such tokens to indicate a large variety of common goods, including food, leather, clothing, utensils, tools, jewelry, etc.
Bollae and tokens c. The ball would be dried in the sun, given to the boatman, and then broken by the buyer on the other end of the transaction. The buyer would match the tokens with the items in the shipment, to verify that everything sent was accounted for. This is the function of protection of assets, and is a major function of all modern accounting systems.
It was important 10, years ago and is just as important now. Today we see merchants doing the same thing as their counterparts 10 millennia ago - today they get a bill of lading - a listing of the merchandise entrusted to a shipper. The system of using bollae continued for almost 5, years, all before the invention of writing or numbers.
One day, probably by accident, a wet clay bollae was rolled over a loose token, laying on the ground. The impression of the token was left in the wet clay.
USA: A Brief History. The University of South Alabama was founded in without a single building to call its own. More than 50 years and quite a few buildings later, USA is a vibrant university that continues to serve as a catalyst for transformational change in . This article needs additional citations for verification. Please help improve this article by adding citations to reliable regardbouddhiste.comced material may be challenged and removed. (August ) (Learn how and when to remove this template message). History of Accounting By John R. Alexander at Net Gain. accounting methods that modern business was able to grow, flourish and respond to the needs of its so few online resources available on accounting history. It is intended only as a .
Merchants began pressing the tokens on the outside of the bollae, in addition to putting the tokens inside the ball. Eventually they would press tokens into a flat piece of clay, leaving an impression for each item.
Remember, they didn't have numbers yet, so they would press a token into the clay for each individual item. Probably by accident one day the right token couldn't be found, and someone used a stick or other object to make the right marks in the soft clay tablet.
And writing was born New symbols were soon created representing multiple items, and suddenly both writing and number systems were invented. The last phase of this remarkable process took about years, but once writing was invented, it caught on like wildfire, and was the most popular thing anyone had ever seen.By T.A.
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The name that looms largest in early accounting history is Luca Pacioli, who in first described the system of double-entry bookkeeping used by . How to Write a Business Plan. When how to write a business plan is at the top of the SBA list of the ten steps in how to start a business, it tells you something about .
🔥Citing and more! Add citations directly into your paper, Check for unintentional plagiarism and check for writing mistakes. A brief accounting history - from to the present day Accounting history can be traced back to a book called Summa de arithmetica, geometria, proportioni et proportionalita, written by the Italian mathematician, Luca Pacioli, in A.D.