What
is Accounting?
Accounting is involved in the recording,
analysing, classifying and interpreting of the financial affairs of
a business. Accounting is a science that is involved in the
recording, monitoring and assessment of the financial affairs of a
business at any time.
The History of
Accounting
Accounting was developed in ancient times.
The system we have today arose from that ancient development. We
know that previous communities kept primitive records by way of
drawings on rocks or caves or cutting into trees. Later on these
records were put onto stone and paper which were a lot easier to
use and had a longer life. One of the first editions of complete
documentation about how to keep books of accounting was written by
a professor of mathematics in Rome. This documentation described
the double-entry system of accounting which was used by the
Venetian merchants. It was adopted and still used today around the
world.
Luca Pacioli was the man who invented double-entry accounting
around 1494. This form of d
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