Why Do We Need Accounting?

Asking that question of an accountant is like asking a farmer why we choose rain. We need account logical argument because its the only way for business to grow and flourish. bill is the spinal column of the business financial world. After all(prenominal), account was created in answer to the development of trade and commerce during the gallant times. Italy is our first enter source for accounting entries, and the first print accounting add in 1494 was by a Venetian monk. So you go out accounting as an nonionized method for record-keeping has been around nigh as long as the trade and business industries. other interesting fact is the familiarity and principles upon which the first accounting practices were established, keep up changed very little in the many hundreds of years that accounting has been in use. The concepts of assets, liabilities, and inejaculate and the need to reconcile these argonas is still the basis for all accou nting functions today. The shape for recording those transactions, and the many reports generated by the compilation of that information has evolved oer the last deuce hundred years.

give thanks to the unveiling of computers, many of the bookkeeping functions that are vital to accounting, nevertheless evenhandedly repetitive are performed by data access clerks, and the reports generated come from the IS Department. The end result is still the same: accounting gives us the financial snapshot we need in mold to do solid business decisions about the current office or projected future h ealth of our businesses. ! There are two basic categories of accounting: financial accounting and managerial accounting. fiscal accounting is comprised of information that companies make available to the widely distributed reality: stockholders, creditors, customers, suppliers, and regulatory commissions. Managerial accounting deals with information that is non made public. learning such as salary costs, monetary value of goods produced, net income targets, and...If you want to get a full essay, tack unneurotic it on our website: OrderCustomPaper.com

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