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    Group 7 Presentation

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    visperasjasmine49

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    Group 7 Presentation

    Uploaded by

    visperasjasmine49
    1 views15 pages

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    Copyright:

    © All Rights Reserved
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    Download as pptx, pdf, or txt
    1 views15 pages

    Group 7 Presentation

    Uploaded by

    visperasjasmine49

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 15

    HISTORY

    OF
    ACCOUNTING
    GROUP 7
    INTRODUCTION

    In a market economy, information helps decision-makers


    make informed choices regarding the allocation of
    scarce resources under their control. When decision-
    makers are able to make well-informed decisions,
    resources are allocated in a way that better meets the
    needs and goals of those within the market.
    ATHER OF ACCOUNTING
    Fra Luca Bartolomeo de Pacioli (1445-1517)

    Luca Pacioli, a Franciscan friar


    and a celebrated mathematician, is
    generally associated with the
    introduction of double-entry
    bookkeeping.
    ATHER OF ACCOUNTING
    Fra Luca Bartolomeo de Pacioli (1445-1517)

    Therefore, he did not invent


    double-entry bookkeeping , but
    rather describe what were
    prevalent accounting practices of
    the day.
    ATHER OF ACCOUNTING
    Fra Luca Bartolomeo de Pacioli (1445-1517)

    “give the trader


    without delay
    information as to his
    assets and liabilities.”
    ACCOUNTING
    It is a service activity.

    It is an information system that measures, processes,


    and communicates financial information about
    economic entity.

    The process of identifying, measuring, and


    communicating economic information to permit
    informed judgements and decisions by users of the
    information.

    The art of recording, classifying and summarizing in a


    Accounting originated around 4000 BC in
    Babylonia and Egypt, where clay tablets were
    used to record transactions. It later developed in
    Greece and Rome, with the romans using ledgers
    and cash books.
    Accounting is as old as civilization.

    Egyptians used account to record the safe keeping of


    gold and the valuables in treasures. day wise reports
    were sent to wizards’ by the in charges and month
    wise report to kings.
    Babylonia was known as the city of commerce.
    Accounts was used for business to uncover losses
    due to fraud and to uncover losses due to
    inefficiency.

    In Greece, accounts was used to apportion the


    revenue received maintaining total
    receipts/payments and balance of government
    financial transaction. coined money was
    introduced in about 600 B.C.
    Romans used memorandum or day book
    (adversaria) to record receipts and payments and
    posted to ledgers or cash books (Codex Acepti Et
    Expensi) on monthly basis (700 BC – 400 AD).

    China used sophisticated governments accounts


    during the chao dynasty. (1122-256B.C.)
    Double entry book keeping was developed in the 14th century in
    italy. The 7 “key ingredients” which led to its creation as
    described by A C Littleton are:

     Power to change ownership;


     Employing wealth productively;
     Widespread interchange of goods;
     Present use of future goods;
     Recording due to the limits of human brain;
     Money as the common denominator of exchange;
     Arithmetic means of computing.
    In the current scenario with large scale of production, cut throat
    competition, widening market, technological changes, Accounting is :

     Recognized as a tool of mastering various economic problems;


     To systematically write the economic history of the
    organization;
     To provides information for decision affecting the organization
    future;
     To be written in quantitative term,
     Partly of files of data partly of reports summarizing various
     Portions of these data, partly of the plan established by
    management; and
    Accounting history is important to accounting education , policy
    and practice. It makes it possible to better understand our
    present and to forecast our future. Accounting history is the
    “study of the evolution in accounting thought, practices, and
    institutions in response to changes in the environment and
    societal needs. It also considers the effect that this evolution has
    worked on the environment.
    THANK YOU!!!

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