Accountants! Please tell me everything about your jobs! I need it for my math project! Thanks in advance!?
Practitioners of accountancy are known as accountants. There are many professional bodies for accountants throughout the world. Many allow their members to use titles indicating their membership. Examples are Chartered Certified Accountant (ACCA or FCCA), Chartered Accountant (CA or ACA) and Certified Public Accountant (CPA).
Accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as bookkeeping.
At the heart of modern financial accounting is the double-entry bookkeeping system. This system involves making at least two entries for every transaction: a debit in one account, and a corresponding credit in another account. The sum of all debits should always equal the sum of all credits. This provides an easy way to check for errors. This system was first used in medieval Europe, although claims have been made that the system dates back to Ancient Greece.
Accountancy's infancy dates back to the earliest days of human agriculture and civilization (the Sumerians in Mesopotamia), when the need to maintain accurate records of the quantities and relative values of agricultural products first arose. Simple accounting is mentioned in the Christian Bible in the book of Matthew, in the Parable of the Talents (Matt. 25:19). The Quran also mentions simple accounting for trade and credit arrangments (Quran 2: 282).
Luca Pacioli and the birth of modern accountancy
The first book on accounting was written by a Croatian merchant Benedetto Cotrugli, who is also known as Benedikt Kotruljević, from the city of Dubrovnik. During his life in Italy he met many merchants and decide to write, Della Mercatvra et del Mercante Perfetto (On Trade and the Perfect Merchant) in which he elaborated on the principles of modern, double-entry book-keeping. He finished his lifework in 1458. However, his work was not published until 1573, as a result of which his contributions to the field have been overlooked by the general public.
For this reason, Luca Pacioli (1445 - 1517), also known as Friar Luca dal Borgo, is credited for the "birth" of accounting. His Summa de arithmetica, geometrica, proportioni et proportionalita (Venice 1494), a synthesis of the mathematical knowledge of his time, includes the first published description of the method of keeping accounts that Venetian merchants used at that time, known as the double-entry accounting system. Although Pacioli codified rather than invented this system, he is widely regarded as the "Father of Accounting". The system he published included most of the accounting cycle as we know it today. He described the use of journals and ledgers, and warned that a person should not go to sleep at night until the debits equalled the credits! His ledger had accounts for assets (including receivables and inventories), liabilities, capital, income, and expenses — the account categories that are reported on an organization's balance sheet and income statement, respectively. He demonstrated year-end closing entries and proposed that a trial balance be used to prove a balanced ledger. His treatise also touches on a wide range of related topics from accounting ethics to cost accounting.
Twelveth century Muslim writer Ibn Taymiyyah mentioned in his book Hisba (verification, calculation), detailed accounting systems used by the Muslims as early as in the mid-seventh century. The accounting practices were influenced by the Roman and the Persian civilizations that Muslims interacted with. The most detailed example of a complex governmental accounting system is the Divan of Umar, the second Caliph of Islam in which all revenues and disbursements were recorded. The Divan of Umar has been described in detail by various Islamic historians and was used by Muslim rulers with mofidications and enhancements until the fall of the Ottoman Empire.
The first known book in the English language on accounting was published in London by John Gouge (or Gough) in 1543. It is described as A Profitable Treatyce called the Instrument or Boke to learn to knowe the good order of the kepyng of the famouse reconynge, called in Latin, Dare and Habere, and, in English, Debitor and Creditor.
A short book of instructions was also published in 1588 by John Mellis of Southwark, in which he says, "I am but the renuer and reviver of an ancient old copie printed here in London the 14 of August 1543: collected, published, made, and set forth by one Hugh Oldcastle, Scholemaster, who, as appeareth by his treatise, then taught Arithmetics, and this booke in Saint Ollaves parish in Marko Lane." John Mellis refers to the fact that the principle of accounts he explains (which is a simple system of double entry) is "after the forme of Venice".
The very interesting and able book described as The Merchants Mirrour, or directions for the perfect ordering and keeping of his accounts formed by way of Debitor and Creditor, after the (so termed) Italian manner, by Richard Dafforne, accountant, published in 1635, contains many references to early books on the science of accountancy. In a chapter in this book, headed "Opinion of Book-keeping's Antiquity," the author states, on the authority of another writer, that the form of book-keeping referred to had then been in use in Italy about two hundred years, "but that the same, or one in many parts very like this, was used in the time of Julius Caesar, and in Rome long before." He gives quotations of Latin book-keeping terms in use in ancient times, and refers to "ex Oratione Ciceronis pro Roscio Comaedo"; and he adds:
"That the one side of their booke was used for Debitor, the other for Creditor, is manifest in a certain place, Naturalis Historiae Plinii, lib. 2, cap. 7, where hee, speaking of Fortune, saith thus:
Huic Omnia Expensa.
Huic Omnia Feruntur accepta et in tota Ratione mortalium sola.
Utramque Paginam facit."
An early Dutch writer appears to have suggested that double-entry book-keeping was even in existence among the Greeks, pointing to scientific accountancy having been invented in remote times.
There were several editions of Richard Dafforne's book - the second edition in 1636, the third in 1656, and another in 1684. The book is a very complete treatise on scientific accountancy, beautifully prepared and containing elaborate explanations. The numerous editions tend to prove that the science was highly appreciated in the 17th century. From this time on, there has been a continuous supply of literature on the subject, many of the authors styling themselves accountants and teachers of the art, and thus proving that the professional accountant was then known and employed.
Accountancy qualifications and regulation
Main article: Accountancy qualifications and regulation
The requirements for entry in the profession of accounting vary from country to country.
Accountants may be licensed by a variety of organisations, such as the British qualified accountancy bodies including Association of Chartered Certified Accountants (ACCA) and Institute of Chartered Accountants, and are recognized by titles such as Chartered Certified Accountant (ACCA or FCCA) and Chartered Accountant (UK, Australia, New Zealand, Canada, India, Pakistan, South Africa), Certified Public Accountant (Ireland, Japan, US, Singapore, Hong Kong), Certified Management Accountant (Canada, U.S.), Certified General Accountant (Canada), or Certified Practising Accountant (Australia). Some Commonwealth countries (Australia and Canada) often recognise both the certified and chartered accounting bodies. The majority of "public" accountants in New Zealand and Canada are Chartered Accountants; however, Certified General Accountants are also authorized by legislation to practise public accounting and auditing in all Canadian provinces, except Ontario and Quebec, as of 2005. There is, however, no legal requirement for an accountant to be a paid-up member of one of the many Institutes and other bodies which are effectively a form of professional trade union. Unlike the Law Society, which can legally stop a solicitor from practising, accountancy institutes do not have such authority. However, auditors are regulated.
It describes your entire world. How long it takes to get to work, what your gas mileage is, how much you can spend, how much you pay for your car and house loans, how much you need to save for retirement, how the stop lights are timed on your street, how big the pipes are to your house, how the cable TV system is designed, how the internet assigns addresses to effectively move data, how many cashiers are needed at lunch time at McDonalds, how airplanes are scheduled at airports, how much each of those airplane tickets cost ... Well, you get the picture.
The innovative Italians of the Renaissance (fourteenth through sixteenth century) are widely acknowledged to be the fathers of modern accounting. In particular, Benedetto Cotrugli invented the "Double Entry". Frater Luca Bartolomes Pacioli invented the Pacioli's System of memorandum, journal and ledger, and wrote many books on accounting. Chartered accountants originated in Scotland. - Source "Accounting a Virtual History"
"Some of the earliest known writing discovered by archaeologists has, when translated, been found to be records of tax accounting. Such writings have been found on clay tablets from Egypt and Mesopotamia from as early as 2000 to 3300 B.C." - Source "Accounting & Auditing History" by Marla Matzer Rose
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