Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof for decision making.
The History of Accounting is traced down to the Italian Luca Pacioli, recognized as The Father of accounting and book-keeping who was the first person to publish a work on double-entry bookkeeping, and introduced the field in Europe. Afterwards it began to spread all over the world till date.
Accounting is a major tool used in all areas such as medicine, economics, finance, political science and so on. It is a branch of Finance where it involves recording and collating to enable decision makings.
Countries all over the world imbibe different ways of accounting in Government, Manufacturing, Agriculture, Telecommunication, Finance, Transportation, Education to mention a few. Without Accounting ideas and innovation can not be met. This is because decisions are based on the analysis.
There are several users of accounting information. They comprise of both external users or internal users. External users are also referred to as the primary users of financial information (such as Employers, Directors, Employees, Management etc) while the Internal users are Secondary users of financial information (such as Customers, Shareholders,Government, Tax authority, Investors, Stakeholder etc).
External users are communicated accounting information usually in the form of financial statements. The purpose of financial statements is to cater for the needs of such diverse users of accounting information in order to assist them in making sound financial decisions.
Accounting is a very dynamic profession which is constantly adapting itself to varying needs of its users. Over the past few decades, accounting has branched out into different types of accounting to cater for the different needs of the users, such as Financial, Management, Governmental, Tax, Forensic, Project and Social.
Author: Benny
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Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof for decision making. The History of Accounting is traced down to the Italian Luca Pacioli, recognized as The Father of accounting and book-keeping who was the first person to publish a work on double-entry bookkeeping, and introduced the field in Europe. Afterwards it began to spread all over the world till date. Accounting is a major tool used in all areas such as medicine, economics, finance, political science and so on. It is a branch of Finance where it involves recording and collating to enable decision makings. Countries all over the world imbibe different ways of accounting in Government, Manufacturing, Agriculture, Telecommunication, Finance, Transportation, Education to mention a few. Without Accounting ideas and innovation can not be met. This is because decisions are based on the analysis. There are several users of accounting information. They comprise of both external users or internal users. External users are also referred to as the primary users of financial information (such as Employers, Directors, Employees, Management etc) while the Internal users are Secondary users of financial information (such as Customers, Shareholders,Government, Tax authority, Investors, Stakeholder etc).
External users are communicated accounting information usually in the form of financial statements. The purpose of financial statements is to cater for the needs of such diverse users of accounting information in order to assist them in making sound financial decisions. Accounting is a very dynamic profession which is constantly adapting itself to varying needs of its users. Over the past few decades, accounting has branched out into different types of accounting to cater for the different needs of the users, such as Financial, Management, Governmental, Tax, Forensic, Project and Social. Author: Benny Subscribe!
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