Accounting

Accounting is the best profession among unlike most of the other professions. The word of account was derived from the French word. It was traced to ancient civilizations of thousands of years. Luca Pacioli was the father of accounting and bookkeeping in the past years. Accounting to the ancient Mesopotamia, they were closely related to developments in writing, counting and money auditing documents. We could be found in Mesopotamia,
show lists of expenditures and goods received and traded Details, they were produced some of the oldest known records of commerce.

But the view of accounting history that begins with Laca’s Pacioli’s contributions, He was introduced double-entry bookkeeping in 1494. Those were summa de Arithmetica, Geometria, Proportions et proportionality which included 27-page details of calculations and recordings. The Summa de Arithmetica, Pacioli introduced symbols for plus and minus for the first time in a printed book. It had a foundation for double-entry bookkeeping as it is practiced today.

Accounting records could be recognized back more than 7000 years in Mesopotamia. Merchants began relying too on bookkeeping to keep records of multiple transactions, this was a double-entry bookkeeping system was started in the 13^th century. Debit and Credit values were entered for each transaction by the accountant. Merchants got a decision making to grow their business according to the accounting records and constant about business information. The ledger has accounted for assets, liabilities, capital income, and expenses. He also demonstrated year-end closing entries and proposed a trial balance be used to prove a balanced ledger. Accounting is one of the key functions for almost any business. It may be handled accountant or finance manager and Finance controller. Accounting is the recording of financial transactions along with sorting, retrieving, analyzing, summarizing, and presenting data in various reports according to the organizations. Financial information is presenting for general purpose, balance sheet, trial balance and income statement, cash flow statements, etc. External reports are prepared in accordance with accounting principles. Cost accounting and management accounting are invaluable in helping management make informed business decisions. Based on double-entry is a method of expenses and income of revenue in two places on a company balance sheet.