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    Accounting involves recording and reporting financial transactions of a business. It provides quantitative information that is useful for decision making, cost planning, and measuring economic performance. While accounting uses basic arithmetic, it requires good reading comprehension and critical analysis to understand complex accounting problems. The history of accounting dates back to ancient civilizations, though modern accounting emerged as a profession in the 19th century, with Luca Pacioli generally considered the "Father of Accounting" for his influential publications on double-entry bookkeeping.

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    Accounting involves recording and reporting financial transactions of a business. It provides quantitative information that is useful for decision making, cost planning, and measuring economic performance. While accounting uses basic arithmetic, it requires good reading comprehension and critical analysis to understand complex accounting problems. The history of accounting dates back to ancient civilizations, though modern accounting emerged as a profession in the 19th century, with Luca Pacioli generally considered the "Father of Accounting" for his influential publications on double-entry bookkeeping.

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    28 views1 page

    Infographics About Accounting

    Uploaded by

    rj a
    Accounting involves recording and reporting financial transactions of a business. It provides quantitative information that is useful for decision making, cost planning, and measuring economic performance. While accounting uses basic arithmetic, it requires good reading comprehension and critical analysis to understand complex accounting problems. The history of accounting dates back to ancient civilizations, though modern accounting emerged as a profession in the 19th century, with Luca Pacioli generally considered the "Father of Accounting" for his influential publications on double-entry bookkeeping.

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    of 1

    ACCOUN- Introduction to accounting…

    THINKS
    ACCOUNTING
    Accounting is the process of record- The history of accounting has been
    ing financial transactions pertaining around almost as long as money
    to a business. itself.

    The accounting process includes Accounting history dates back to


    summarizing, analyzing, and report- ancient civilizations in Mesopota-
    ing these transactions to oversight mia, Egypt, and Babylon. For exam-
    agencies, regulators, and tax col- IMPORTANT POINTS ple, during the Roman Empire, the
    lection entities. government had detailed records of
    its finances.
    provides quantitative
    Regardless the size of a business,
    information
    accounting is a necessary function However, modern accounting as a
    for decision making, cost planning, profession has only been around
    and measurement of economic per- financial in nature since the early 19th century.
    formance.
    useful in decision making

    Luca Pacioli is considered "The


    Father of Accounting and
    Bookkeeping” due to his contri- N I
    butions to the development of ac-
    counting as a profession. Accounting is easy, you only add and subtract...
    Although accounting only uses the basic
    In 1294, he published his book, arithmetic functions, it is not that ‘easy’ because
    Summa de Arithmetica, Geometri- accounting problems are tricky. Aside from know-
    ca, Proportioni et Proportionalita, which includes ing how to add and subtract, it also requires good
    Particularis de Computis et Scripturis or “Details of reading comprehension and critical analysis.
    Calculation and Recording,” describing double-entry
    bookkeeping. His treatise reflected the practices of Accounting and Accountancy are the same…
    Venice at that time. The two terms are synonymous however,
    accountancy is the profession of accounting
    He did not invent the double-entry bookkeeping, but practice while accounting concentrates on calcula-
    he has been regarded as the father of double-entry tions and is used in reference only to a particu-
    accounting. He stated that the purpose of lar field of accountancy such as public ac-
    bookkeeping was “to give the trader without delay counting, private accounting and government ac-
    information to his assets and liabilities.” counting.
    source: https://www.investopedia.com/terms/a/accounting.asp

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