Accounting Flashcards
Is an information system that measures business activities, processes information, and communicates financial information
Accounting
is an information system that measures business activities, processes information, and communicates financial information.
Accounting
In the cradle of civilization it was already common from Mesopotamia, China and India to Central and South America around 3600 B.C
Record-keeping
-The oldest evidence of record keeping in Mesopotamia in dealing with commercial transactions at the time such as listing of accounts receivable and accounts payable
Clay Tablet
Who is the father of accounting from Italy and he also made the double entry bookkeeping
Luca Pacioli
the book that contained a detailed chapter on double-entry bookkeeping.
Summa de Arithnetica
The thorough study of accounting and development of accounting theory began during this period.
Social upheavals affecting government, finances, laws, customs and business had greatly influenced the development of accounting
French Revolution (1700s)
Mass production and the great importance of fixed assets were given attention during this period.
The Industrial Revolution (1760-1830)
19th Century
The modern, formal accounting profession emerged in Scotland in 1854 when Queen Victoria granted a Royal Charter to the Institute of Accountants in Glasgow, creating the profession of the Chartered Accountant (CA).
19th Century
Who granted the royal charter
Queen Victoria
The first national U.S. accounting society was set up in
1887.
The first national U.S. accounting society was set up in
1887.
Give the 4 nature of accounting
Accounting is a service activity.
Accounting deals with financial information and transactions.
Accounting is an information system
Accounting is a process
. A nature of accounting that provides assistance to decision makers by providing them financial reports that will guide them in coming up with sound decisions.
Accounting is a service activity
A nature of accounting that refers to the method of performing any specific job step by step according to the objectives or targets. Accounting is identified as a process, as it performs the specific task of collecting, processing and communicating financial information. In doing so, it follows some definite steps like the collection,
Accounting is a process.
. A nature of Accounting that records financial transactions and data, classifies these and finalizes their results given for a specified period of time, as needed by their users.
Accounting deals with financial information and transactions
. A nature of Accounting that records financial transactions and data, classifies these and finalizes their results given for a specified period of time, as needed by their users.
Accounting deals with financial information and transactions
. A nature of Accounting that recognized and characterized as a storehouse of information. As a service function, it collects processes and communicates financial information of any entity.
Accounting is an information system
