Why Do We Need Accounting?

Asking that question of an accountant is like asking a farmer why we posit rain. We need account tilt because its the only way for business to grow and flourish. accounting is the spinal column of the business financial world. After all(prenominal), bill was created in answer to the development of trade and commerce during the chivalrous times. Italy is our first enter source for accounting entries, and the first publish accounting add in 1494 was by a Venetian monk. So you go out accounting as an nonionised method for record-keeping has been around nigh as long as the trade and business industries. other interesting fact is the familiarity and principles upon which the first accounting practices were established, keep up changed very runty in the many hundreds of years that accounting has been in use. The concepts of assets, liabilities, and in coiffe and the need to reconcile these argonas is still the basis for all accounting f unctions today. The subprogram for recording those transactions, and the many reports generated by the compilation of that information has evolved over the last cardinal hundred years.

give thanks to the humanity of computers, many of the bookkeeping functions that are vital to accounting, nevertheless somewhat repetitive are performed by data access clerks, and the reports generated come from the IS Department. The end result is still the same: accounting gives us the financial snapshot we need in mold to charter solid business decisions about the current office or projected futu re health of our businesses. ! There are two basic categories of accounting: financial accounting and managerial accounting. pecuniary accounting is comprised of information that companies make available to the widely distributed human beings: stockholders, creditors, customers, suppliers, and regulatory commissions. Managerial accounting deals with information that is non made public. knowledge such as salary costs, monetary value of goods produced, win targets, and...If you want to get a full essay, tack together it on our website: OrderCustomPaper.com

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