This website uses cookies to ensure you have the best experience. Learn more

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...

Find Another Essay On A History and Summary of Accounting

A people's history of the United States - (first 3 chapters) Summary and reflections

2503 words - 10 pages Summary ICOLUMBUS, THE INDIANS, AND HUMAN PROGRESSA People's History of the United States is a book written by Howard Zinn, whose purpose is not to introduce someone to American History. He assumes his readers already know the basics. Of course, many people do not. It is not a history of the United States but it is a series of contentious corrections to the history traditionally taught in American classrooms.Zinn presents the major historical

History Of Accounting Essay

1195 words - 5 pages enterprises and individuals employed the services of public accountants. Citing the needs of courts to employ public accountants ¡°to aid those Courts in their investigation of matters of accounting¡± select accountants were titled ¡°Chartered Accountants.¡± The US equivalent title is ¡°Certified Public Accountant¡±. These titles are used to this day. The arrival of the income tax laws were another major event in accounting history. Attorneys

The History of Accounting

1141 words - 5 pages The origin of accounting primarily consists of the establishment of human society and commerce. The idea of accounting is an old practice that has been dated since the Mesopotamia era. During this era, trade between tribes around Mesopotamia required records to be kept on stone and clay tablets. This took place at least 3600BC, where in those times, the ‘scribes’ who possessed a knowledge of writing also served as bookkeepers. Overall

History of Accounting

3232 words - 13 pages History of Accounting The history of accounting I feel is important in the learning, understanding, and developing of my foundation for my accounting career. In this report you will learn about the development of accounting. You will learn about the people who influenced accounting the most throughout the years. You will learn how accounting came about and how it was used in the ancient times. You will learn about the invention of the

A summary of the thesis and arguments discussed in Ronald Wright's book 'A Short History of Progress'

781 words - 3 pages “People all over the world, time and again, have made similar advances and mistakes” states Wright in his book A Short History of Progress (Wright, p 57). From the time civilizations have come together, humans have made similar mistakes which have had similar results leading to the destruction of the environment around them and a disastrous end to their own civilizations. Various civilizations such as Easter Island, Catal Huyuk and

Summary: A Concise History of World War II

513 words - 3 pages When World War I came to a close and the Versailles Peace Treaty was signed, a spirit of hope and opportunity settled over the European continent. Peace was at hand and the nations of Europe could turn to the tasks of economic and political recovery. Germany elected a liberal democracy a whole slew of democracies developed in Eastern Europe. Liberalism seemed to be the order of the day.However, economic instability in the United States led to

Summary of “‘Indians’: Textualism, Morality, and the Problem of History”

1403 words - 6 pages Summary of "'Indians': Textualism, Morality, and the Problem of History"In the essay "'Indians': Textualism, Morality, and the Problem of History" written by Jane Tompkins, an English professor at Duke University, the author criticized the history writers and described the issue of problems that are often created by different perspectives from the history on the topic, European -Indian relation, that cannot be determined from right or wrong

A people's history of the United States - "As Long as Grass Grows and Water Runs" Summary and reflections

581 words - 2 pages "As Long as Grass Grows and Water Runs" is an article written by Howard Zinn. I found the article from "A People's History of the United States". Howard Zinn claims to show a series of controversial facts about the Revolutionary war and Indian removal.Howard Zinn states the main historical facts of the early 1820's and all 120,000 Indians that lived east of the Mississippi. Jackson was a land speculator, merchant, slave trader, and the most

The History and Role of Accounting in Business

1516 words - 6 pages Accounting can be defined in a number of ways, but I chose the book definition, which is; Accounting is an information system that provides reports to stakeholders about the economic activities and condition of business. The person in charge of accounting is called the accountant. The accountant is typically required to follow a set of rules and regulations. These rules and regulations are called the General Accepted Accounting Principles

Summary of the Federal Reserve's history and policy procedures

838 words - 3 pages Ć The Early Years: Discount as Primary ToolChanging the discount rate was the primary tool of monetary policy when the Fed was created and the Fed had not yet discovered the power of open market influencing money supply. Before WWI, the Fed had taken a passive role the utilized policy following the "real bills doctrine". However, by the end of WWI, Fed's passive policy had led to a raging inflation. As a result, Fed decided to take an

A Conclusive Summary Of Romeo And Juliet

1723 words - 7 pages A Summary of Romeo and JulietTwo of the most important families in Verona, The Montagues, and the Capulets, have been feuding for a very long time. This novel starts with a brawl in the marketplace of Verona between the servants of the households. Benvolio, a peace loving Montague, attempts to stop the fighting, but is attacked by the fiery Capulet, Tybalt. This fray continues and spreads until the Officers of the Peace step in. Prince Escalus

Similar Essays

Summary Of Article Outline And Evaluation Of Major Issues. Explanation Of Accounting Terms And Data. Relevance And Limitations Of Accounting

1356 words - 5 pages ..."This situation occurred after NatSteel gained high profits, allowing it to declare a high dividend return back to the shareholders. Thus from the accounting aspect of NatSteel, it will first credit a dividend payable account and debit it's retained profits account. On 16 April 2003, NatSteel will then credit cash and debit the payable account when paying out cash dividends.(Paragraph 4) "...no certainty that the share price will remain at

A Summary Of Mexican History Essay

2471 words - 10 pages , Xochicalco, Tula, Tenayuca, Tenochtitlán (the Aztec City), Yagul, Uxmal and Mitla.The geography of México is incredibly diverse, thus the people of each region developed their own civilization at different times due to a variety of influences, both natural and cultural. So it should be no surprise that México's artistic history is wildly eclectic. Still there is a subtle consistency in the outlook on life that binds it all

A Brief Summary And History Of Contraceptive Devices

833 words - 3 pages A Brief Summary and History of Contraceptive DevicesContraceptive devices were designed to help prevent pregnancy, not to protect against Sexually Transmitted Diseases. For every method of contraception, there is a failure rate in preventing pregnancy. The only way to protect yourself 100% from pregnancy or STDs is to not have sex. The failure rate could be caused by either the method itself or by human error, such as incorrect use. Each method

Russia: A Summary Of Demographic Facts, Politics And History

1269 words - 6 pages Asia. The climate in Russia varies from the Arctic in the North to temperate in the South. The life expectancy of men is 63, women live to be 75. The second thing I wanted to learn was what has happened in Russia’s history. I discovered that Russia was invaded by many countries. Russia was called Rus. Vikings captured the cities of Kiev and Novogorod. Rus was a powerful country that later split apart into smaller parts when countries