About Accounting

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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