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A History And Summary Of Accounting

1589 words - 7 pages

Accounting dates back over five thousand years, to before the birth of Christ. It has been traced back to when Mesopotamia traded and needed to keep records. The scribes who recorded when they traded things were like modern day book keepers. Ancient Egyptians also used scribes to keep an inventory of all products coming in and going out. They compared the records to the inventory to make sure it was accurate; Egyptians also used their notes to measure how much they could allot over time. The Roman Empire used accounting to figure out the amount of taxes people had to pay the emperor; they calculated the worth of the person to determine what amount they had to pay. Soon after, currency in the form of clay coins was first created to make trade easier. Instead of using the barter system or trying to find a merchant who had what you were trading, coins brought instant payment for everyone. Eventually the metal coins started to be caste. In the 14th century, in Italy the accounting that is used today was established. Double entry accounting was introduced by 1300 AD. In 1494 Luca Pacioli, a monk wrote a book on mathematics which talked about the accounting they used, some of the work can still be identified by accountants now.
The industrial revolution brought about many developments and companies needed a more advanced system of accounting, thus public accountants started to become a more desired profession. In 1887 the American Association of Public Accountants was founded and started with thirty one members. They created the first standardized test and in 1896 the first Certified Public Accounts (CPA) were licensed in the United States. The American Institute of Certified Public Accountants was in charge of setting the guidelines until 1973. Then the Financial Accounting standards board was established and took over.
Accounting is important for both everyday people and businesses. Everyday people use accounting and would not know it. Each time a family balance their check book, make a family budget, or make decisions about their finances they are using accounting. Businesses, especially small businesses in some cases do not realize they need an accountant. A business accountant will held keep businesses running properly and help the owner keep their business income separate from their personal income. Big businesses like corporations in some cases have several accountants working for them, it may be important for each department to have an accountant or accounting department to keep the finances in order. In any case there will always be a need for accounts, as long as there is money. There is also a rang of career options available for people who understand accounting
In general, most people associate accounting with mathematics. While it is associated with that math and math studies, it is more related to studies that have to do with business. Surprisingly, any type of college major that has to do with management is...

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