Accounting History

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Term Paper Title	Accounting History
# of Words	4590
# of Pages (250 words per page double spaced)	18.36

Accounting History

     Bookkeeping and record-keeping methods, created in response to the development of trade and commerce, are preserved from and medieval sources.  Double-entry bookkeeping began in the commercial city-states of medieval Italy and was well developed by the time of the earliest preserved double-entry books, from 1340 in Genoa.
     The first published accounting work was written in 1494 by the venetian monk Luca Pacioli (1450-1520).  Although it disseminated rather than created knowledge about double-entry bookkeeping, Pacioli’s work summarized principles that have remained essentially unchanged.  Additional accounting works were published during the 16th century in Italian, German, Dutch, French, and English, and these works included early formulations of the concepts of assets, liabilities, and income.
     The Industrial Revolution created a need for accounting techniques that were
adequate to handle mechanization, factory-manufacturing operations, and the mass production of goods and services.  With the emergence in the mid 19th century of large, publicity held business corporations, owned by absentee stockholders and administered by professional managers, the rare of accounting was further redefined.
     Bookkeeping, which is a vital part of all accounting systems, was in the mid-20th  century increasingly carried out by machines.  The wide-spread use of computers broadened the scope of bookkeeping, and the term data processing now frequently encompasses bookkeeping.

Occupational information

NATURE OF ACCOUNTANCY PROFESSION

The work of an accountant lies, basically, in identifying, measuring, and communicating financial information about economic entities to interested parties.  Most of their financial activities conclude with the preparation of financial reports, such as income statements, balance sheets, and statements of cash flows.  The data they provide is used to make managerial decisions, either on government or businesses, since the financial condition is always taken in consideration. Their duties depend on the nature and size of the institution they are working for. Beginners usually start as ledger accountants, junior internal auditors, junior public accountants, or as trainees for technical accounting positions.  Students have the opportunity to get a part-time job, performing those duties in small businesses.
The four mayor accounting fields of employment are public, private (management or industrial), and government.
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