Below, we take a look at the history of accounting, from its origin story to its modernization. Dial up those time coordinates, and strap in for a journey that goes beyond credits and debits.
We begin over 7,000 years ago, in Ancient Mesopotamia.
This cradle of civilization was where the seeds of modern society were planted in developing the concept of a city and a written language. The agrarians of this society, as businesspeople, needed to keep track of their growth and output of crops and herds. They used a system of accounting to determine whether there was a crop shortage or surplus at the end of a period of harvest each season.
This was the earliest known record we have of accounting.
Fast forward to the Roman Empire– roughly in the 14 B.C.-63 A.D. range. Emperor Augustus is a rich and powerful leader, and the Roman government collects detailed financial information about the leadership of Augustus.
This information is published in “The Deeds of the Divine Augustus,” and features details of transactions such as grants of land and money to veterans, building of temples and other religious structures, and entertainment and gladiatorial spend. This type of concentrated, detailed record of transactions suggests an early notion of accounting in the modern sense. The Roman army also kept a detailed record of cash and commodities that were traded for.
An account history is a running record of all of the financial transactions logged in a bank, credit card, or investment statement. In a bank or credit card statement, the account history records all credits and debits. In a statement from a broker, it records all purchases and sales of assets.
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities.
Accounting Principles..,
Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The Financial Accounting Standards Board (FASB) issues a standardized set of accounting principles in the U.S. referred to as generally accepted accounting principles (GAAP).
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