Human Resource Planning

Financial Accounting Theory

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Unit 1- History of Accounting Coursework

subscriber: Ms. M. Whitby

Course: Bsc. in Business Studies

Group: Finance & Management

collectable Date: September 18, 2012

Group Members:









INTRODUCTION

Since the inception of accounting, the constant look into and implementation of new strategies to keep with the fast changing trading world and technological era causes the invention and dissemination of the simulacrum entry bookkeeping processes of accounting history which was established by the founding father of accounting Luca Pacioli.

One may get hold of these basic questions, wherefore is accounting important? Or why it plays such an integral role in society? doubtless accounting has an integral role in the world since its earth which has proven to be an accomplishment. However, these constant changes and growth in the sparing and the pressing need for information by the public would non allow bookkeeping to fill the demand. Hence, the transformation to fiscal account was introduced.



Even thought there was a transition from bookkeeping to financial coverage, inconsistency was identified with the standards used by accountants in the accounting practices used worldwide which cause an introduction to come International Accounting Standards which would reduce the immense distinction with financial reporting.

Was the transformation of accounting practices from bookkeeping to where it is now relevant? on that point is a great controversy whether accounting is science or arts as some persons consider it to be science while others say arts.









Accounting practice can be divided into three stages: record keeping; financial reporting under the changing economic regimes; and the move to adopt worldwide accounting standard.



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