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Discuss about the evolution of accountancy?
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Discuss about the evolution of accountancy? Related: Definition of Ac...
Accounting is the language of business and, by extension, the language of all things financial. In the same way that our senses are needed to translate information about our surroundings into something understood by our brains, accountants are needed to translate the complexities of finance into summary numbers that the public can understand. In this article, we will follow accounting from its roots in ancient times to the modern profession that we now depend on.
The Bookkeepers
Bookkeepers most likely emerged while society was still in the barter and trade system (pre-2000 B.C.) rather than a cash and commerce economy. Ledgers from these times read like narratives with dates and descriptions of trades made or terms for services rendered.
Example - Barter and Trade Bookkeeping
Monday, May 12 - In exchange for three chickens which I provided today, William Smallwood (laborer) promised a satchel of seed when the harvest is completed in the fall.
Wednesday, May 14 - Samuel Thomson (craftsman) agreed to make one chest of drawers in exchange for a year\'s worth of eggs. The eggs are to be delivered daily once the chest is finished.
All of these transactions were kept in individual ledgers, and if a dispute arose,they provided proof when matters were brought before magistrates. Although tiresome, this system of detailing every agreement was ideal because long periods of time could pass before transactions were completed.
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Discuss about the evolution of accountancy? Related: Definition of Accounting ,Objectives,Advantages and Limitation
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Discuss about the evolution of accountancy? Related: Definition of Accounting ,Objectives,Advantages and Limitation for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Discuss about the evolution of accountancy? Related: Definition of Accounting ,Objectives,Advantages and Limitation covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Discuss about the evolution of accountancy? Related: Definition of Accounting ,Objectives,Advantages and Limitation.
Discuss about the evolution of accountancy? Related: Definition of Accounting ,Objectives,Advantages and Limitation for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Discuss about the evolution of accountancy? Related: Definition of Accounting ,Objectives,Advantages and Limitation covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Discuss about the evolution of accountancy? Related: Definition of Accounting ,Objectives,Advantages and Limitation.
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