Brandon Pecho ELECTIVE ACCOUNTING

8- Water Lily

The history of accounting or accountancy is thousands of years old and can be traced to

ancient civilizations.

The early development of accounting dates back to ancient Mesopotamia, and is closely

related to developments in writing, counting and money and early auditing systems by the

ancient Egyptians and Babylonians. By the time of the Roman Empire, the government had

access to detailed financial information.

In India Chanakya wrote a manuscript similar to a financial management book, during

the period of the Mauryan Empire. His book "Arthashasthra" contains few detailed aspects of

maintaining books of accounts for a Sovereign State.

The Italian Luca Pacioli, recognized as The Father of accounting and bookkeeping was

the first person to publish a work on double-entry bookkeeping, and introduced the field in Italy

The modern profession of the chartered accountant originated in Scotland in the nineteenth

century. Accountants often belonged to the same associations as solicitors, who often offered

accounting services to their clients. Early modern accounting had similarities to today's forensic

accounting. Accounting began to transition into an organized profession in the nineteenth

century,[9] Luca Pacioli's Summa de Arithmetica, Geometria, Proportioni et Proportionalità

(early Italian: "Review of Arithmetic, Geometry, Ratio and Proportion") was first printed and

published in Venice in 1494. It included a 27-page treatise on bookkeeping, "Particularis de

Computis et Scripturis" (Latin: "Details of Calculation and Recording"). Pacioli wrote primarily

for, and sold mainly to, merchants who used the book as a reference text, as a source of

pleasure from the mathematical puzzles it contained, and to aid the education of their sons. His

work represents the first known printed treatise on bookkeeping; and it is widely believed [by

whom?] to be the forerunner of modern bookkeeping practice. In Summa de arithmetica,

Pacioli introduced symbols for plus and minus for the first time in a printed book, symbols

which became standard notation in Italian Renaissance mathematics. Summa de arithmetica

was also the first known book printed in Italy to contain algebra with local professional bodies

in England merging to form the Institute of Chartered Accountants in England and Wales in

1880.

Financial accounting (or financial accountancy) is the field of accounting concerned with

the summary, analysis and reporting of financial transactions related to a business.This involves

the preparation of financial statements available for public use. Stockholders, suppliers, banks,

employees, government agencies, business owners, and other stakeholders are examples of

people interested in receiving such information for decision making purposes.

Social accounting (also known as social accounting and auditing, social accountability,

social and environmental accounting, corporate social reporting, corporate social responsibility

reporting, non-financial reporting or accounting) is the process of communicating the social and

environmental effects of organizations' economic actions to particular interest groups within

society and to society at large.[1] Social Accounting is different from public interest accounting

as well as from critical accounting.

 Social accounting is commonly used in the context of business, or corporate social

responsibility (CSR), although any organisation, including NGOs, charities, and government

agencies may engage in social accounting. Social Accounting can also be used in conjunction

with community-based monitoring (CBM).